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

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  • Hu, Yuwei

    (Asian Development Bank Institute)

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. This paper seeks to identify the impact of Asian pension funds on selected key transmission mechanisms from pension reform to financial development. Utilizing a panel error correction model, we found a statistical relationship between pension asset growth and development of financial and capital markets. The main policy implication is that governments in Asia should continue and/or strengthen pension reforms towards more pre-funding of future liabilities, since it brings beneficial impacts on the financial market.

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File URL: http://www.adbi.org/files/2012.05.31.wp360.growth.asian.pension.assets.pdf
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Bibliographic Info

Paper provided by Asian Development Bank Institute in its series ADBI Working Papers with number 360.

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Length: 29 pages
Date of creation: 31 May 2012
Date of revision:
Handle: RePEc:ris:adbiwp:0360

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Keywords: asia; pension systems; asian pension funds; pension reform;

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