Savings and collective behavioral patterns in Mexico’s pension system
Giuliana Triberti y Ricardo Massa Roldán, Cátedra Conacyt adscrito al Laboratorio Nacional de Políticas Públicas del CIDE, escribieron el artículo Savings and collective behavioral patterns in Mexico’s pension system para la revista Análisis Económico.
Countries like Mexico, with highly informal labor markets, could benefit from the identification of collective attitudes and behaviors towards saving. In that sense, the present workseeks to build on the Behavioral Life Cycle Theory (BLC) narrow/broad framing debate, pointing outasymmetric collective attitudes towards savings,depending on the formal or informal condition of agents in the labor market. Through an empirical strategy that focuses on data from the Mexican labor market and its pension system, the analysis employs time series techniques to study the collective relationship between two kinds of savings, voluntary and mandatory, and the distinction of the type of labor market participation. Results suggest that there is a short-run asymmetric relationship between informal and formal conditions with regards to the decision of modifying voluntary and mandatory saving schemes.
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