养老金投资对资本市场的影响研究——基于OECD国家面板数据的实证分析被引量：9

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摘要本文在对OECD国家养老金资产配置情况进行简要评述的基础上,利用33个OECD国家2001-2012年面板数据,采用系统GMM方法进行实证检验,结果发现:养老金作为长期稳定的机构投资者,一方面促进了股票市场的规模扩张,另一方面降低了股票市场价格指数的波动性,在一定程度上稳定了股票市场。稳定的经济增长环境有利于股票市场的稳步扩张,由此带来投资者稳定的信心也可以一定程度上缓解股票市场的波动;而货币供应量等短期调控手段对股票市场规模扩张和稳定性都没有显著影响。

作者朱铭来季成

机构地区南开大学经济学院

出处《中国物价》 2015年第3期40-43,共4页 China Price

基金教育部重点研究基地基金资助项目"我国社会发展与民生保障战略研究"(13JJD840004) 教育部重大课题攻关项目"老龄化对中国经济发展的影响及应对策略研究"(13JZD005)

关键词养老金投资资本市场 GMM估计

分类号 F841.67 [经济管理—保险] F831.51 [经济管理—金融学]

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参考文献8

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