Funded pensions and economic growth

M. Bijlsma; J. Bonekamp; C. van Ewijk; F. Haaijen

doi:10.1007/s10645-018-9325-z

Funded pensions and economic growth

M. Bijlsma, J. Bonekamp, C. van Ewijk, F. Haaijen

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17 Citations (Scopus)

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

Original language	English
Pages (from-to)	337-362
Journal	Economist-Netherlands
Volume	166
Issue number	3
DOIs	https://doi.org/10.1007/s10645-018-9325-z
Publication status	Published - Sept 2018

Keywords

Funded pensions
Financial structure
Economic growth

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10.1007/s10645-018-9325-z

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title = "Funded pensions and economic growth",

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",

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AU - Bijlsma, M.

AU - Bonekamp, J.

AU - van Ewijk, C.

AU - Haaijen, F.

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N2 - 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

AB - 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

KW - Funded pensions

KW - Financial structure

KW - Economic growth

U2 - 10.1007/s10645-018-9325-z

DO - 10.1007/s10645-018-9325-z

M3 - Article

SN - 0013-063X

VL - 166

SP - 337

EP - 362

JO - Economist-Netherlands

JF - Economist-Netherlands

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ER -

Funded pensions and economic growth

Abstract

Keywords

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