The role of pension funds in capital market development in the new EU member states: An empirical panel cointegration approach

Kjosevski, Jordan and Petkovski, Mihail and Stojkov, Aleksandar (2023) The role of pension funds in capital market development in the new EU member states: An empirical panel cointegration approach. Acta Oeconomica, 73 (2). pp. 251-273.

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Abstract

The main goal of this paper is to analyse the impact of pension funds on capital market development in 11
new EU member states from Central and Eastern Europe using annual data for the period between 2000
and 2019. Given the geographical, institutional, political and economic differences across these countries,
we split them into three homogenous groups: Balkan, Baltic and Visegrad countries. We use three different
variables as a proxy for capital markets growth: stock market capitalization, the value of stock traded, and
private bond market capitalization. We apply dynamic and fully-modified ordinary least squares to
examine the relationship between the variables. The empirical results indicate that pension funds have a
positive effect on the bond markets growth in all sub-groups but they do not impact the stock market
growth in the Balkan and Baltic countries.

Item Type:	Article
Subjects:	Scientific Fields (Frascati) > Social Sciences > Economics and Business
Depositing User:	UKLO Mrezha
Date Deposited:	27 May 2024 06:01
Last Modified:	27 May 2024 06:01
URI:	https://eprints.uklo.edu.mk/id/eprint/9974

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