Pension Funds and National Saving

46 Pages Posted: 20 Apr 2016

Date Written: August 24, 2004


Murphy and Musalem conduct an empirical study of the effect of the accumulation of pension fund financial assets on national saving using a panel of 43 industrial and developing countries. The authors find evidence suggesting that the accumulation of pension fund financial assets might increase national saving when these funds are the result of a mandatory pension program. By contrast, national saving might be unaffected when pension funds are the result of a public program implemented to foster voluntary pension saving.

This paper is a product of the Human Development Group, Middle East and North Africa Region. The study was funded by the Bank's Research Support Budget under the research project "Contractual Savings Institutions and National Saving."

Keywords: National saving, pension funds, mandatory

JEL Classification: E21, G23, H55

Suggested Citation

Lopez-Murphy, Pablo and Musalem, Alberto R., Pension Funds and National Saving (August 24, 2004). World Bank Policy Research Working Paper No. 3410. Available at SSRN:

Pablo Lopez-Murphy (Contact Author)

International Monetary Fund (IMF) ( email )

700 19th Street, N.W.
Washington, DC 20431
United States

Alberto R. Musalem

World Bank ( email )

1818 H Street, N.W.
Washington, DC 20433
United States

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