worldneweconomyМир новой экономикиThe world of new economy2220-64692220-7872Financial University under The Governtment оf The Russian Federation10.26794/2220-6469-2023-17-1-68-82worldneweconomy-386Research ArticleФИНАНСОВАЯ АНАЛИТИКАFINANCIAL ANALYTICSОценка влияния пенсионных институтов на развитие глобальных финансовAssessing the impact of pension institutions on the development of global financehttps://orcid.org/0000-0002-5568-4089ЖуковаТ. В.ZhukovaT. V.

Татьяна Васильевна Жукова — кандидат экономических наук, доцент, старший научный сотрудник сектора теории финансовых рынков

Москва

Tatyana V. Zhukova — Candidate of Sciences (Econ.), Senior Researcher, Section of Financial Markets Theories

Moscow

ttanya2001@gmail.comНациональный исследовательский институт мировой экономики и международных отношений имени Е.М. Примакова РАНРоссияPrimakov National Research Institute of World Economy and International Relations of the Russian Academy of Sciences (IMEMO)Russian Federation2023180520231716882Copyright © Жукова Т.В., 20232023Жукова Т.В.Zhukova T.V.Данная работа распространяется под лицензией Creative Commons Attribution 4.0.This work is licensed under a Creative Commons Attribution 4.0 License.https://wne.fa.ru/jour/article/view/386

Новизну исследования составляет взгляд на пенсионные институты как на «корректоров» глобального финансового развития, не только помогающих, но и замедляющих позитивные изменения из-за особой конфигурации распределения активов по крупнейшим пулам — местам концентрации рисков. Этот вопрос не рассматривался комплексно на глобальном уровне. Цель исследования — оценка влияния пенсионных институтов на развитие глобальных финансов на длительном временном горизонте. Задачи исследования обширны: от конкретизации места пенсионных институтов в глобальных финансах и определения «кластеров влияния» до эмпирической оценки их воздействия на множественные индикаторы финансового развития с формулированием выводов и будущих перспектив. В статье показано, что пенсионные институты — крупнейшие глобальные инвесторы с ядром в активах пенсионных фондов США, сконцентрированных на внутреннем рынке акций. Обрисованы перспективы замедления глобального финансового развития через пенсионные фонды при реализации рыночных и страновых рисков.

The novelty of the research lies in the conception of pension institutions as correctors of global financial development. These institutes do not only stimulate, but also slow down the positive change due to the particular assets allocation by largest pools, which are in fact represent a concentration of risks. This issue has not been taken under any comprehensive consideration at the global level yet. Thus, the aim of the research is to assess the pension institutions impact on long-term global financial development. The research concerns various problems: from specifying the position of pension institutions within the global finance hierarchy and “clusters of influence” allocation to empiric assessment of their impact on multiple indicators of global financial development; conclusions and prospects are formulated in the article as well. The article shows that pension institutions are the largest global investors with the core of the USA pension funds’ assets concentrated in the domestic stock market. The paper outlines the ways of the slowdown in the global financial development through to the pension funds in case of market and country risk realization.

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The authors declare that there are no conflicts of interest present.