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Avrasya Ekonometri �statistik ve Ampirik Ekonomi DergisiYl:2020 Say: 16 Alan: Ampirik ktisat

Hlya BULUT
THE EFFECT OF INDIVIDUAL PENSION SYSTEM ON SAVINGS IN TURKEY: A QUANTILE REGRESSION ANALYSIS
 
Several problems experienced in social security caused the public sector to introduce some reforms in this area and to put these new regulations into effect. The studies conducted to strengthen the system have increased the importance of individual retirement. Through the effects of the retirement conditions and financial incentives applied, the individual pension system in Turkey is increasingly gaining importance. The Individual Pension System (IPS) plays an important role in eliminating the social security-related problems with the contribution of individuals to their retirement savings and transferring resources to the financial markets by directing these individual savings to investment. In this respect, it is not possible to ignore the economic impacts of the IPS in terms of its functions both for savings and investment. This study aims to examine the relationship between savings and individual pension total assets for quarterly data between 2014 Q1 and 2019 Q4, through Bootstrap Quantile Regression due to the low number of data. As a result of the analysis, it was determined that the variable IPS has a statistically significant decreasing effect of 4.4% on savings.

Anahtar Kelimeler: Turkey, Individual Pension, Savings, Quantile Regression


THE EFFECT OF INDIVIDUAL PENSION SYSTEM ON SAVINGS IN TURKEY: A QUANTILE REGRESSION ANALYSIS
 
Several problems experienced in social security caused the public sector to introduce some reforms in this area and to put these new regulations into effect. The studies conducted to strengthen the system have increased the importance of individual retirement. Through the effects of the retirement conditions and financial incentives applied, the individual pension system in Turkey is increasingly gaining importance. The Individual Pension System (IPS) plays an important role in eliminating the social security-related problems with the contribution of individuals to their retirement savings and transferring resources to the financial markets by directing these individual savings to investment. In this respect, it is not possible to ignore the economic impacts of the IPS in terms of its functions both for savings and investment. This study aims to examine the relationship between savings and individual pension total assets for quarterly data between 2014 Q1 and 2019 Q4, through Bootstrap Quantile Regression due to the low number of data. As a result of the analysis, it was determined that the variable IPS has a statistically significant decreasing effect of 4.4% on savings.

Keywords: Turkey, Individual Pension, Savings, Quantile Regression


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