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Growth of Asian Pension Assets: Implications for Financial and Capital Markets

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  • Yuwei Hu

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    Abstract

    Pension assets have seen rapid growth world-wide over the past decades, although they suffered large losses during the global financial crisis of 2007–2008. Such growth is notably due to both structural and parametric pension reforms since the 1980s. In the Asian region too, the pension market has steadily expanded. This paper seeks to identify the impact of Asian pension funds on selected key transmission mechanisms from pension reform to financial development. [ADBI Working Paper 360]. URL:[http://www.adbi.org/files/2012.05.31.wp360.growth.asian.pension.assets.pdf].

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    Paper provided by eSocialSciences in its series Working Papers with number id:5025.

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    Date of creation: Jul 2012
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    Handle: RePEc:ess:wpaper:id:5025

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    Keywords: financial market; Pension assets; crisis; development; pension reform; stock market; bond market; banking industry; potential cost; Asia-Pacific region; GDP ratio; economies; global economy; developed economies; OECD; risk;

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    1. Musalem, Alberto R. & Impavido, Gregorio & Tressel, Thierry, 2001. "Contractual savings, capital markets, and firms'financing choices," Policy Research Working Paper Series, The World Bank 2612, The World Bank.
    2. Wahal, Sunil, 1996. "Pension Fund Activism and Firm Performance," Journal of Financial and Quantitative Analysis, Cambridge University Press, Cambridge University Press, vol. 31(01), pages 1-23, March.
    3. Impavido, Gregorio & Musalem, Alberto R. & Tressel, Thierry, 2003. "The impact of contractual savings institutions on securities markets," Policy Research Working Paper Series, The World Bank 2948, The World Bank.
    4. Davis, E. Philip & Hu, Yu-Wei, 2008. "Does funding of pensions stimulate economic growth?," Journal of Pension Economics and Finance, Cambridge University Press, Cambridge University Press, vol. 7(02), pages 221-249, July.
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    6. Granger, C W J, 1969. "Investigating Causal Relations by Econometric Models and Cross-Spectral Methods," Econometrica, Econometric Society, Econometric Society, vol. 37(3), pages 424-38, July.
    7. Im, Kyung So & Pesaran, M. Hashem & Shin, Yongcheol, 2003. "Testing for unit roots in heterogeneous panels," Journal of Econometrics, Elsevier, Elsevier, vol. 115(1), pages 53-74, July.
    8. Catalan, Mario & Impavido, Gregorio & Musalem, Alberto R., 2000. "Contractual savings or stock market development - Which leads?," Policy Research Working Paper Series, The World Bank 2421, The World Bank.
    9. Holzmann, Robert & Palacios, Robert & Zviniene, Asta, 2004. "Implicit pension debt: issues, measurement and scope in international perspective," Social Protection Discussion Papers, The World Bank 30153, The World Bank.
    10. Guercio, Diane Del & Hawkins, Jennifer, 1999. "The motivation and impact of pension fund activism," Journal of Financial Economics, Elsevier, Elsevier, vol. 52(3), pages 293-340, June.
    11. Jorge A. Chan-Lau, 2004. "Pension Funds and Emerging Markets," IMF Working Papers, International Monetary Fund 04/181, International Monetary Fund.
    12. Mara Faccio & A. Meziane Lasfer, 2001. "Institutional Shareholders and Corporate Governance: The Case of UK Pension Funds," CeRP Working Papers, Center for Research on Pensions and Welfare Policies, Turin (Italy) 11, Center for Research on Pensions and Welfare Policies, Turin (Italy).
    13. Channarith Meng & Wade Donald Pfau, 2010. "The Role of Pension Funds in Capital Market Development," GRIPS Discussion Papers, National Graduate Institute for Policy Studies 10-17, National Graduate Institute for Policy Studies.
    14. Impavido, Gregorio & Musalem, Alberto R. & Tressel, Thierry, 2001. "Contractual savings institutions and banks'stability and efficiency," Policy Research Working Paper Series, The World Bank 2751, The World Bank.
    15. Robert Holzmann, 1997. "Pension Reform, Financial Market Development, and Economic Growth: Preliminary Evidence from Chile," IMF Staff Papers, Palgrave Macmillan, Palgrave Macmillan, vol. 44(2), pages 149-178, June.
    16. Maddala, G S & Wu, Shaowen, 1999. " A Comparative Study of Unit Root Tests with Panel Data and a New Simple Test," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, Department of Economics, University of Oxford, vol. 61(0), pages 631-52, Special I.
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