Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/101168
Authors: 
Hu, Yuwei
Year of Publication: 
2012
Series/Report no.: 
ADBI Working Paper Series 360
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 pre-funding of future liabilities, since it brings beneficial impacts on the financial market.
Subjects: 
asia
pension systems
asian pension funds
pension reform
JEL: 
G23
G28
C54
Document Type: 
Working Paper

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