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Pension Funds, Financial Development and Economic Growth in Emerging Market Economies: A Panel Causality Analysis

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  • Yilmaz BAYAR

Abstract

Fertility rate is on the downward trend and age dependency ratio is on the rise trend, while the developments in healthcare and welfare increase in the world raise the life expectancy of the individuals. The aforementioned developments endangered the financial sustainability of the public pension systems largely based on pay as you go system and negatively affected public sector budget. As a consequence, many countries supported their one-tiered pension system with private pension plans and occupational pension plans and the size and value of the pension funds’ assets have raised considerably. This study researches the causal interaction among pension funds, financial sector development, and economic growth in emerging market economies over the 2002-2016 period with causality analysis. The causality analysis revealed a two-way causality between pension funds and economic growth, and a one-way causality from financial development to the economic growth and from financial development to the pension funds.

Suggested Citation

  • Yilmaz BAYAR, 2017. "Pension Funds, Financial Development and Economic Growth in Emerging Market Economies: A Panel Causality Analysis," Journal of BRSA Banking and Financial Markets, Banking Regulation and Supervision Agency, vol. 11(1), pages 51-64.
    • Handle: RePEc:bdd:journl:v:11:y:2017:i:1:p:51-64
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    File URL: http://www.bddk.org.tr/Content/docs/bddkDergiEn/dergi_0021_04.pdf
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    Citations

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    Cited by:

    1. Mariam Voskanyan, 2023. "Funded Pension System Of Armenia: Problems, Development Prospects, Role In Economic Growth," Economic Archive, D. A. Tsenov Academy of Economics, Svishtov, Bulgaria, issue 1 Year 20, pages 3-23.

    More about this item

    Keywords

    Pension Funds; Financial Development; Economic Growth; Panel Data Analysis;
    All these keywords.

    JEL classification:

    • C23 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Models with Panel Data; Spatio-temporal Models
    • J26 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Retirement; Retirement Policies
    • O43 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Institutions and Growth

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