PENSION REFORM AND THE DEVELOPMENT OF CENTRAL AND EASTERN EUROPEAN CAPITAL MARKETS

摘要

In this paper the authors analyse the effect that the pension reforms might have on the functioning and on the development of the capital markets from Central and Eastern European (CEE) countries. The main contribution of the paper is to relate, from a theoretical point of view, and with statistical data, the fully-funded privately-managed pension systems with the process of capital market development, focusing on CEE countries case. We also analyse the extent to which the quantitative literature has validated this theory, offering some final conclusions about possible further empirical research in this respect.