Contractual Savings or Stock Market Development—Which Leads?

The authors study the relationship between the development of contractual savings (assets of pension funds, and life insurance companies) and non-life insurance, and, the development of stock markets (market capitalization and value traded). Their contribution lies in providing time-series evidence...

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Bibliographic Details
Main Authors:	Catalan, Mario, Impavido, Gregorio, Musalem, Alberto R.
Format:	Publications & Research
Language:	en_US
Published:	World Bank, Washington, DC 2015
Subjects:	adverse selection aggregate demand assets balance sheets bank deposits bank loans bank run bank runs banking regulation banking sector banking system bankruptcy banks bonds capital markets capitalization central bank contractual saving contractual saving institutions contractual savings contractual savings institutions corporate governance corporate pensions debt demand deposits depositors econometric evidence equity markets expected return financial \ assets financial assets financial crisis financial deepening financial innovation financial institutions financial intermediaries financial markets financial sector financial services financial structure funded schemes GDP government bonds gross domestic product growth rate imperfect substitutes insurance insurance companies interest rates life insurance life insurance companies liquid assets liquidity macroeconomic stability market value moral hazard mutual fund mutual funds non-life insurance pension fund portfolios pension funds pension schemes pensions portfolio portfolio diversification portfolios positive externalities present value public debt real interest rate retirement risk taking savings savings ratio secondary markets securities stock markets transaction costs transparency wealth pension funds investments causality capital market growth tradable securities equity investments bond options industrialized societies developing countries statistical data financial development institutional economics market analysis
Online Access:	http://hdl.handle.net/10986/21366

Internet

http://hdl.handle.net/10986/21366

Contractual Savings or Stock Market Development—Which Leads?

Internet

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