Türkiye'de bireysel emeklilik sisteminin tasarruflar ve sermaye piyasaları üzerindeki etkisi

Increases in share of elderly people in total population and populist policies led to Social Security deficit all over the world. At the same time, long term funds are a necessity for high growth rate. Therefore, especially with liberalization movement in countries, governments use individual retirement system. Thus, social security burden might decrease and economy might have higher growth rate and investment rate. The aim of study is to examine individual retirement system and its effects on savings and capital markets in Turkey. In addition, Individual Retirement System in Turkey and USA and saving levels in Turkey will be interpreted by comparing other countries and, effects of savings level in Turkey will be discussed. In the empirical part, Johansen Cointegration Test and was applied for detecting long run relationships and, VECM Granger Causality Test is applied for finding short run causality among the variables. The results of empirical analysis show that total amount of participant´s funds in individual retirement system affect positively both corporate bond and stock markets in the long run. VECM Granger Causality Test indicates that there is a unilateral causality from total amount of participant´s funds in Individual Retirement System to market value of corporate bonds in the short run and, BIST100 Index causes total amount of participant´s funds in Individual Retirement System in the short run.