摘要：Average retirement saving in Mexico is persistently low, the causes are not only microeconomic but also macroeconomic, the latter have been rarely studied in the literature for emerging economies. This paper is aimed at exploring the macroeconomic determinants of average retirement saving in Mexico. We use times series data in monthly bases, from January 2009 to December 2020, and find that economic activity, stock market and real average wage have a positive impact on average retirement saving, while formal employment and the dependency ratio reduce it. The impact of the economic activity is transmitted through employment and real wage. The results provide new insights to design actions and policies to enhance the benefits of macroeconomic variables on the balance of retirement saving.
