Bireysel Emeklilik Sisteminin Tasarruflar ve Sermaye Piyasaları Üzerindeki Etkil

Abstract

Increases in share of elderly people in total population and populist policies led to Social Security deficit in all over the world. At the same time, long term funds are necessity for high growth rate Therefore, especially with liberalization in economics, Governments uses Individual Retirement System. The aim of study is to examine Individual Retirement System and its effects over savings and capital market in Turkey. In addition, saving levels in Turkey will be interpreted by comparing other countries and, effects of savings level in Turkey will debate. In empirical analysis, Johansen Cointegration Test and was applied for finding long run relationships and, Pairwise Granger Causality Test applied for finding causality way. Results of empirical analysis show that total amount of participant´s funds in Individual Retirement System affect positively corporate bond and stock markets in the long run. Pairwise Granger Causality Test indicate that there is causality from total amount of participant´s funds in Individual Retirement System to market value of corporate bonds and, Bist100 index causes total amount of participant´s funds in Individual Retirement System.