Competition And Performance In The Hungarian Second Pillar
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Competition And Performance In The Hungarian Second Pillar
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Author : Gregorio Impavido
language : en
Publisher:
Release Date : 2006
Competition And Performance In The Hungarian Second Pillar written by Gregorio Impavido and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006 with Estabilizacion economica - Hungria categories.
The performance of the Hungarian second pillar since inception has been mixed. This is partly due to a less than satisfactory support for the 1997 pension reform, conservative fund portfolio distributions, the hybrid nature of the mandatory pension fund system, the segmented nature of the market in terms of costs, and a less than aggressive commitment on the part of the Hungarian Financial Supervisory Authority to a low-cost, transparent, and competitive equilibrium. In the accumulation phase, the authorities would need to further promote transparency and comparability of information on costs and investment performance, facilitate migration to lower cost funds, and more generally promote competition. The regulatory framework of the payout phase needs to be overhauled before the first cohort of workers retires.
Competition And Performance In The Polish Second Pillar
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Author : Heinz P. Rudolph
language : en
Publisher: World Bank Publications
Release Date : 2007
Competition And Performance In The Polish Second Pillar written by Heinz P. Rudolph and has been published by World Bank Publications this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007 with Business & Economics categories.
This paper provides an assessment of the Polish funded pension system and the quality of the regulatory framework for the accumulation phase. There are two elements that distinguish the Polish pension fund portfolios from other reforming countries: the relatively high component of domestic equity, and the negligible component on international securities. Although this asset allocation has provided relatively high real rates of return in the past, it may not be the case in the future, as further portfolio diversification to other instruments will become necessary to ensure sustainable rates of return. The paper provides a number of recommendations to expand the opportunities of investments to pension funds. Pension fund management companies have been able to exploit scale economies in certain areas of the business, such as collection of revenues. This study proposes mechanisms to enhance them even more by centralizing also the account management system, which may also help to increase portfolio efficiency and competition. With the payout phase starting in 2009, broad definitions in areas such as the role of the public and private sector need to be established. The paper examines products and options that authorities may consider for the design of the payout phase.
Aging Population Pension Funds And Financial Markets
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Author : Robert Holzmann
language : en
Publisher: World Bank Publications
Release Date : 2009
Aging Population Pension Funds And Financial Markets written by Robert Holzmann and has been published by World Bank Publications this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009 with Business & Economics categories.
Population aging will affect the performance of pension funds and financial markets in the former transition economies and require determined policy actions to complete financial market development and to promote financial literacy through education.
Adequacy Of Retirement Income After Pension Reforms In Central Eastern And Southern Europe
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Author : Robert Holzmann
language : en
Publisher: World Bank Publications
Release Date : 2009
Adequacy Of Retirement Income After Pension Reforms In Central Eastern And Southern Europe written by Robert Holzmann and has been published by World Bank Publications this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009 with Business & Economics categories.
Pension reforms in former transition economies aimed to fiscal sustainability and market economy objectives. Estimating the gross and net replacement rates in 9 countries for steady conditions until 2040 show that they are adequate for most categories of workers, with the exception of those with intermittent or no formal sector employment.
Reforming Pensions
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Author : Nicholas Barr
language : en
Publisher: Oxford University Press
Release Date : 2009-11-30
Reforming Pensions written by Nicholas Barr and has been published by Oxford University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009-11-30 with Business & Economics categories.
Mandatory pensions are a worldwide phenomenon. However, with fixed contribution rates, monthly benefits, and retirement ages, pension systems are not consistent with three long-run trends: declining mortality, declining fertility, and earlier retirement. Many systems need reform. This book gives an extensive nontechnical explanation of the economics of pension design. The theoretical arguments have three elements: * Pension systems have multiple objectives--consumption smoothing, insurance, poverty relief, and redistribution. Good policy needs to bear them all in mind. * Good analysis should be framed in a second-best context-- simple economic models are a bad guide to policy design in a world with imperfect information and decision-making, incomplete markets and taxation. * Any choice of pension system has risk-sharing and distributional consequences, which the book recognizes explicitly. Barr and Diamond's analysis includes labor markets, capital markets, risk sharing, and gender and family, with comparison of PAYG and funded systems, recognizing that the suitable level of funding differs by country. Alongside the economic principles of good design, policy must also take account of a country's capacity to implement the system. Thus the theoretical analysis is complemented by discussion of implementation, and of experiences, both good and bad, in many countries, with particular attention to Chile and China.
Reforming Pensions Principles And Policy Choices
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Author : Nicholas Barr
language : en
Publisher: Oxford University Press
Release Date : 2008-09-17
Reforming Pensions Principles And Policy Choices written by Nicholas Barr and has been published by Oxford University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008-09-17 with Business & Economics categories.
Mandatory pensions are a worldwide phenomenon. However, with fixed contribution rates, monthly benefits, and retirement ages, pension systems are not consistent with three long-run trends: declining mortality, declining fertility, and earlier retirement. Many systems need reform. This book gives an extensive nontechnical explanation of the economics of pension design. The theoretical arguments have three elements: * Pension systems have multiple objectives--consumption smoothing, insurance, poverty relief, and redistribution. Good policy needs to bear them all in mind. * Good analysis should be framed in a second-best context-- simple economic models are a bad guide to policy design in a world with imperfect information and decision-making, incomplete markets and taxation. * Any choice of pension system has risk-sharing and distributional consequences, which the book recognizes explicitly. Barr and Diamond's analysis includes labor markets, capital markets, risk sharing, and gender and family, with comparison of PAYG and funded systems, recognizing that the suitable level of funding differs by country. Alongside the economic principles of good design, policy must also take account of a country's capacity to implement the system. Thus the theoretical analysis is complemented by discussion of implementation, and of experiences, both good and bad, in many countries, with particular attention to Chile and China.
Pension Reforms In Central Eastern And Southeastern Europe
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Author : Igor Guardiancich
language : en
Publisher: Routledge
Release Date : 2013
Pension Reforms In Central Eastern And Southeastern Europe written by Igor Guardiancich and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013 with Business & Economics categories.
This book traces and analyzes the legislation and implementation of pension reforms in four Central, Eastern and Southeastern European countries: Croatia, Hungary, Poland and Slovenia. By comparing the political economy of their policymaking processes, it seeks to pinpoint regularities between institutional settings, actor constellations, decision-making strategies and reform. Guardiancich employs a historical institutionalist framework to analyze the policies, actors and institutions that characterized the period between the collapse of socialism and the global financial crisis of 2008-2011. He argues that viable pension reforms should not be seen simply as an event, but rather as a continuing process that must be fiscally, socially and politically sustainable. In particular, the primary goal of a pension scheme is to reduce poverty, provide adequate retirement income and insure against the risks of old age within given fiscal constraints, and this will happen only if the scheme enjoys continuing political support at all levels. To this end the author individuates those institutional characteristics of countries that increase the consistency of reforms and lower the likelihood of policy reversals in time. Pension Reforms in Central, Eastern and Southeastern Europe will be of interest to students and scholars of political science, political economy, social policy and economics.
Social Protection And Labor At The World Bank 2000 08
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Author : Robert Holzmann
language : en
Publisher: World Bank Publications
Release Date : 2009
Social Protection And Labor At The World Bank 2000 08 written by Robert Holzmann and has been published by World Bank Publications this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009 with Business & Economics categories.
Social Protection & Labor at the World Bank, 2000-2008 presents a progress review of the sector strategy by the World Bank, published in early 2001. The strategy proposed a new conceptual frameworkOCoSocial Risk ManagementOCoto review and reform existing interventions and propose new ones that better assist vulnerable people in addressing the many risks to which they are exposed."
Financial Sector Dimensions Of The Colombian Pension System
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Author :
language : en
Publisher: World Bank Publications
Release Date : 2007
Financial Sector Dimensions Of The Colombian Pension System written by and has been published by World Bank Publications this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007 with Business & Economics categories.
This paper provides an assessment of the funded pension system and the quality of the regulatory framework for both accumulation and payout phase. It suggests that the lack of portfolio diversification may contribute in the future to low returns and poor pensions and provides a number of recommendations to expand the opportunities of investments to pension funds. The paper also finds that pension fund administrators are not exploiting the scale economies in certain areas of the business such as collection of revenues and account management, and proposes mechanisms to reduce costs and increase efficiency through greater competition. The paper examines the products and options offered at retirement age and finds a bias toward the payment of pensions in the form of lump sums and suggests alternatives for improving the availability of other instruments. Enhancements to the regulatory framework of insurance companies are also proposed.
New Policies For Mandatory Defined Contribution Pensions
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Author : Gregorio Impavido
language : en
Publisher: World Bank Publications
Release Date : 2010-06-04
New Policies For Mandatory Defined Contribution Pensions written by Gregorio Impavido and has been published by World Bank Publications this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010-06-04 with Business & Economics categories.
Mandatory defined contribution pension markets are present in a growing number of countries around the world. But despite their popularity, policymakers continue to struggle with two key policy concerns. On the one hand, a number of design shortcomings encourages pension firms to charge high administrative fees. On the other hand, the global crisis that started in 2007 has reignited the debate on whether pension participants bear excessive investment risk. Both are valid policy concerns as their incidence can imply higher than expected levels of poverty among old age individuals. Both concerns have the same root problem---the limited capacity of individuals to choose what is best for them. This, in turn, stems from a combination of inadequate financial education, bounded rationality and the use of simplistic 'rules of thumb' that produce systematic biases in the decision making process of individuals. While improving financial education is an obvious avenue to pursue, this book is more concerned with design features that can exploit these systematic biases to protect consumers from themselves. 'New Policies for Mandatory Defined Contribution Pensions: Industrial Organization Models and Investment Products' (i) discusses the main implications for the functioning of mandatory defined contribution pensions of consumers inability to make rational choices; (ii) describes how jurisdictions have tried to address these problems through ad hoc policy interventions; and (iii) proposes new policy directions in the areas of industrial organization models and investment products to address these concerns more effectively. Written for practitioners and researchers around the world, this book provides access to new thinking on mandatory defined contribution pension systems and it makes an important contribution to the on-going policy debate on how to best structure mandatory defined contribution pillars.