NDLI: Pension Funds, Insurance Companies and Stock Market Development: Evidence from Emerging Markets

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Pension Funds, Insurance Companies and Stock Market Development: Evidence from Emerging Markets

Content Provider	MDPI
Author	Bayar, Yilmaz Gavriletea, Marius Dan Danuletiu, Dan Constantin Danuletiu, Adina Elena Sakar, Emre
Copyright Year	2022
Description	Stock markets foster economic growth through meeting the fund requirements of the firms by individual and institutional investors. Pension funds and insurance companies with their long-term investment horizon are critical institutional investors in capital markets. Therefore, this article explores the effect of pension funds and insurance companies on stock market development in 15 emerging market economies over the 2004–2019 period through panel cointegration and causality tests. The causality analysis revealed that stock market development had a significant impact on pension funds and the insurance sector in the short term. However, the cointegration analysis revealed that pension funds had a positive effect on stock market development in Brazil, Chile, Hungary, Mexico, Peru, and South Africa and the insurance sector had a positive impact on stock market development in Chile, Indonesia, Korea Republic, Philippines, and South Africa in the long term.
Starting Page	2335
e-ISSN	22277390
DOI	10.3390/math10132335
Journal	Mathematics
Issue Number	13
Volume Number	10
Language	English
Publisher	MDPI
Publisher Date	2022-07-03
Access Restriction	Open
Subject Keyword	Mathematics Pension Funds Insurance Companies Stock Markets Panel Cointegration Analysis Panel Causality Analysis
Content Type	Text
Resource Type	Article

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