연금제도의 특징에 따른 주식시장 참여율 국가별 비교

Abstract

Using micro data sets from Korea and 11 European countries, this study examines how the features of pension system affect stock market participation decision of households. Based on the results from panel data analysis, this study illustrates the major determinants of household`s stock market participation decision. Furthermore, using a pooled regression model, this study shows that the cross-country variation in stock market participation rates can be explained by the difference in pension system. This study suggests that private pension participation rates and income replacement rates of public pension are associated with the stock market participation rates.