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Pension reform and capital market development in Central and Eastern European countries

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  • Cosmin Enache
  • Laura Raisa Miloş
  • Marius Cristian Miloş

Abstract

The paper provides new empirical evidence for the connection between pension reform and capital market development using a sample of ten Central and Eastern European countries. Using a single equation Error Correction Model, the results confirm the existence of a strong positive short-term effect, as well as a lower magnitude positive long-term effect of the pension funds’ assets on the market capitalisation.

Suggested Citation

  • Cosmin Enache & Laura Raisa Miloş & Marius Cristian Miloş, 2015. "Pension reform and capital market development in Central and Eastern European countries," Economic Research-Ekonomska Istraživanja, Taylor & Francis Journals, vol. 28(1), pages 75-84, January.
    • Handle: RePEc:taf:reroxx:v:28:y:2015:i:1:p:75-84
    DOI: 10.1080/1331677X.2015.1022388
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    Cited by:

    1. Hyeladi Stanley Dibal & Habila Abel Haruna & Chinyere C. Onyejiaku & Ogbole Friday Ogbole & Josaphat Uchechukwu J. Onwumere, 2024. "Pension Fund Investments and Capital Market Development in Nigeria: The Moderating Role of Inflation," Global Journal of Emerging Market Economies, Emerging Markets Forum, vol. 16(2), pages 248-269, May.
    2. Gazmore Rexhepi & Burim Gashi, 2022. "The Role of Pension Funds on Capital Market Growth in the New EU Member States," Ekonomista, Polskie Towarzystwo Ekonomiczne, issue 4, pages 437-454.

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