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Conference Name Proceedings of the 5th International Conference on Cooperation and Promotion of Information Resources in Science and Technology (COINFO 2010 E-BOOK)

Beijing,China,11.27-11.29,2010

ISBN: 978-1-935068-43-3 Scientific Research Publishing, USA

E-Book 754pp Pub. Date: November 2010

Category: Engineering

Price: $110

Title: A Study on United States Pension Funds and Financial Market Development
Source: Conference Name Proceedings of the 5th International Conference on Cooperation and Promotion of Information Resources in Science and Technology (COINFO 2010 E-BOOK) (pp 533-537)
Author(s): Liang Ren, School of Economics and Management, Shenyang Ligong University, Shenyang, P. R. China
Bing Li, School of International Trade, Shandong Economics University, Jinan, P. R. China
Abstract: 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.
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