Pension systems can influence capital flows by affecting saving and investment. At the same time, the growth of pension fund assets has implications for the depth of financial markets. This paper seeks to shed light on these effects, by highlighting three relevant aspects.First, the stage in the...

Firms in emerging market economies markedly increased their issuance of bonds in offshore markets after the Great Financial Crisis. By contrast, increases in offshore bond issuance by firms in advanced economies were more muted. An empirical analysis suggests that the less developed state of...