Pension Funds, Financial Intermediation and the New Financial Landscape
نویسنده
چکیده
Pension funds are analysed as financial intermediaries using a functional approach to finance which encompasses traditional theories of intermediation. Funds fulfil a number of the functions of the financial system more efficiently than banks or direct holdings. Their growth complements that of capital markets and they have acted as major catalysts of change in the financial landscape. Financial efficiency in this functional sense is not the only reason for growth. It is also a consequence of fiscal incentives and benefits to employers, as well as growing demand arising from the ageing of the population. JEL
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