دانلود مقاله ISI انگلیسی شماره 92661
کد مقاله سال انتشار مقاله انگلیسی ترجمه فارسی تعداد کلمات
92661 2018 61 صفحه PDF سفارش دهید 17247 کلمه
خرید مقاله
پس از پرداخت، فوراً می توانید مقاله را دانلود فرمایید.
عنوان انگلیسی
Reprint of: Assessing the effects of unconventional monetary policy and low interest rates on pension fund risk incentives
منبع

Publisher : Elsevier - Science Direct (الزویر - ساینس دایرکت)

Journal : Journal of Banking & Finance, Available online 17 March 2018

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پیش نمایش مقاله

چکیده انگلیسی

This study quantifies the effects of persistently low interest rates near to the zero lower bound and unconventional monetary policy on pension fund risk incentives in the United States. Using two structural vector autoregressive (VAR) models and a counterfactual scenario analysis, the results show that monetary policy shocks, as identified by changes in Treasury yields following changes in the central bank's target interest rates, lead to a substantial increase in pension funds’ allocation to equity assets. Notably, the shift from bonds to equity securities is greater during the period where the US Federal Reserve launched unconventional monetary policy measures. Additional findings show a positive correlation between pension fund risk-taking, low interest rates and the decline in Treasury yields across both well-funded and underfunded public pension plans, which is thus consistent with a structural risk-shifting incentive.

خرید مقاله
پس از پرداخت، فوراً می توانید مقاله را دانلود فرمایید.