Funded Pensions and Economic Growth

Michiel Bijlsma (), Johannes Bonekamp (), Casper Ewijk and Ferry Haaijen ()
Additional contact information
Michiel Bijlsma: Tilburg University
Johannes Bonekamp: Tilburg University and Netspar
Ferry Haaijen: De Nederlandsche Bank

De Economist, 2018, vol. 166, issue 3, No 4, 337-362

Abstract: Abstract If larger pension savings lead to deeper capital markets, this can be expected to have a positive effect on economic growth in particular for firms that rely on external finance. We employ this differential impact on firms with less or more external finance to identify the effect of pension saving on economic growth. Using data for 69 industrial sectors in 34 OECD countries for the period 2001–2010, we find a significant impact of pension assets on growth for sectors that are more dependent on external financing. This relation is not significantly changed by the 2007–2008 banking crisis.

Keywords: Funded pensions; Financial structure; Economic growth (search for similar items in EconPapers)
JEL-codes: C23 J26 O43 (search for similar items in EconPapers)
Date: 2018
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (7)

Downloads: (external link)
http://link.springer.com/10.1007/s10645-018-9325-z Abstract (text/html)
Access to the full text of the articles in this series is restricted.

Related works:
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:kap:decono:v:166:y:2018:i:3:d:10.1007_s10645-018-9325-z

Ordering information: This journal article can be ordered from
http://www.springer. ... cs/journal/10645/PS2

DOI: 10.1007/s10645-018-9325-z

Access Statistics for this article

De Economist is currently edited by Rob Alessie, Bas ter Weel, Casper van Ewijk, Jan C. van Ours and Frank de Jong

More articles in De Economist from Springer
Bibliographic data for series maintained by Sonal Shukla () and Springer Nature Abstracting and Indexing ().