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Spillover Effects Of Pension Funds On Capital Markets. The Eu-15 Countries Case

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  • MILOS LAURA RAISA

    (University „Eftimie Murgu” of Reşiţa, Faculty of Economics)

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    Abstract

    The paper aims at providing new empirical evidence for the connection between pension reform and domestic stock market development, in the case of the old member states of European Union. We seek to measure the impact of private pension funds’ assets on the capital market development, using a panel data regression and after controlling for other explanatory variables. As predicted in the literature, the results show a positive connection.

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    File URL: http://www.utgjiu.ro/revista/ec/pdf/2012-04.I/27_MILOS%20Laura%20Raisa.pdf
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    Bibliographic Info

    Article provided by Constantin Brancusi University, Faculty of Economics in its journal Constatin Brancusi University of Targu Jiu Annals - Economy Series.

    Volume (Year): 4I (2012)
    Issue (Month): (December)
    Pages: 164-170

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    Handle: RePEc:cbu:jrnlec:y:2012:v:4i:p:164-170

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    Related research

    Keywords: pension; reform; stock market; EU-15; development;

    References

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    1. Rafael LaPorta & Florencio Lopez de-Silanes & Andrei Shleifer & Robert W. Vishny, 1997. "Legal Determinants of External Finance," Harvard Institute of Economic Research Working Papers 1788, Harvard - Institute of Economic Research.
    2. Vittas, Dimitri, 2000. "Pension reform and capital market development -"feasibility"and"impact"preconditions," Policy Research Working Paper Series 2414, The World Bank.
    3. Hans J. Blommestein, 1997. "Institutional Investors, Pension Reform, and Emerging Securities Markets," Research Department Publications 4094, Inter-American Development Bank, Research Department.
    4. Aneta Hryckiewicz, 2009. "Pension reform, institutional investors’ growth and stock market development in the developing countries: does it function?," National Bank of Poland Working Papers 67, National Bank of Poland, Economic Institute.
    5. Impavido, Gregorio & Musalem, Alberto R., 2000. "Contractual savings, stock, and asset markets," Policy Research Working Paper Series 2490, The World Bank.
    6. Catalan, Mario & Impavido, Gregorio & Musalem, Alberto R., 2000. "Contractual savings or stock market development - Which leads?," Policy Research Working Paper Series 2421, The World Bank.
    7. Hansen, Robert S & Torregrosa, Paul, 1992. " Underwriter Compensation and Corporate Monitoring," Journal of Finance, American Finance Association, vol. 47(4), pages 1537-55, September.
    8. Rajan, Raghuram G & Zingales, Luigi, 2003. "Banks and Markets: the Changing Character of European Finance," CEPR Discussion Papers 3865, C.E.P.R. Discussion Papers.
    9. Impavido, Gregorio & Musalem, Alberto R. & Tressel, Thierry, 2003. "The impact of contractual savings institutions on securities markets," Policy Research Working Paper Series 2948, The World Bank.
    10. Boyd, John H. & Levine, Ross & Smith, Bruce D., 2001. "The impact of inflation on financial sector performance," Journal of Monetary Economics, Elsevier, vol. 47(2), pages 221-248, April.
    11. Catal N, Mario, 2004. "Pension funds and corporate governance in developing countries: what do we know and what do we need to know?," Journal of Pension Economics and Finance, Cambridge University Press, vol. 3(02), pages 197-232, July.
    12. Walker, Eduardo & Lefort, Fernando, 2002. "Pension reform and capital markets : are there any (hard) links?," Social Protection Discussion Papers 24082, The World Bank.
    13. Claessens, Stijn & Klingebiel, Daniela & Schmukler, Sergio L., 2006. "Stock market development and internationalization: Do economic fundamentals spur both similarly?," Journal of Empirical Finance, Elsevier, vol. 13(3), pages 316-350, June.
    14. Hansen, Robert S & Pinkerton, John M, 1982. " Direct Equity Financing: A Resolution of a Paradox," Journal of Finance, American Finance Association, vol. 37(3), pages 651-65, June.
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