Author: Gregorio Impavido
Publisher: World Bank Publications
ISBN:
Category : Ahorro
Languages : en
Pages : 50
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Book Description
Cross-country and time-series evidence from some OECD and developing countries shows that pension funds and life and nonlife insurance companies contribute to stock market development.
Author: Gregorio Impavido
Publisher:
ISBN:
Category :
Languages : en
Pages : 46
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Book Description
Author: Alberto R. Musalem
Publisher: World Bank Publications
ISBN:
Category : Bonds
Languages : en
Pages : 32
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Book Description
Impavido, Musalem, and Tressel assess empirically the impact of contractual savings institutions portfolios (pension funds and life insurance companies) on securities markets, for example, depth and liquidity in the domestic stock market, and depth in the domestic bond market. They discuss how the institutionalization of savings can modify financial markets through the lengthening of securities' maturities. The results are the following: * An increase in assets of contractual savings institutions relative to domestic financial assets has a positive impact on the depth of stock and bond markets on average. * The impact on stock market depth and liquidity is nonlinear: it is stronger in countries where corporate information is more transparent. * There is evidence of a significant heterogeneity among countries: contractual savings have a stronger impact on securities markets in countries where the financial system is market based, pension fund contributions are mandatory, and international transactions in securities are lower. * The authors do not find that the impact of contractual savings institutions on securities markets is explained by the overall level of development, education, demographic structure or the legal environment. This paper--a product of the Financial Sector Operations and Policy Department--is part of a larger effort in the department to study the effects of contractual savings on financial markets.
Author: Gregorio Impavido
Publisher:
ISBN:
Category :
Languages : en
Pages : 32
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Book Description
Impavido, Musalem, and Tressel assess empirically the impact of contractual savings institutions portfolios (pension funds and life insurance companies) on securities markets, for example, depth and liquidity in the domestic stock market, and depth in the domestic bond market. They discuss how the institutionalization of savings can modify financial markets through the lengthening of securities' maturities.The results are the following:ʼn An increase in assets of contractual savings institutions relative to domestic financial assets has a positive impact on the depth of stock and bond markets on average.ʼn The impact on stock market depth and liquidity is nonlinear: it is stronger in countries where corporate information is more transparent.ʼn There is evidence of a significant heterogeneity among countries: contractual savings have a stronger impact on securities markets in countries where the financial system is market based, pension fund contributions are mandatory, and international transactions in securities are lower.ʼn The authors do not find that the impact of contractual savings institutions on securities markets is explained by the overall level of development, education, demographic structure or the legal environment.This paper - a product of the Financial Sector Operations and Policy Department - is part of a larger effort in the department to study the effects of contractual savings on financial markets.
Author: Mario Catalan
Publisher: World Bank Publications
ISBN:
Category : Ahorro contractual
Languages : en
Pages : 50
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Book Description
This paper argues that contractual savings (assets of pension funds and life insurance companies) contribute to stock market development.
Author: Gregorio Impavido
Publisher: World Bank Publications
ISBN:
Category : Ahorro contractual
Languages : en
Pages : 65
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Book Description
The authors analyze the relationship between the development and asset allocation of contractual savings and firms' capital structures. The authors develop a simple model of firms' leverage and debt maturity decisions. They illustrate the mechanisms through which contractual savings development may affect corporate financing patterns. In the empirical section, the authors show that the development and asset allocation of contractual savings have an independent impact on firms' financing choices. Different channels are identified. In market-based economies, an increase in the proportion of shares in the portfolio of contractual savings leads to a decline in firms' leverage. In bank-based economies, instead, an increase in the size of contractual savings is associated with an increase in leverage and debt maturity in the corporate sector.
Author:
Publisher: World Bank Publications
ISBN:
Category :
Languages : en
Pages : 25
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Book Description
Author:
Publisher: World Bank Publications
ISBN:
Category :
Languages : en
Pages : 32
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Book Description
Author: Dimitri Vittas
Publisher:
ISBN:
Category : Economic stabilization
Languages : en
Pages : 32
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Book Description
Contractual savings institutions -- pension funds and life insurance companies -- are growing in several developing countries. Their contribution in the 1980s to the impressive performance of emerging stock markets has been limited. But the increasing emphasis on financial liberalization and development of the private sector suggests that their role and impact will increase substantially.
Author: Mario Catalán
Publisher:
ISBN:
Category :
Languages : en
Pages : 46
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Book Description
This paper argues that co ...
