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    Growth of Asian Pension Assets: Implications for Financial and Capital Markets

    Hu, Yuwei | May 2012
    Abstract
    Pension assets have seen rapid growth world-wide over the past decades, although they suffered large losses during the global financial crisis of 2007–2008. Such growth is notably due to both structural and parametric pension reforms since the 1980s. In the Asian region too, the pension market has steadily expanded. This paper seeks to identify the impact of Asian pension funds on selected key transmission mechanisms from pension reform to financial development. Utilizing a panel error correction model, we found a statistical relationship between pension asset growth and development of financial and capital markets. The main policy implication is that governments in Asia should continue and/or strengthen pension reforms towards more prefunding of future liabilities, since it brings beneficial impacts on the financial market.
    Citation
    Hu, Yuwei. 2012. Growth of Asian Pension Assets: Implications for Financial and Capital Markets. © Asian Development Bank. http://hdl.handle.net/11540/3935. License: CC BY 3.0 IGO.
    Keywords
    Public Financial Management
    Financial System
    Financial Statistics
    Pension Funds
    Mutual Funds
    Social Equity
    Financial Aspects
    Fiscal Policy
    Pension plans
    Individual retirement accounts
    Employee pension trusts
    Investment management
    Investments
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    Citable URI
    http://hdl.handle.net/11540/3935
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    Author
    Hu, Yuwei
    Theme
    Finance
     
    Copyright 2016-2021 Asian Development Bank Institute, except as explicitly marked otherwise
    Copyright 2016-2021 Asian Development Bank Institute, except as explicitly marked otherwise