The Impact of Contractual Savings Institutions on Securities Markets
The authors 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 bo...
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| Format: | Policy Research Working Paper |
| Language: | English en_US |
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World Bank, Washington, DC
2014
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| Online Access: | http://documents.worldbank.org/curated/en/2003/01/2125230/impact-contractual-savings-institutions-securities-markets http://hdl.handle.net/10986/19174 |
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okr-10986-191742021-04-23T14:03:42Z The Impact of Contractual Savings Institutions on Securities Markets Impavido, Gregorio Musalem, Alberto R. Tressel, Thierry ACCOUNTING ACCOUNTING PRACTICES ACCOUNTING STANDARDS AGENTS AGGREGATE SUPPLY ASSET MANAGEMENT ASSETS BANK DEPOSITS BONDS CAPITAL FLOWS CAPITAL MARKETS CAPITALIZATION CONTRACTUAL SAVINGS CONTRACTUAL SAVINGS INSTITUTIONS CORPORATE GOVERNANCE COVERAGE DEBT DIVIDENDS ECONOMETRIC ANALYSIS ECONOMICS FINANCIAL ASSETS FINANCIAL INNOVATION FINANCIAL INTERMEDIARIES FINANCIAL INTERMEDIATION FINANCIAL MARKETS FINANCIAL SECTOR FINANCIAL SYSTEMS FISCAL POLICY GDP GDP PER CAPITA INFLATION INFLATION RATE INSURANCE INSURANCE COMPANIES INSURANCE INDUSTRY INTEREST RATES INVESTMENT BANKS LEGAL FRAMEWORK LIFE INSURANCE LIFE INSURANCE COMPANIES LIQUIDITY M2 MACRO-ECONOMIC POLICIES MACROECONOMIC POLICIES MARKET DISCIPLINE MARKET VALUE MATURITIES NON-LIFE INSURANCE PENSION FUNDS PENSIONS PORTFOLIOS PUBLIC DEBT REAL INCOME REAL INTEREST RATE SAVINGS SECURITIES SECURITIES MARKETS STOCK MARKETS TIME SERIES TRADING SYSTEMS TRANSACTION COSTS The authors 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: 1) 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. 2) The impact on stock market depth and liquidity is nonlinear: it is stronger in countries where corporate information is more transparent. 3) 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. 4) 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. 2014-08-01T15:38:21Z 2014-08-01T15:38:21Z 2003-01 http://documents.worldbank.org/curated/en/2003/01/2125230/impact-contractual-savings-institutions-securities-markets http://hdl.handle.net/10986/19174 English en_US Policy Research Working Paper;No. 2948 CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank, Washington, DC Publications & Research :: Policy Research Working Paper Publications & Research |
| repository_type |
Digital Repository |
| institution_category |
Foreign Institution |
| institution |
Digital Repositories |
| building |
World Bank Open Knowledge Repository |
| collection |
World Bank |
| language |
English en_US |
| topic |
ACCOUNTING ACCOUNTING PRACTICES ACCOUNTING STANDARDS AGENTS AGGREGATE SUPPLY ASSET MANAGEMENT ASSETS BANK DEPOSITS BONDS CAPITAL FLOWS CAPITAL MARKETS CAPITALIZATION CONTRACTUAL SAVINGS CONTRACTUAL SAVINGS INSTITUTIONS CORPORATE GOVERNANCE COVERAGE DEBT DIVIDENDS ECONOMETRIC ANALYSIS ECONOMICS FINANCIAL ASSETS FINANCIAL INNOVATION FINANCIAL INTERMEDIARIES FINANCIAL INTERMEDIATION FINANCIAL MARKETS FINANCIAL SECTOR FINANCIAL SYSTEMS FISCAL POLICY GDP GDP PER CAPITA INFLATION INFLATION RATE INSURANCE INSURANCE COMPANIES INSURANCE INDUSTRY INTEREST RATES INVESTMENT BANKS LEGAL FRAMEWORK LIFE INSURANCE LIFE INSURANCE COMPANIES LIQUIDITY M2 MACRO-ECONOMIC POLICIES MACROECONOMIC POLICIES MARKET DISCIPLINE MARKET VALUE MATURITIES NON-LIFE INSURANCE PENSION FUNDS PENSIONS PORTFOLIOS PUBLIC DEBT REAL INCOME REAL INTEREST RATE SAVINGS SECURITIES SECURITIES MARKETS STOCK MARKETS TIME SERIES TRADING SYSTEMS TRANSACTION COSTS |
| spellingShingle |
ACCOUNTING ACCOUNTING PRACTICES ACCOUNTING STANDARDS AGENTS AGGREGATE SUPPLY ASSET MANAGEMENT ASSETS BANK DEPOSITS BONDS CAPITAL FLOWS CAPITAL MARKETS CAPITALIZATION CONTRACTUAL SAVINGS CONTRACTUAL SAVINGS INSTITUTIONS CORPORATE GOVERNANCE COVERAGE DEBT DIVIDENDS ECONOMETRIC ANALYSIS ECONOMICS FINANCIAL ASSETS FINANCIAL INNOVATION FINANCIAL INTERMEDIARIES FINANCIAL INTERMEDIATION FINANCIAL MARKETS FINANCIAL SECTOR FINANCIAL SYSTEMS FISCAL POLICY GDP GDP PER CAPITA INFLATION INFLATION RATE INSURANCE INSURANCE COMPANIES INSURANCE INDUSTRY INTEREST RATES INVESTMENT BANKS LEGAL FRAMEWORK LIFE INSURANCE LIFE INSURANCE COMPANIES LIQUIDITY M2 MACRO-ECONOMIC POLICIES MACROECONOMIC POLICIES MARKET DISCIPLINE MARKET VALUE MATURITIES NON-LIFE INSURANCE PENSION FUNDS PENSIONS PORTFOLIOS PUBLIC DEBT REAL INCOME REAL INTEREST RATE SAVINGS SECURITIES SECURITIES MARKETS STOCK MARKETS TIME SERIES TRADING SYSTEMS TRANSACTION COSTS Impavido, Gregorio Musalem, Alberto R. Tressel, Thierry The Impact of Contractual Savings Institutions on Securities Markets |
| relation |
Policy Research Working Paper;No. 2948 |
| description |
The authors 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:
1) 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. 2) The
impact on stock market depth and liquidity is nonlinear: it
is stronger in countries where corporate information is more
transparent. 3) 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. 4) 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. |
| format |
Publications & Research :: Policy Research Working Paper |
| author |
Impavido, Gregorio Musalem, Alberto R. Tressel, Thierry |
| author_facet |
Impavido, Gregorio Musalem, Alberto R. Tressel, Thierry |
| author_sort |
Impavido, Gregorio |
| title |
The Impact of Contractual Savings Institutions on Securities Markets |
| title_short |
The Impact of Contractual Savings Institutions on Securities Markets |
| title_full |
The Impact of Contractual Savings Institutions on Securities Markets |
| title_fullStr |
The Impact of Contractual Savings Institutions on Securities Markets |
| title_full_unstemmed |
The Impact of Contractual Savings Institutions on Securities Markets |
| title_sort |
impact of contractual savings institutions on securities markets |
| publisher |
World Bank, Washington, DC |
| publishDate |
2014 |
| url |
http://documents.worldbank.org/curated/en/2003/01/2125230/impact-contractual-savings-institutions-securities-markets http://hdl.handle.net/10986/19174 |
| _version_ |
1764439254312681472 |