Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/223077
Authors: 
Holzner, Mario
Jestl, Stefan
Pichler, David
Year of Publication: 
2019
Series/Report no.: 
wiiw Working Paper No. 172
Abstract: 
This paper analyses the impact of public pension expenditures and pension funds' assets as well as their benefits on economic volatility. To do so, we use panel data for 35 OECD countries for the period 1980-2018 and apply a set of state-of-the-art econometric estimators. Our results show weak evidence of a negative impact of public pension expenditures as well as weak evidence of a positive impact of pension funds' benefits on volatility. Results were, however, found not to be very robust. In contrast, pension funds' assets do not show any evidence of being associated with economic volatility. Unsystematic fiscal policy, banking crises and political (in)stability, however, are revealed to be somewhat more robust determinants of economic volatility.
Subjects: 
Public pensions
private pensions
pension system
macroeconomic volatility
OECD
JEL: 
H55
J32
E24
E32
Document Type: 
Working Paper

Files in This Item:
File
Size





Items in EconStor are protected by copyright, with all rights reserved, unless otherwise indicated.