Presidential Address: Pension Policy and the Financial System

• 成果类型: Article
• 署名作者: Scharfstein, David S.
• 署名单位: Harvard University; National Bureau of Economic Research
• 刊物名称: JOURNAL OF FINANCE
• ISSN/ISSBN: 0022-1082
• DOI: 10.1111/jofi.12710
• 发表日期: 2018
• 页码: 1463-1512
• 关键词: social-security; monetary-policy; retirement; CHOICE; GROWTH; consumption; OWNERSHIP; ECONOMICS; POLITICS; REFORM

摘要

In this paper, I examine the effect of pension policy on the structure of financial systems around the world. In particular, I explore the hypothesis that policies that promote pension savings also promote the development of capital markets. I present a model that endogenizes the extent to which savings are intermediated through banks or capital markets, and derive implications for corporate finance, household finance, banking, and the size of the financial sector. I then present a number of facts that are broadly consistent with the theory and examine a variety of alternative explanations of my findings.