The Impact of Contractual Savings Institutions on Securities Markets
The authors assess empirically the
impact of contractual savings institutions portfolios
(pension funds and life insurance companies) on securities
markets, for example, depth and liquidity in the domestic
stock market, and depth in the domestic bond market. They
discuss how the institutionalization of savings can modify
financial markets through the lengthening of
securities' maturities. The results are the following:
1) An increase in assets of contractual savings institutions
relative to domestic financial assets has a positive impact
on the depth of stock and bond markets on average. 2) The
impact on stock market depth and liquidity is nonlinear: it
is stronger in countries where corporate information is more
transparent. 3) There is evidence of a significant
heterogeneity among countries: contractual savings have a
stronger impact on securities markets in countries where the
financial system is market based, pension fund contributions
are mandatory, and international transactions in securities
are lower. 4) The authors do not find that the impact of
contractual savings institutions on securities markets is
explained by the overall level of development, education,
demographic structure or the legal environment.
Saved in:
Bibliographic Details
Main Authors: |
Impavido, Gregorio,
Musalem, Alberto R.,
Tressel, Thierry |
Language: | English en_US |
Published: |
World Bank, Washington, DC
2003-01
|
Subjects: | ACCOUNTING,
ACCOUNTING PRACTICES,
ACCOUNTING STANDARDS,
AGENTS,
AGGREGATE SUPPLY,
ASSET MANAGEMENT,
ASSETS,
BANK DEPOSITS,
BONDS,
CAPITAL FLOWS,
CAPITAL MARKETS,
CAPITALIZATION,
CONTRACTUAL SAVINGS,
CONTRACTUAL SAVINGS INSTITUTIONS,
CORPORATE GOVERNANCE,
COVERAGE,
DEBT,
DIVIDENDS,
ECONOMETRIC ANALYSIS,
ECONOMICS,
FINANCIAL ASSETS,
FINANCIAL INNOVATION,
FINANCIAL INTERMEDIARIES,
FINANCIAL INTERMEDIATION,
FINANCIAL MARKETS,
FINANCIAL SECTOR,
FINANCIAL SYSTEMS,
FISCAL POLICY,
GDP,
GDP PER CAPITA,
INFLATION,
INFLATION RATE,
INSURANCE,
INSURANCE COMPANIES,
INSURANCE INDUSTRY,
INTEREST RATES,
INVESTMENT BANKS,
LEGAL FRAMEWORK,
LIFE INSURANCE,
LIFE INSURANCE COMPANIES,
LIQUIDITY,
M2,
MACRO-ECONOMIC POLICIES,
MACROECONOMIC POLICIES,
MARKET DISCIPLINE,
MARKET VALUE,
MATURITIES,
NON-LIFE INSURANCE,
PENSION FUNDS,
PENSIONS,
PORTFOLIOS,
PUBLIC DEBT,
REAL INCOME,
REAL INTEREST RATE,
SAVINGS,
SECURITIES,
SECURITIES MARKETS,
STOCK MARKETS,
TIME SERIES,
TRADING SYSTEMS,
TRANSACTION COSTS, |
Online Access: | http://documents.worldbank.org/curated/en/2003/01/2125230/impact-contractual-savings-institutions-securities-markets
https://hdl.handle.net/10986/19174
|
Tags: |
Add Tag
No Tags, Be the first to tag this record!
|