Pension Funds Growth and Financial Market Development: Analysis and Testing on UK data
The reform of social security pensions is a critical issue for China. Nowadays, China is in the transition from a pay-as-you-go (PAYG) system to a partially funded system based on individual accounts. This paper conducts empirical analysis to reveal financial-market benefits of the funded system. Considering the data limitation in China, tests are based on the data for the UK which is a typical country of increasing funding by introducing individual account system. In conclusion, a number of policy recommendations on how to improve the building of a funded system are provided for the Chinese government.
VAR model pension funds financial market
YI Shanshan
School of International Trade, Shandong Economic University, P.R.China, 250014
国际会议
威海
英文
691-695
2010-07-24（万方平台首次上网日期，不代表论文的发表时间）