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 p...

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Bibliographic Details
Main Authors:	Lopez Murphy, Pablo, Musalem, Alberto R.
Format:	Policy Research Working Paper
Language:	English en_US
Published:	World Bank, Washington, D.C. 2013
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 http://hdl.handle.net/10986/14127

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Summary:	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.

Pension Funds and National Saving

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