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Regulatory "intensity" and participation "enthusiasm": How does financial regulatory law drive residents' participation in pension security?

Author

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  • Liu, Jian
  • Zhang, Sen
  • Liu, Zhan
  • Huang, Weihua

Abstract

Amid global population aging, improving the participation and sustainability of pension systems has become a pressing policy concern. This study investigates the role of financial regulation in promoting pension participation, using panel data from Chinese cities and a two-way fixed effects model. Results show that stronger financial regulation significantly increases pension participation, with robust effects across multiple specifications. Mechanism analysis reveals two indirect pathways: financial development and household savings. While financial development shows a negative substitution effect for some groups, enhanced household savings consistently boost participation. Moderation analysis further indicates that population aging weakens, while urban–rural income gaps strengthen, the regulatory effect. These findings highlight the importance of structural conditions in shaping policy outcomes.

Suggested Citation

  • Liu, Jian & Zhang, Sen & Liu, Zhan & Huang, Weihua, 2026. "Regulatory "intensity" and participation "enthusiasm": How does financial regulatory law drive residents' participation in pension security?," Economic Analysis and Policy, Elsevier, vol. 89(C), pages 542-555.
    • Handle: RePEc:eee:ecanpo:v:89:y:2026:i:c:p:542-555
    DOI: 10.1016/j.eap.2025.11.024
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