摘要：Policymakers and governments are continually seeking means of incalculatingsustainable development and growth in capital markets. There is increasingevidence that financial reform is a potent mechanism in achieving capitalmarket development and growth. In 2014, the largest pension fund in Botswana(BPOPF) engaged an investment strategy that drastically changed the flow ofcapital finance in the local economy. The eventual impact of such a financialreform has largely remained a matter for speculation, hence the motivation forthisstudy. The objective of the study is to explorethe impact of changes in pension fund investment policy on wider economicindicators. Financial Sector Development was measured using four key variablesand Pension Fund Reform was measured using the pension fund investmentportfolio in the Botswana Stock Exchange. Theresults indicated that the hypothesis of a relationship between pension fundreforms and financial sector development is partially supported. In this regard, thestudy findings confirm the significant role played by financial reforms ineconomic development and capital markets growth, despite the shortimplementation timeframe in the Botswana context.
