The Impact of Contractual Savings Institutions on Securities Markets

Impavido, Gregorio ; Musalem, Alberto R. ; Tressel, Thierry

World Bank, Washington, DC

关键词: ACCOUNTING;    ACCOUNTING PRACTICES;    ACCOUNTING STANDARDS;    AGENTS;    AGGREGATE SUPPLY;   

DOI  :  10.1596/1813-9450-2948
RP-ID  :  WPS2948

学科分类：社会科学、人文和艺术（综合）

来源: World Bank Open Knowledge Repository

【 摘 要 】

The authors assess empirically theimpact of contractual savings institutions portfolios(pension funds and life insurance companies) on securitiesmarkets, for example, depth and liquidity in the domesticstock market, and depth in the domestic bond market. Theydiscuss how the institutionalization of savings can modifyfinancial markets through the lengthening ofsecurities' maturities. The results are the following:1) An increase in assets of contractual savings institutionsrelative to domestic financial assets has a positive impacton the depth of stock and bond markets on average. 2) Theimpact on stock market depth and liquidity is nonlinear: itis stronger in countries where corporate information is moretransparent. 3) There is evidence of a significantheterogeneity among countries: contractual savings have astronger impact on securities markets in countries where thefinancial system is market based, pension fund contributionsare mandatory, and international transactions in securitiesare lower. 4) The authors do not find that the impact ofcontractual savings institutions on securities markets isexplained by the overall level of development, education,demographic structure or the legal environment.