ABSTRACT This paper analyses the financial assets of institutional investors and pension funds to estimate how the change in portfolio affects returns and whether the realisation of returns can improve macroeconomic prudence. From the analysis, this paper offers several findings. First, the increase in the weighted return rates of institutional investors and pension funds lowers GDP volatility and improves macroeconomic prudence. Second, the portfolio composition effect of institutional investors and pension funds can also affect improving macroeconomic prudence. And the effect of composition effect in macroeconomic prudence improvement is greater in countries with high financial openness, for both institutional investors and pension funds.

中文翻译：

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机构投资者投资与宏观经济审慎关系研究

摘要 本文通过分析机构投资者和养老基金的金融资产来估计投资组合的变化如何影响收益以及收益的实现是否可以提高宏观经济审慎性。通过分析，本文提供了几个发现。一是机构投资者和养老基金加权收益率上升，降低了GDP波动性，提高了宏观经济审慎性。其次，机构投资者和养老基金的投资组合构成效应也会影响宏观经济审慎性的提高。对于机构投资者和养老基金而言，在金融开放程度高的国家，组合效应对宏观经济审慎改善的影响更大。