Pension Funds and National Saving

The authors conduct an empirical study on the effect of the accumulation of pension fund financial assets, on national saving, using a panel of 43 industrial, and developing countries. The authors find evidence suggesting that the accumulation of pension fund financial assets might increase national saving, when these funds are the result of a mandatory pension program. By contrast, national saving might be unaffected, when pension funds are the result of a public program, implemented to foster voluntary pension saving.

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Bibliographic Details
Main Authors: Lopez Murphy, Pablo, Musalem, Alberto R.
Language:English
en_US
Published: World Bank, Washington, D.C. 2004-08
Subjects:AGRICULTURE, ASSETS, BASE YEAR, BOND HOLDERS, BOOK VALUE, BORROWING, CAPITAL MOBILITY, COLLATERAL, CONSUMER PRICE INDEX, CONSUMERS, CONSUMPTION FUNCTION, CURRENT ACCOUNT, CURRENT PRICES, DEBT, DEPOSITS, DEVELOPED COUNTRIES, DISPOSABLE INCOME, DIVIDENDS, DURABLE GOODS, ECONOMETRIC MODELING, ELASTICITY, ELASTICITY OF SUBSTITUTION, EMPIRICAL ANALYSIS, EMPIRICAL EVIDENCE, EMPIRICAL STUDIES, ENDOWMENTS, EXPENDITURE, EXPORTS, FINANCIAL DEEPENING, FINANCIAL STATISTICS, FUNDED SCHEMES, GDP, GROSS DOMESTIC PRODUCT, GROWTH RATE, HEALTH EXPENDITURES, IMPORTS, INCOME, INHERITANCE, INSTITUTIONAL INVESTORS, INTEREST PAYMENTS, INTEREST RATES, LABOR FORCE, LEGISLATION, LOCAL CURRENCY, M2, MACROECONOMICS, MARGINAL PROPENSITY TO CONSUME, MARGINAL PROPENSITY TO SAVE, NATIONAL INCOME, OVERLAPPING GENERATIONS MODEL, PAY AS YOU GO PENSION SYSTEMS, PENSION COVERAGE, PENSION FUNDS, PENSION PLANS, PENSIONS, PERMANENT INCOME, POPULATION GROWTH, PRESENT VALUE, PRODUCTIVITY, PRODUCTIVITY GROWTH, PROPENSITY TO SAVE, PUBLIC EXPENDITURES, PUBLIC POLICIES, PURCHASING POWER, REAL INCOME, REAL INTEREST RATE, REAL RATE OF INTEREST, REGRESSION ANALYSIS, RETAINED EARNINGS, RETIREMENT, SHAREHOLDERS, TAX FAVORED ASSETS, TAX REDUCTION, TAX REVENUES, TERMS OF TRADE, TIME SERIES, URBANIZATION, WAGES, WEALTH,
Online Access:http://documents.worldbank.org/curated/en/2004/09/5163054/pension-funds-national-saving
https://hdl.handle.net/10986/14127
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