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Growth of Asian Pension Assets : Implications for Financial and Capital Markets

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  • Yuwei Hu

    (Asian Development Bank Institute (ADBI))

Abstract

Pension assets have seen rapid growth world-wide over the past decades, although they suffered large losses during the global financial crisis of 2007–2008. Such growth is notably due to both structural and parametric pension reforms since the 1980s. In the Asian region too, the pension market has steadily expanded. This paper seeks to identify the impact of Asian pension funds on selected key transmission mechanisms from pension reform to financial development. Utilizing a panel error correction model, we found a statistical relationship between pension asset growth and development of financial and capital markets. The main policy implication is that governments in Asia should continue and/or strengthen pension reforms towards more pre-funding of future liabilities, since it brings beneficial impacts on the financial market.

Suggested Citation

  • Yuwei Hu, 2012. "Growth of Asian Pension Assets : Implications for Financial and Capital Markets," Macroeconomics Working Papers 23317, East Asian Bureau of Economic Research.
  • Handle: RePEc:eab:macroe:23317
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    File URL: http://www.eaber.org/node/23317
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    Cited by:

    1. Alda, Mercedes, 2017. "The relationship between pension funds and the stock market: Does the aging population of Europe affect it?," International Review of Financial Analysis, Elsevier, vol. 49(C), pages 83-97.
    2. repec:spt:fininv:v:7:y:2018:i:2:f:7_2_3 is not listed on IDEAS

    More about this item

    Keywords

    Asian pension assets; financial and capital markets; Asia; pension reforms; financial development;

    JEL classification:

    • G23 - Financial Economics - - Financial Institutions and Services - - - Non-bank Financial Institutions; Financial Instruments; Institutional Investors
    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation
    • C54 - Mathematical and Quantitative Methods - - Econometric Modeling - - - Quantitative Policy Modeling

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