INDIVIDUAL PENSION FUNDS AND CAPITAL MARKET DEVELOPMENT IN TURKEY
INDIVIDUAL PENSION FUNDS AND CAPITAL MARKET DEVELOPMENT IN TURKEY
Author(s): Not Specified Author, Yilmaz BayarSubject(s): Transformation Period (1990 - 2010), Financial Markets, Socio-Economic Research
Published by: Editura Universităţii »Alexandru Ioan Cuza« din Iaşi
Keywords: individual pension funds; stock market; debt securities market; time series analysis;
Summary/Abstract: Beginning with the 1980s, when the sustainability of the public pension systems became endangedered, many countries have developed their individual pension plans and/or occupational pension plans in order to supersede or support their public pension systems,. This study examines the impact of individual pension funds on the development of both debt securities market and stock market in Turkey during the period October 2006- May 2015, using Hatemi (2008) cointegration test and Toda and Yamamoto (1995) causality test with monthly data. We found that, in the long run, the private pension funds had positive impact on both development of debt securities market and stock market. Furthermore, causality appears to exist between the market for private pension funds , the debt securities market and the stock market.
Journal: Review of Economic and Business Studies (REBS)
- Issue Year: 2016
- Issue No: 18
- Page Range: 95-109
- Page Count: 15
- Language: English