DOES CAPITAL MARKET REFORM BOOST SAVINGS? EVIDENCE FROM THE UK PENSION REFORMS
作者： Brigitte Granville , Sushanta Mallick
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摘要: Doubts about the positive effect of capital market development on private saving extend beyond ambiguous theoretical link between interest rates and savings, to include demonstrable reduction savings as a result financial developments such pension reforms increased household access credit markets. The empirical validity domestic in UK has been investigated using an Auto-regressive Distributed Lag (ARDL) model capable testing for existence long-run relationship regardless whether underlying time series are individually I(1) or I(0). total response change is significant, but increase occupational appears offset by decrease other forms saving. This paper concludes that there no firm evidence aggregate considerably privately funded schemes. Journal Economic Literature Classifications: G23, H55, C50
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