Download or read book Pension Reform Financial Market Development and Economic Growth written by Mr.Robert Holzmann and published by International Monetary Fund. This book was released on 1996-08-01 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Chilean pension reform of 1981, in which Chile moved from an unfunded to a funded scheme, is considered to have contributed to this country’s excellent economic performance since the mid-1980s. The paper highlights the theoretical underpinnings of the claimed economic effects and presents empirical data and preliminary econometric testing of the conjectured growth, capital formation, and saving effects. The empirical evidence is consistent with most of the claims. In particular, the direct impact of financial market development on private saving is found to be negative, which underscores the importance of sound fiscal policy and public saving to support the transition.
Download or read book Pension Reform Financial Market Development and Economicgrowth written by and published by . This book was released on 1996 with total page 47 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Pension Reform and the Development of Pension Systems written by Emily S. Andrews and published by World Bank Publications. This book was released on 2006 with total page 198 pages. Available in PDF, EPUB and Kindle. Book excerpt: "Formal pension systems are an important means of reducing poverty among the aged. In recent years, however, pension reform has become a pressing matter, as demographic aging, poor administration, early retirement, and unaffordable benefits have strained pension balances and overall public finances. Pension systems have become a source of macroeconomic instability, a constraint to economic growth, and an ineffective and/or inequitable provider of retirement income."
Download or read book Financial Market Trends Ageing and Pension System Reform Implications for Financial Markets and Economic Policies written by OECD and published by OECD Publishing. This book was released on 2005-11-16 with total page 117 pages. Available in PDF, EPUB and Kindle. Book excerpt: This OECD 2005 report, prepared at the request of Deputies of the G10, reviews economic consequences of ageing populations for financial markets and recommends that governments help facilitate development of financial instruments to support retirement savings and pensions.
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 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 Pension Reform Economic Growth and Financial Development written by and published by . This book was released on 2005 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
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 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 the Stock Market Capital Formation and Economic Growth written by Ajit Singh and published by . This book was released on 1995 with total page 33 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Political Economy of Reform Lessons from Pensions Product Markets and Labour Markets in Ten OECD Countries written by Tompson William and published by OECD Publishing. This book was released on 2009-08-24 with total page 501 pages. Available in PDF, EPUB and Kindle. Book excerpt: By looking at 20 reform efforts in ten OECD countries, this report examines why some reforms are implemented and other languish.
Download or read book The Cold War in Welfare written by Richard Minns and published by Verso. This book was released on 2001-05-17 with total page 268 pages. Available in PDF, EPUB and Kindle. Book excerpt: Minns describes, analyses and destroys arguments for privatisation and the dismantling of the Welfare State.
Download or read book Ageing Financial Markets and Monetary Policy written by Alan J. Auerbach and published by Springer Science & Business Media. This book was released on 2013-11-11 with total page 353 pages. Available in PDF, EPUB and Kindle. Book excerpt: The book gives an overview of the implications of population ageing on economic development and financial systems. It describes several challenges which the ageing process poses for central banks, giving special consideration to the situation in Europe. The first two chapters discuss the relationship between ageing and saving and between ageing and international capital flows. Other chapters consider the possible implications for financial markets. The final part raises issues which are of particular relevance for central banks, namely ageing and financial stability and how ageing will affect monetary policy.
Download or read book Sequencing written by Alison Harwood and published by Brookings Institution Press. This book was released on 2010-12-01 with total page 209 pages. Available in PDF, EPUB and Kindle. Book excerpt: The importance of the financial system in economic development has been frequently neglected by analysts and poorly understood by policymakers. Are there policy reforms, or any particular sequence of reform measures, that will contribute to the successful functioning of the financial system and thus spur long-term economic growth? What kind of regulatory changes are appropriate as countries move toward financial liberalization and as government development banks decline in importance compared to private banks and nonbank financial institutions? What broad lessons can be discerned from the experience of financial reform in Asia and Latin America for the transitional countries of Russia and Eastern Europe? The world's financial system has been buffeted in recent years by the crisis in the U.S. savings and loan industry, the implosion of the Japanese "bubble economy" of the late 1980s, the Mexican peso crisis, and other events. The experience of Western nations in adapting to financial liberalization can provide useful insights for the many countries embarking on a course of market reforms and beginning to build the financial infrastructure for a market economy. This volume analyzes the recent financial reforms and reform strategies in Asia, Latin America, Eastern Europe, and Russia. The chapters draw on the extensive practical experience of the authors and reflect the most recent empirical research in the field. The contributors are Gerald Caprio, Jr., Dimitri Vittas, and Ross Levine, the World Bank; David C. Cole and Betty F. Slade, Harvard Institute for International Development; Maxwell J. Fry, University of Birmingham at Edgbaston; Claudio Gonzalez-Vega, Ohio State University; Stephan Haggard, University of California, San Diego; R. Barry Johnston, International Monetary Fund; Philip A. Wellons, Harvard Law School; Lawrence J. White, New York University; and Alison Harwood.
Download or read book Financial Market Trends Ageing and Pension System Reform Implications for Financial Markets and Economic Policies written by OECD and published by OECD Publishing. This book was released on 2005-12-07 with total page 114 pages. Available in PDF, EPUB and Kindle. Book excerpt: This OECD 2005 report, prepared at the request of Deputies of the G10, reviews economic consequences of ageing populations for financial markets and recommends that governments help facilitate development of financial instruments to support retirement savings and pensions.
Download or read book Pension Reform Financial Market Development and Endogenous Growth written by Robert Holzmann and published by . This book was released on 1995 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt:
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.
