Interaction between individual pension system and macro economic indicators, state contribution: The case of Turkey

The purpose of this study is to indicate the effect of macroeconomic variables and contribution of the state on the individual pension system and the amount saved by the participants. For this reason currency, interest rate, inflation and stock index as variables of macroeconomic indicators, and the number of participants, the amount saved by participants and the amount of fund as variables of participation in the individual pension system and savings have been employed. This effect has been analyzed through Toda-Yamamoto causal relationship test and Mann-Whitney U test using the monthly data between the years 2010 and 2015. According to the findings of the research, there has been significant increase in the number of participants, the amount of contribution these participants and amount of funds of the participants after state contribution. It has also been found that there is a causal relationship between macroeconomic indicators and the pension system. As a result, the state contribution encourages participation in the pension system, and economic conjuncture effects participation and individual retirement savings.