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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.
ISSN: 1474-7472
Appears in Collections:Economics and Finance
Dept of Economics and Finance Research Papers

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