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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. |
URI: | http://bura.brunel.ac.uk/handle/2438/978 |
Appears in Collections: | Economics and Finance Dept of Economics and Finance Research Papers |
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