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Pension funds and stock market development: evidence from OECD countries

Author

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  • Yilmaz Bayar
  • Metin Kilic

Abstract

Pension funds have experienced considerable expansions in the value of their asset holdings after the gradual global transition from single tier pension system to multi-tiered pension systems, due to public pensions becoming financially unsustainable. Increases in the value of the pension funds' financial asset holdings have enhanced their efficiency in capital markets. This paper investigates the effect of pension funds as an institutional investor on stock market development in 18 OECD member states for the period of 2001-2015 with panel data analysis. The findings suggest that pension funds affected stock market development positively in the long run.

Suggested Citation

  • Yilmaz Bayar & Metin Kilic, 2019. "Pension funds and stock market development: evidence from OECD countries," International Journal of Sustainable Economy, Inderscience Enterprises Ltd, vol. 11(3), pages 273-285.
    • Handle: RePEc:ids:ijsuse:v:11:y:2019:i:3:p:273-285
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    Cited by:

    1. Yilmaz Bayar & Marius Dan Gavriletea & Dan Constantin Danuletiu & Adina Elena Danuletiu & Emre Sakar, 2022. "Pension Funds, Insurance Companies and Stock Market Development: Evidence from Emerging Markets," Mathematics, MDPI, vol. 10(13), pages 1-13, July.

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