Macroeconomic Aspects

Iparraguirre, José Luis

doi:10.1007/978-3-030-29019-1_5

Cited by 1 publication

(2 citation statements)

References 77 publications

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“…it is constantly growing. These findings confirm and develop the existing scientific views on the relationship between pension savings and economic growth (Altiparmakov & Nedelkovic, 2018;Apilado, 1972;Bijlsma et al, 2018;Davis & Hu, 2008;Holzner et al, 2021;Iparraguirre, 2020;Keller, 2018;Zandberg & Spierdijk, 2013) while providing an alternative expression of the type of such dependence compared to studies by Holzmann (1997), Davis and Hu (2008), and Hu (2005).…”

Section: Discussionsupporting

confidence: 88%

“…For a long time, scientific studies on the impact of pension fund assets on macroeconomic indicators have shown an increase in economic growth due to an increase in the aggregate level of savings shaped in pension assets available for investment (Altiparmakov & Nedelkovic, 2018;Apilado, 1972;Bijlsma et al, 2018;Davis & Hu, 2008;Holzner et al, 2021;Iparraguirre, 2020;Keller, 2018;Zandberg & Spierdijk, 2013). In addition, Bayar (2017) denotes a two-way causal link between pension fund assets and economic growth.…”

Section: Literature Reviewmentioning

confidence: 99%

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Pension assets as an investment in economic growth: The case of post-socialist countries and Ukraine

Kolodiziev

Telnova

Krupka

et al. 2021

Investment Management and Financial Innovations

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Post-socialist governments are looking for the best options to implement a fully funded pension system along with a pay-as-you-earn pension scheme. The paper aims to establish the impact of pension assets on economic growth using the example of post-socialist countries (Hungary, the Slovak Republic, Slovenia, Poland, and the Czech Republic). The use of methods of correlation and regression analysis allows determining the type of dependence (linear, exponential, gradual, and logarithmic) of countries’ economic growth indicators on pension assets and patterns for their investment (deposits, securities of public and private sectors). The obtained economic growth indicators of the studied post-socialist countries show a strong logarithmic dependence on the size of pension assets: Gross fixed capital formation depends on changes in the pension asset amount by 76.44% and GDP by 71.01%. The economic growth of the studied post-socialist countries is most significantly influenced by pension assets invested in deposits. Investing pension savings in public and private sector securities is less effective. The proved provisions determine the expediency of moving from the predominant pay-as-you-earn pension scheme to the predominant fully funded pension system for Ukraine. Such a transformation requires a stable and efficient construction of the country’s banking system, a developed policy for reforming the pension system while considering the criteria of the internal demographic, social, and financial situation.

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