Contractual Savings or Stock Markets Development: Which Leads?

Topics:
Insurance,
Investment and Capital Markets
Tags:
Capital Market,
Stock Market,
Stock,
Savings,
Investment,
Free Trade,
Financial Services,
Financial,
Finance,
Development,
...
Source:
World Bank Group

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Overview: This paper studies the relationship between the development of contractual savings (assets of pension funds and life insurance companies) and capital markets. The focus is on the macroeconomic and financial effects of contractual savings' development. New theoretical ideas and empirical results are presented. At the theoretical level, it explains how the growth of the contractual savings sector promotes financial development and economic growth through different channels. The paper argues that among institutional investors, contractual savings institutions are the most effective at developing capital markets. The evidence suggests that the growth of contractual savings cause the development of capital markets.

(Is this item miscategorized? Does it need more tags? Let us know.)

Format: PDF | Size: 163KB | Date: Aug 2000 | Pages: 46

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