Pension reform, savings behavior and capital market performance

Börsch-Supan, Axel (), Jens Köke and Joachim Winter ()

No 4053, MEA discussion paper series from Munich Center for the Economics of Aging (MEA) at the Max Planck Institute for Social Law and Social Policy

Abstract: This paper shows that the capital market effects of population aging and pension reform are particularly strong in continental European economies such as France, Germany, and Italy. Reasons are threefold: these countries have large and ailing pay-as-you-go public pension systems, relatively thin capital markets and less than benchmark capital performance. The aging process will force the younger generations in these countries to provide more retirement income through own private saving. Capital markets will therefore grow in size and active institutional investors will become more important as intermediaries. Aim of this paper is to show that these changes are likely to generate beneficial side effects in terms of improved productivity and aggregate growth.

JEL-codes: Z00 (search for similar items in EconPapers)
Date: 2004-06-25
References: Add references at CitEc
Citations: View citations in EconPapers (11)

Downloads: (external link)
http://mea.mpisoc.mpg.de/uploads/user_mea_discussi ... ck0pm9kkhi3_dp53.pdf (application/pdf)

Related works:
Journal Article: Pension reform, savings behavior, and capital market performance (2005)
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:mea:meawpa:04053

Ordering information: This working paper can be ordered from

Access Statistics for this paper

More papers in MEA discussion paper series from Munich Center for the Economics of Aging (MEA) at the Max Planck Institute for Social Law and Social Policy Munich Center for the Economics of Aging (MEA) at the Max Planck Institute for Social Law and Social Policy, Amalienstraße 33, 80799 München, Germany.
Bibliographic data for series maintained by Henning Frankenberger ().