n AfricaGrowth Agenda - Funded pensions : an underdeveloped source of domestic finance for African economies

Volume 2010, Issue 1
  • ISSN : 1811-5187


Empirical evidence shows that domestic finance has a positive impact on investment and economic growth in Africa (Ndikumana, 2000; Allen and Ndikumana, 2000). Notably, existing studies have focused primarily on the role that bank credit can play, and to some degree the role of funds raised through the stock market. A survey of the literature reveals that almost no attention has been given to the potential role that institutional investors such as pension funds can play in providing financial resources for African economies. To a large degree, this is because funded pensions - pensions where individuals make regular contributions during their working years to finance their income in retirement - in much of Africa are underdeveloped.

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