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

Yuwei Hu
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Yuwei Hu: Asian Development Bank Institute

No 360, ADBI Working Papers from Asian Development Bank Institute

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. 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.

Keywords: asia; pension systems; asian pension funds; pension reform (search for similar items in EconPapers)
JEL-codes: C54 G23 G28 (search for similar items in EconPapers)
Pages: 29 pages
Date: 2012-05-31
New Economics Papers: this item is included in nep-age and nep-sea
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Citations: View citations in EconPapers (7)

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