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This paper conducts empirical analysis to reveal financial-market benefits of the funded system by taking the data of the United States, which is a country of increasing funding by introducing individual account system. The Granger test result implies that there is a unidirectional causality from the domestic bank credit to pension funds investment. That is, the deepening of financial market reform actually has a positive effect on the pension funds growth. The cointegration test shows that there is one long-run equilibrium relationship between pension funds growth and financial market development. The vector error correction model shows that the short term correction will be conducted with a constant speed while there are any diversions away from the long term route. The impulse response function results show that shocks from the capital market volatility might be harmful to the growth of pension funds while the pension funds will bring increased development of the capital market in the United States.


pension funds; financial market; Granger causality test

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Autor: Liang Ren, Bing Li

Fuente: http://www.scirp.org/


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