Mitra Ghanbarzadeh - Personal Insurance Department, Insurance Research Center‎, ‎Tehran‎, ‎Iran
Nasrin Hozarmoghadam - Personal Insurance Department, Insurance Research Center‎, ‎Tehran‎, ‎Iran
Asma Hamzeh - Modern Insurance Technologies ‎Department, ‎Insurance Research Center‎, ‎Tehran‎, ‎Iran

‎Since pension funds are part of the social security system and have a socio-economic function, in order to maintain the value of the insured's savings, they should invest them, which will have a direct relationship with the money market and the capital market of each country. Due to the significant resources they have, pension funds affect the country's economic variables and, of course, are mostly affected by economic variables. This issue reveals the importance of examining how macroeconomic variables affect pension funds and the intensity of each one's impact, as well as the management of funds' resources in the face of the fluctuations of these variables. Therefore, in this ‎paper‎, the impact of pension funds on economic variables in ۸ countries is investigated. Based on the results obtained in this research, the variables of short-term interest rate, exchange rate, and unemployment rate have an effect on the ratio of pension fund assets to GDP (as an indicator of performance).

‎ Pension Fund, ‎ Panel Regression Model, Stationarity, Macroeconomic Variables