Stocks and bonds represent the two most common assets in pension fund portfolios. For both pension fund participators as well as pension fund administrators it is necessary to examine the impact of stock and bond markets on the pension fund. This paper investigates the connection between stock, and, respectively bond market and pension funds. The relationship between the pension market and representative stock and bond market indexes was confronted. Research data based on pension statistics from the Organisation for Economic Cooperation and Development were included in our research. A stronger impact was shown of the bond market on pension fund performance. The paper is divided into 5 chapters. In the first chapter, we introduce theoretical approaches along with essential knowledge in terms of a deeper analysis of research problems. The second chapter focuses on a literature review, with the third detailing the methods and methodology of research. The fourth chapter focuses primarily on achieving and interpreting the results of research in the context of the set objectives. In the fifth chapter, the achieved results are aggregated in the form of particular recommendations formulated after studying the issue.

The development over the last decade has offered a new perspective on the interaction between the stock market and the real economy. The growth of government debts together with the efforts to eliminate the negative impacts of the financial crisis resulted into a wider usage of new stimulation tools to kick-start the stock markets as well as the real economy. The recent experiences with various fiscal and monetary tools used in the USA and in Japan show that the most important tool is the growth of the money supply, i.e. quantitative easing. A lot of economists evaluate its positive results. Also the ECB initiated the quantitative easing in order to support the economic growth. The aim of this paper is to investigate the connection between the growth of the M3 monetary aggregate in the Eurozone and the growth of the Eurozone stock markets.