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|Title:||Is there a link between pension-fund assets and economic growth? - A cross-country study|
|Keywords:||Pension funds, economic growth, production function, panel estimation|
|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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