Determinants of Pension Fund Assets on Economic Growth and Its Link to Fiscal Position and Monetary Conditions in Malaysia

Syed Shaniff Said Ali Batu Shah, Mohamad Hanif Baharuddin and Putra Faizurrahman Zahid
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Syed Shaniff Said Ali Batu Shah: University Technology MARA Kelantan
Mohamad Hanif Baharuddin: University Technology MARA Kelantan
Putra Faizurrahman Zahid: University Technology MARA Kelantan

International Journal of Research and Innovation in Social Science, 2025, vol. 9, issue 15, 790-794

Abstract: This study conceptualized the impact of pension asset investments on Malaysia’s economic growth as well as its fiscal and monetary sustainability, while considering the influence of key control variables such as gross fixed capital formation, domestic credit to the private sector, inflation, public debt, population, and interest rates. The econometric analysis is based on secondary data sourced from the Department of Statistics Malaysia (DOSM), and other relevant institutions including the Ministry of Finance, Ministry of Economy, Central Bank of Malaysia (BNM), Employees Provident Fund (EPF), Retirement Fund (KWAP), Armed Forces Fund Board (LTAT), and international organizations such as the World Bank Group and the International Monetary Fund. This research holds scientific significance as it offers robust empirical evidence on the role of pension fund investments in financial markets and their implications for Malaysia’s economic growth and fiscal health. Uniquely, this study incorporates all three major public pension funds, rather than focusing on a single entity, thereby offering more comprehensive insights and strategic policy recommendations. Given Malaysia’s status as an emerging and transitioning economy, the findings emphasize the critical role of pension fund investments in driving economic development and enhancing fiscal sustainability.

Date: 2025
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