Download or read book Pension Reform and Capital Market Development written by Dimitri Vittas and published by World Bank Publications. This book was released on 2000 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt: Private pension funds are neither necessary nor sufficient for capital market development. But if they are subject to conducive regulations, adopt optimizing policies, and operate in a pluralistic structure, they can have a large impact on capital market modernization and development once they reach a critical mass.

Download or read book Pension Reform and Capital Market Development Feasibility and Impact Preconditions written by Dimitri Vittas and published by . This book was released on 2016 with total page 25 pages. Available in PDF, EPUB and Kindle. Book excerpt: Private pension funds are neither necessary nor sufficient for capital market development. But if they are subject to conducive regulations, adopt optimizing policies, and operate in a pluralistic structure, they can have a large impact on capital market modernization and development once they reach a critical mass.The link between pension reform and capital market development has become a perennial question, raised every time the potential benefits and preconditions of pension reform are discussed. Vittas asks two questions. First, what are the basic feasibility preconditions for the successful launch of a pension reform program? And second, what are the necessary impact preconditions for the realization of the potential benefits of funded pension plans for capital market development?His main conclusion is that the feasibility preconditions are not as demanding as is sometimes assumed. In contrast, the impact preconditions are more onerous. The most important feasibility precondition is a strong and lasting commitment of the authorities to maintaining macroeconomic and financial stability, fostering a small core of solvent and efficient banks and insurance companies, and creating an effective regulatory and supervisory agency. Opening the domestic banking and insurance markets to foreign participation can easily fulfill the second requirement. The main impact preconditions include the attainment of critical mass; the adoption of conducive regulations, especially on pension fund investments; the pursuit of optimizing policies by the pension funds; and a prevalence of pluralistic structures.Vittas also argues that pension funds are neither necessary nor sufficient for capital market development. Other forces, such as advances in technology, deregulation, privatization, foreign direct investment, and especially regional and global economic integration, may be equally important. But pension funds are critical players in symbiotic finance, the simultaneous and mutually reinforcing presence of many important elements of modern financial systems. They can support the development of factoring, leasing, and venture capital companies, all of which specialize in financing new and expanding small firms.This paper - a product of Finance, Development Research Group - is part of a larger effort in the group to study the impact of institutional investing on capital markets. The author may be contacted at [email protected].

Download or read book Pension Reform and Capital Market Development Feasibility and Impact Preconditions written by Dimitri Vittas and published by . This book was released on 1999 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Pension Reform Investment Restrictions and Capital Markets written by Mr.Jorge Roldos and published by International Monetary Fund. This book was released on 2004-09-01 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt: Pension reform in several emerging market countries has been associated with rapid growth in assets under management and a positive impact on the development of local securities markets. However, limitations on such development may lead to asset price distortions, bubbles, and concentration of risks. Regulatory limits on pension fund investments are assessed in light of these risks and developments in modern portfolio theory. A gradual but decisive loosening of restrictions on equity and foreign investments is recommended. Changes in these regulations ought to be coordinated with measures designed to foster the development of local securities markets as well as with macroeconomic policies.

Download or read book Financial Market Implications of India s Pension Reform written by Hélène Poirson and published by . This book was released on 2007 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt: India's planned pension reform will set up a proper regulatory framework for the pension industry and open up the sector to private fund managers. Drawing on international experiences, the paper highlights pre-conditions for the reform to kick-start financial development, including: (i) the buildup of critical mass; (ii) sufficiently flexible investment guidelines and regulations, including on investments abroad; and (iii) concurrent reforms in capital markets. Given the limited scale of the planned reform, the key challenge for India is to achieve sufficient critical mass early on. Options to address this challenge include granting permission for existing workers to switch to the new system or outsourcing all or part of the reserves of private sector provident funds to the new pension fund managers.

Download or read book Pension Reform in Southeastern Europe written by Robert Holzmann and published by World Bank Publications. This book was released on 2009-01-01 with total page 414 pages. Available in PDF, EPUB and Kindle. Book excerpt: Around the world, pension reform remains at the center of public debate. Its social, fiscal, and macroeconomic implications confront policy makers, practitioners, and academia with challenging questions. Pension systems in aging societies--in need of reform and further stressed by the pressures of globalization--require parallel reforms of the labor market and effective lifelong learning, not only to promote working longer, but to ensure that people can actually do so. At the same time, the working population should be motivated to contribute to pension schemes and prepare for old age. Diversify.

Download or read book Pensions Savings and Capital Flows From Ageing to Emerging Markets written by Reisen Helmut and published by OECD Publishing. This book was released on 2000-05-15 with total page 285 pages. Available in PDF, EPUB and Kindle. Book excerpt: This books explores the international aspects of pension reform, private savings and volatile capital markets and clarifies how they relate to each other.

Download or read book Ageing Pension Reforms and Capital Market Development in the New EU Member States and Other Transition Countries written by Johan Almenberg and published by . This book was released on 2008 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: We present new data on asset allocations of mandatory pension funds in the new EU member states and in other transition countries. Our comparative national data presents a unique opportunity to compare pension reform progress across these countries from a capital market perspective. Our main finding is that in a number of new EU member states and other transition countries, under-diversification of assets threatens to undermine the impact of multi-pillar reform on fiscal sustainability.

Download or read book The Impact of Pension Reform on the Capital Markets written by Dambisa F. Moyo and published by . This book was released on 2005 with total page 39 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Spillover Effects of Pension Funds on Capital Markets written by Hee-Sik Kim and published by . This book was released on 2016 with total page 35 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper analyzes the mechanism whereby accumulation of pension funds leads to development of capital markets and the preconditions for this to take place. The mechanism is in essence posited as a process of internalizing the pecuniary external effects arising from risk taking within amarket-based financial system. The preconditions consist of the 'scale condition' with respect to the size of pension funds and an 'institutions condition' to ensure the efficient management of pension funds' assets.Results from empirical analyses confirm the 'externality hypothesis' for the mechanism. Differing patterns in the effects of pension funds on capital markets and R&D activities between the Anglo-Saxon countries and the countries of Continental Europe and Japan attest to the significance of the two preconditions for the spillover effects.

Download or read book Lessons from Pension Reform in the Americas written by Stephen J. Kay and published by OUP Oxford. This book was released on 2007-11-22 with total page 448 pages. Available in PDF, EPUB and Kindle. Book excerpt: Latin American experiments with pension reform began when Chile converted its public pay-as-you-go system to a system of private individual accounts in the early 1980s. Several other Latin American countries then followed suit, inspired both by Chile's reforms and by World Bank recommendations stressing compulsory government-mandated individual saving accounts. Individual accounts were subsequently introduced in a number of countries in Europe and Asia. Many are now re-evaluating these privatisations in an effort to 'reform the reform' to make these systems more efficient and equitable. This volume is the first to assess pension reforms in this new 'post-privatization' era. After a discussion on demographic trends in the foreword by Nobel laureate Robert W. Fogel, Section 1 of the book includes chapters on the role of pension system default options, the impact of gender, and a discussion of the World Bank's policies on pension reform. The chapter on the evidence from Chile's new social protection survey points to key lessons from the world's first privatization. Section 2 offers in-depth analysis of several significant reform initiatives in the hemisphere, and includes chapters on the United States, Canada, Mexico, Costa Rica, Brazil, Peru, Uruguay and Argentina. The volume provides an unparalleled account of the lessons from pension reform in the Americas, addressing the most pressing policy issues and highlighting a broad range of country experiences.

Download or read book Pensions in Development written by Roger Charlton and published by Routledge. This book was released on 2018-03-29 with total page 531 pages. Available in PDF, EPUB and Kindle. Book excerpt: This title was first published in 2001. Challenging conventional approaches to the delivery of sustainable "social protection" to the elderly in developing countries (DCs) and assessing their implications, this work discusses the appropriateness of the public management of funded systems in DCs with relatively large formal sectors. The combination of social assistance approaches to social protection for the elderly facilitates the formation of an original unbiased "pensions in development" approach. Arguing for expeditious implementation of non-contributory tax (or aid) financed universal old-age "pensions" provision in all DCs and advocating industry flexibility and inclusivity, the book provides a treatment of a growing issue in worldwide development.

Download or read book Pension Reform and Capital Market Development in China written by Yanni Chen and published by . This book was released on 2002 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book The Future of Domestic Capital Markets in Developing Countries written by Robert E. Litan and published by Rowman & Littlefield. This book was released on 2003-09-05 with total page 548 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Future of Domestic Capital Markets in Developing Countries addresses the challenges that countries face as they develop and strengthen capital markets. Based on input from the world's most prominent capital market experts and leading policymakers in developing countries, this volume represents the latest thinking in capital market development. It captures the views of a global gathering of experts, with perspectives from developing and developed countries, from all regions of the world, from the public and private sector. This volume should be of interest to senior financial sector policymakers from developed and developing countries in securities and exchange commissions, regulators, central banks, ministries of finance, and monetary authorities; private sector executives in stock exchanges, bond markets, venture capital markets, and investment funds; and researchers and academicians with an interest in capital market development in emerging markets. What are the key factors threatening the development and survival of stock exchanges in developing countries? What domestic strategies are needed to protect the future of local markets? Should exchanges consider linkages or alliances? Merging with, or buying up, other exchanges? Demutualization? The volume provides practical guidance on strategies such as nurturing issuers, improving rules and institutions, addressing regulatory challenges, and sequencing reforms. The contributors address a variety of country experiences, and suggest steps that policymakers and practitioners in emerging markets can take to promote an orderly transition toward efficient, well-regulated, and accessible capital markets. Contributors include Reena Aggarwal (Georgetown University), Alexander S. Berg (World Bank), Alan Cameron (Sydney Futures Exchange), Olivier Fremond (PSACG), Amar Gill (Credit Lyonnais Securities Asia), Gerd Hausler (IMF), Jack Glen (International Finance Corporation), Peter Blair Henry (Stanf

Download or read book Pension Reforms and Incentives to Domestic Capital Markets written by Maria Seijas and published by . This book was released on 2015 with total page 21 pages. Available in PDF, EPUB and Kindle. Book excerpt: Personal individual capitalization systems have experienced significant growth in recent decades, following the trend of aging populations and defined benefit pension crisis. This article investigates whether the implementation of funded pension schemes globally has prompted the development of domestic capital markets worldwide, considering 31 pension funds over the period of 1990-2011. The methodological strategy relies upon panel data regressions applied to depth and liquidity indicators of stock and bond markets. The analysis has revealed that individual capitalization pension funds have meant a stimulus to stock market depth. A negative causality with stock market liquidity is also evidenced, which is linked to the long-term profile of pension portfolio management, which privileges funding strategies on trading strategies. Given the structural diversity of pension systems studied, the article uses clustering classification tools for segmenting the population according to the importance of pension funds in the economy. This analysis shows that there are homogeneous groups whose members have similar age of the systems, but not a geographical proximity or type of system structure. It is found that the attribute of belonging to a cluster determines significant impacts of pension systems in relation to indicators of capital market development. Stock markets depth and liquidity indicators receive the positive impacts of greater magnitude from the systems included in the advanced maturation cluster. Pension funds belonging to the low gradual and incipient maturation cluster exert significant impacts on public bond markets depth. These findings are consistent with existing literature and with the investment portfolio, that usually characterizes pension funds in their earlier stages of life.

Download or read book Pension Reform and Capital Markets written by Eduardo Walker and published by . This book was released on 2010 with total page 67 pages. Available in PDF, EPUB and Kindle. Book excerpt: Chilean-style pension reform, leading to the creation of fully-funded privately managed pension systems, may have significant positive direct effects on savings, growth, and welfare. However, the indirect link, via capital market development, may be as important. This hypothesis is verified with evidence from Emerging Economies that have recently engaged in such reforms. Chile, Argentina and Peru are analysed more deeply.There is abundant qualitative and anecdotal evidence that relates pension reform with the accumulation of quot;institutional capitalquot;, with the existence of a dynamic legal framework, with increased professionalism, transparency and integrity and also with a better corporate governance balance. Evidence of increased financial innovation is also found; of bank disintermediation, however, it is not.In addition, the statistical, time-series and panel-data evidence is consistent with the following hypotheses: a reduction in firms' cost of capital; lower security-price volatility; and higher traded volumes. Overall, this indirect channel (Levine and Zervos, 1998) may have important implications for economic growth and productivity.

Download or read book Developing Government Bond Markets A Handbook written by and published by World Bank Publications. This book was released on 2001-09-21 with total page 452 pages. Available in PDF, EPUB and Kindle. Book excerpt: This handbook is a comprehensive and authoritative reference for both senior policymakers—those responsible for the development of government bond markets in their own countries—and all individuals responsible for guiding the market development process at the operational level—those who have a substantial need to understand the policy issues involved.