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



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


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.

Suggested Citation

  • Milos Laura Raisa, 2012. "Spillover Effects Of Pension Funds On Capital Markets. The Eu-15 Countries Case," Annals - Economy Series, Constantin Brancusi University, Faculty of Economics, vol. 4, pages 164-170, December.
  • Handle: RePEc:cbu:jrnlec:y:2012:v:4i:p:164-170

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    References listed on IDEAS

    1. Eduardo Walker & Fernando Lefort, 2002. "Pension Reform And Capital Markets: Are There Any (Hard) Links?," Abante, Escuela de Administracion. Pontificia Universidad Católica de Chile., vol. 5(2), pages 77-149.
    2. La Porta, Rafael & Florencio Lopez-de-Silanes & Andrei Shleifer & Robert W. Vishny, 1997. " Legal Determinants of External Finance," Journal of Finance, American Finance Association, vol. 52(3), pages 1131-1150, July.
    3. 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.
    4. Bosworth, Barry & Burtless, Gary, 2004. "Pension Reform and Saving," National Tax Journal, National Tax Association, vol. 57(3), pages 703-727, September.
    5. Hans J. Blommestein, 1997. "Institutional Investors, Pension Reform and Emerging Securities Markets," IDB Publications (Working Papers) 6094, Inter-American Development Bank.
    6. Hansen, Robert S & Torregrosa, Paul, 1992. " Underwriter Compensation and Corporate Monitoring," Journal of Finance, American Finance Association, vol. 47(4), pages 1537-1555, September.
    7. Aneta Hryckiewicz, 2009. "Pension reform, institutional investors’ growth and stock market development in the developing countries: does it function?," NBP Working Papers 67, Narodowy Bank Polski, Economic Research Department.
    8. Vittas, Dimitri, 2000. "Pension reform and capital market development -"feasibility"and"impact"preconditions," Policy Research Working Paper Series 2414, The World Bank.
    9. 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.
    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. repec:hrv:faseco:30728041 is not listed on IDEAS
    12. Raddatz, Claudio & Schmukler, Sergio L., 2008. "Pension Funds And Capital Market Development:How Much Bang For The Buck?," Policy Research Working Paper Series 4787, The World Bank.
    13. 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.
    14. Impavido, Gregorio & Musalem, Alberto R., 2000. "Contractual savings, stock, and asset markets," Policy Research Working Paper Series 2490, The World Bank.
    15. 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.
    16. 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.
    17. 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 651-665, June.
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    pension; reform; stock market; EU-15; development;


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