EconPapers    
Economics at your fingertips  
 

Public and private pension systems and macroeconomic volatility in OECD countries

Mario Holzner (), Stefan Jestl and David Pichler

Scottish Journal of Political Economy, 2022, vol. 69, issue 2, 131-168

Abstract: This paper analyses the impact of public pension expenditures and pension funds' assets as well as its paid‐out benefits on macroeconomic volatility. We use panel data for 35 OECD countries for the period 1980–2018 and apply a set of state‐of‐the‐art econometric estimators. Our results suggest a smoothing effect of public pension expenditures on per capita consumption growth volatility and overall macroeconomic volatility. We however do not find such effects coming from pension funds' paid‐out benefits. In contrast, the effect of pension funds' assets depends crucially on the level of economic development: there is a dampening effect on per capita investment growth volatility in less developed countries; while a volatility‐boosting effect in most developed countries.

Date: 2022
References: View references in EconPapers View complete reference list from CitEc
Citations: Track citations by RSS feed

Downloads: (external link)
https://doi.org/10.1111/sjpe.12278

Related works:
Working Paper: Public and Private Pension Systems and Macroeconomic Volatility in OECD Countries (2019) Downloads
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:bla:scotjp:v:69:y:2022:i:2:p:131-168

Ordering information: This journal article can be ordered from
http://www.blackwell ... bs.asp?ref=0036-9292

Access Statistics for this article

Scottish Journal of Political Economy is currently edited by Tim Barmby, Andrew Hughes-Hallett and Campbell Leith

More articles in Scottish Journal of Political Economy from Scottish Economic Society Contact information at EDIRC.
Bibliographic data for series maintained by Wiley Content Delivery ().

 
Page updated 2023-01-03
Handle: RePEc:bla:scotjp:v:69:y:2022:i:2:p:131-168