• 主题
高级搜索  >
历史搜索 清空历史
首页> 外文会议>International conference on cooperation and promotion of information resources in science and technology >A Study on United States Pension Funds and Financial Market Development
【24h】

A Study on United States Pension Funds and Financial Market Development

机译：美国养老基金和金融市场发展研究

获取原文
页面导航
  • 摘要
  • 著录项
  • 相似文献
  • 相关主题

摘要

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.
机译：本文通过采取美国的数据，揭示资助系统的金融市场利益，这是通过引入个人账户制度来增加资金的国家。格兰杰试验结果意味着从国内银行信贷到养老基金投资的单向因果关系。也就是说，对金融市场改革的深化实际上对养老金基金增长产生了积极影响。协整试验表明，养老基金生长和金融市场发展之间存在一个长期均衡关系。矢量误差校正模型表明，短期校正将以恒定速度进行，而远离长期路径有任何分流。脉冲响应函数结果表明，资本市场波动的冲击可能对养老基金的增长有害，而养老基金将增加美国资本市场的发展。

著录项

相似文献

  • 外文文献
  • 中文文献
  • 专利
获取原文

客服邮箱：kefu@zhangqiaokeyan.com

京公网安备：11010802029741号 ICP备案号：京ICP备15016152号-6 六维联合信息科技 (北京) 有限公司©版权所有

  • 客服微信

  • 服务号