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The Role of Pension Funds in Capital Market Development

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  • Channarith Meng

    (National Graduate Institute for Policy Studies)

  • Wade Donald Pfau

    (National Graduate Institute for Policy Studies)

Abstract

This paper provides an investigation of the impacts of pension funds on capital market development, both for stock markets and bond markets. For the overall sample of countries, we find that pension fund financial assets have positive impacts on stock market depth and liquidity as well as private bond market depth. However, when we split the countries into two groups according to their level of financial development, the impacts are only significant for countries with „high‟ financial development. Pension funds do not impact capital market development in the countries with a „low‟ level of financial development. These findings are based on a biased-corrected Least Square Dummy Variables (LSDVC) estimator. The results suggest that countries with 'low' financial development should reconsider the management approach and investment strategies for their pension funds.

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Bibliographic Info

Paper provided by National Graduate Institute for Policy Studies in its series GRIPS Discussion Papers with number 10-17.

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Length: 20 pages
Date of creation: Oct 2010
Date of revision:
Handle: RePEc:ngi:dpaper:10-17

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  1. Iglesias, Augusto & Palacios, Robert J., 2000. "Managing public pension reserves - Part I : evidence from the international experience," Social Protection Discussion Papers 21311, The World Bank.
  2. Kajal Lahiri, 2005. "Analysis of Panel Data," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 87(4), pages 1093-1095.
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Cited by:
  1. Yuwei Hu, 2012. "Growth of Asian Pension Assets: Implications for Financial and Capital Markets," Working Papers id:5025, eSocialSciences.
  2. Ajantha Kumara & Wade Pfau, 2013. "Would emerging market pension funds benefit from international diversification: investigating wealth accumulations for pension participants," Annals of Finance, Springer, vol. 9(3), pages 319-335, August.
  3. Ashok Thomas & Luca Spataro, 2013. "Pension funds and Market Efficiency: A review," Discussion Papers 2013/164, Dipartimento di Economia e Management (DEM), University of Pisa, Pisa, Italy.
  4. Hu, Yuwei, 2012. "Growth of Asian Pension Assets: Implications for Financial and Capital Markets," ADBI Working Papers 360, Asian Development Bank Institute.
  5. Pasali, Selahattin Selsah, 2013. "Where is the cheese ? synthesizing a giant literature on causes and consequences of financial sector development," Policy Research Working Paper Series 6655, The World Bank.

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