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Does funding of pensions stimulate economic growth?

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  • DAVIS, E. PHILIP
  • HU, YU-WEI

Abstract

Debate over superiority of pension funding over pay-as-you-go links notably to the question whether funding improves economic performance sufficiently to generate additional resources to meet the needs of an ageing population. To address this issue, we design a modified Cobb–Douglas production function with pension assets as a shift factor, and investigate the direct link between pension assets and economic growth employing a dataset covering up to 38 countries, using a variety of appropriate econometric methods. We find positive results for both OECD countries and Emerging Market Economies (EMEs), with consistent evidence for a larger effect for EMEs than OECD countries.

Suggested Citation

  • Davis, E. Philip & Hu, Yu-Wei, 2008. "Does funding of pensions stimulate economic growth?," Journal of Pension Economics and Finance, Cambridge University Press, vol. 7(2), pages 221-249, July.
    • Handle: RePEc:cup:jpenef:v:7:y:2008:i:02:p:221-249_00
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