Holzner, Mario; Jestl, Stefan; Pichler, David - 2019
This paper analyses the impact of public pension expenditures and pension funds' assets as well as their benefits on …-of-the-art econometric estimators. Our results show weak evidence of a negative impact of public pension expenditures as well as weak … evidence of a positive impact of pension funds' benefits on volatility. Results were, however, found not to be very robust. In …