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Title: Is there a link between pension-fund assets and economic growth? - A cross-country study
Authors: Davis, EP
Hu, YW
Keywords: Pension funds, economic growth, production function, panel estimation
Issue Date: 2004
Publisher: Brunel University
Citation: Economics and Finance Working papers, Brunel University, 04-23
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.
Appears in Collections:Economics and Finance
Dept of Economics and Finance Research Papers

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