 Pension Funds, Financial Development and Economic Growth in Emerging Market Economies: A Panel Causality AnalysisYilmaz Bayar Journal of BRSA Banking and Financial Markets, 2017, vol. 11, issue 1, 51-64 Abstract: Fertility rate is on the downward trend and age dependency ratio is on the rise trend, while the developments in healthcare and welfare increase in the world raise the life expectancy of the individuals. The aforementioned developments endangered the financial sustainability of the public pension systems largely based on pay as you go system and negatively affected public sector budget. As a consequence, many countries supported their one-tiered pension system with private pension plans and occupational pension plans and the size and value of the pension funds’ assets have raised considerably. This study researches the causal interaction among pension funds, financial sector development, and economic growth in emerging market economies over the 2002-2016 period with causality analysis. The causality analysis revealed a two-way causality between pension funds and economic growth, and a one-way causality from financial development to the economic growth and from financial development to the pension funds. Keywords: Pension Funds; Financial Development; Economic Growth; Panel Data Analysis (search for similar items in EconPapers) Downloads: (external link) Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:bdd:journl:v:11:y:2017:i:1:p:51-64 Access Statistics for this article More articles in Journal of BRSA Banking and Financial Markets from Banking Regulation and Supervision Agency Contact information at EDIRC. |
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