Vliv důchodového systému na velikost kapitálového trhu: srovnání vybraných států k roku 2022

This thesis examines the relationship between the structure of the pension system and the size of the capital market in selected countries in 2022. The aim of the thesis is to determine whether a higher share of the fund pillar in pension financing contributes to greater maturity and scope of the capital market, measured by the ratio of market capitalization of shares to GDP. The theoretical part summarizes the basic models of pension system financing, methods of state support for pension products, and the theory of capital market functioning. The practical part is based on a comparative analysis of the pension systems of seventeen countries representing different socioeconomic conditions and different levels of capital market development. Subsequently, a panel regression analysis is performed for the countries under review using data from 2003 to 2022, with the aim of testing the hypothesis that a higher share of fund financing in the pension system correlates positively with the size of the capital market. The results of the empirical part show that countries with developed capital-financed pillars, especially those with long-term accumulated assets in pension funds, have a higher level of market capitalization relative to GDP, while countries based mainly on the pay-as-you-go model achieve significantly lower values. The analysis also confirms the importance of the institutional environment and state support for pension products, which influence the level of participation of the population in capital-funded schemes and the subsequent volume of funds entering capital markets. The paper concludes that the structure of the pension system is one of the most important factors influencing the level of market capitalization. The analysis also confirms the importance of the institutional environment and state support for pension products, which influence the level of participation of the population in capital-funded schemes and the subsequent volume of funds entering capital markets. The paper concludes that the structure of the pension system is one of the important factors shaping the size and dynamics of the capital market, and that a properly designed fund pillar can support financial stability and long-term economic growth.