Pension funds, capital market development, and macroeconomic variables
Evidence from Jordan
Bibliographic Data
| ID | 12705274 |
|---|---|
| Authors | Demeh Daradkah (0000-0002-1807-5196, Department of Finance and Banking Science, Faculty of Economics and Administrative Sciences Yarmouk University Irbid Jordan, corresponding author), Nadia Al‐Hamdoun (0000-0002-0660-2569, Department of Finance and Banking Science, Faculty of Economics and Administrative Sciences Yarmouk University Irbid Jordan) |
| Year | 2020 |
| Volume | 21 |
| Issue | 2 |
| Publication date | 2020-07-20 |
| Open Access | Yes |
| Type | ARTICLE |
| Venue | Journal of Public Affairs (JOURNAL) |
| Journal identifiers | ISSN: 1472-3891 • E-ISSN: 1479-1854 |
| Publisher | Wiley (PUBLISHER • GB) |
| DOI | 10.1002/pa.2215 |
| OpenAlex | W3044274645 |
| Language | EN |
| Citations received | 2 |
| References cited | 28 |
This study investigates the dynamic relationship between pension funds and development of capital market in Jordan over the period 1980–2017. Autoregressive distributed lag (ARDL) approaches for co‐integration (bounds test) are employed to achieve the objectives of the study. Using annual data, the results indicate no statistically significant relationship between pension funds and development of capital market on the short run. However, the co‐integration tests show a statistically significant long‐run equilibrium relationship between pension funds and development of capital market regardless of whether capital market development was measured by market depth or market liquidity. Moreover, the co‐integration tests show a statistically significant long‐run equilibrium relationship between economic growth, and interest rate and development of capital market regardless of whether capital market development was measured by market depth or market liquidity. These findings have important implications for academics, investment managers, and policy makers in Jordan
Capital (architecture · Capital market · Distributed lag · Econometrics · Economics · Factor market · Financial economics · Financial system · Market economy · Market liquidity · Monetary economics · Pension · Corporate Finance and Governance · Financial Markets and Investment Strategies · Islamic Finance and Banking Studies · Finance
Trends and random walks in macroeconmic time series
An Autoregressive Distributed-Lag Modelling Approach to Cointegration Analysis
Spurious regressions in econometrics
Finance and Growth
Stock markets, banks, and growth
Bounds testing approaches to the analysis of level relationships
Maximum Likelihood Estimation and Inference on Cointegration — With Applications to the Demand for Money
Pension reform and capital market development in Central and Eastern European countries
| Citations per year | 0.67 |
|---|---|
| Citation span | 2023 - 2026 (4) |
| Highly cited | No |