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Pension funds and capital accumulation

Author

Listed:
  • BELAN, P.
  • MICHEL, Ph.
  • WIGNIOLLE, B.

Abstract

This note presents a model in which pension funds, by holding a signifiant share of capital assets, can exert a non competitive behavior on labor market. This leads to lower wages and higher capital returns, and can reduce capital accumulation and Long-run welfare.

Suggested Citation

  • BELAN, P. & MICHEL, Ph. & WIGNIOLLE, B., 2001. "Pension funds and capital accumulation," CORE Discussion Papers 2001026, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  • Handle: RePEc:cor:louvco:2001026
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    File URL: https://uclouvain.be/en/research-institutes/immaq/core/dp-2001.html
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    References listed on IDEAS

    as
    1. Pascal Belan & Pierre Pestieau, 1999. "Privatizing Social Security: A Critical Assessment," The Geneva Papers on Risk and Insurance - Issues and Practice, Palgrave Macmillan;The Geneva Association, vol. 24(1), pages 114-130, January.
    2. Martin Feldstein, 1998. "Introduction to "Privatizing Social Security"," NBER Chapters,in: Privatizing Social Security, pages 1-29 National Bureau of Economic Research, Inc.
    3. Shleifer, Andrei & Vishny, Robert W, 1986. "Large Shareholders and Corporate Control," Journal of Political Economy, University of Chicago Press, vol. 94(3), pages 461-488, June.
    4. Martin Feldstein & Andrew Samwick, 1998. "The Transition Path in Privatizing Social Security," NBER Chapters,in: Privatizing Social Security, pages 215-264 National Bureau of Economic Research, Inc.
    5. Holmstrom, Bengt & Tirole, Jean, 1993. "Market Liquidity and Performance Monitoring," Journal of Political Economy, University of Chicago Press, vol. 101(4), pages 678-709, August.
    6. Jeannine Bailliu & Helmut Reisen, 1998. "Do funded pensions contribute to higher aggregate savings? A cross-country analysis," Review of World Economics (Weltwirtschaftliches Archiv), Springer;Institut für Weltwirtschaft (Kiel Institute for the World Economy), vol. 134(4), pages 692-711, December.
    7. Gale, William G, 1994. "Public Policies and Private Pension Contributions," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 26(3), pages 710-732, August.
    8. Alicia H. Munnell & Frederick O. Yohn, 1991. "What is the impact of pensions on saving?," Working Papers 91-5, Federal Reserve Bank of Boston.
    9. Martin Feldstein, 1998. "Privatizing Social Security," NBER Books, National Bureau of Economic Research, Inc, number feld98-1, January.
    Full references (including those not matched with items on IDEAS)

    Citations

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    Cited by:

    1. Belan, Pascal & Michel, Philippe & Wigniolle, Bertrand, 2005. "Does imperfect competition foster capital accumulation in a developing economy?," Research in Economics, Elsevier, pages 189-208.
    2. Biancamaria d'Onofrio & Bertrand Wigniolle, 2010. "Imperfect competition, technical progress and capital accumulation," International Journal of Economic Theory, The International Society for Economic Theory, pages 355-366.
    3. repec:hal:journl:halshs-00268847 is not listed on IDEAS
    4. repec:hal:journl:halshs-00268842 is not listed on IDEAS
    5. Pascal Belan & Philippe Michel & Bertrand Wigniolle, 2007. "Capital Accumulation, Welfare, and the Emergence of Pension-Fund Activism," FinanzArchiv: Public Finance Analysis, Mohr Siebeck, Tübingen, pages 54-82.
    6. repec:hal:journl:halshs-00118568 is not listed on IDEAS

    More about this item

    Keywords

    pensions funds; capital accumulation;

    JEL classification:

    • G23 - Financial Economics - - Financial Institutions and Services - - - Non-bank Financial Institutions; Financial Instruments; Institutional Investors
    • E2 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment
    • D9 - Microeconomics - - Micro-Based Behavioral Economics

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