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Funded Pensions and Economic Growth

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

De Economist, 2018, vol. 166, issue 3, 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
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