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http://bura.brunel.ac.uk/handle/2438/8277
Title: | Does funding of pensions stimulate economic growth? |
Authors: | Hu, Y-W |
Keywords: | Pensions;Pension funding;Economic growth;Pension assets |
Issue Date: | 2008 |
Publisher: | Cambridge University Press |
Citation: | Journal of Pension Economics & Finance, 7(2), 221 - 249, 2008 |
Abstract: | Debate over superiority of pension funding over pay-as-you-go links notably to the question whether funding improves economic performance sufficiently to generate additional resources to meet the needs of an ageing population. To address this issue, we design a modified Cobb–Douglas production function with pension assets as a shift factor, and investigate the direct link between pension assets and economic growth employing a dataset covering up to 38 countries, using a variety of appropriate econometric methods. We find positive results for both OECD countries and Emerging Market Economies (EMEs), with consistent evidence for a larger effect for EMEs than OECD countries. |
Description: | Copyright © 2008 Cambridge University Press. |
URI: | http://journals.cambridge.org/action/displayAbstract?fromPage=online&aid=1918200 http://bura.brunel.ac.uk/handle/2438/8277 |
DOI: | http://dx.doi.org/10.1017/S1474747208003545 |
ISSN: | 1474-7472 |
Appears in Collections: | Economics and Finance Publications Dept of Economics and Finance Research Papers |
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