Pension Reform Financial Market Development And Economic Growth
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Pension Reform Financial Market Development And Economic Growth
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Author : Mr.Robert Holzmann
language : en
Publisher: International Monetary Fund
Release Date : 1996-08-01
Pension Reform Financial Market Development And Economic Growth written by Mr.Robert Holzmann and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 1996-08-01 with Business & Economics categories.
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.
Financial Market Trends Ageing And Pension System Reform Implications For Financial Markets And Economic Policies
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Author : OECD
language : en
Publisher: OECD Publishing
Release Date : 2005-11-16
Financial Market Trends Ageing And Pension System Reform Implications For Financial Markets And Economic Policies written by OECD and has been published by OECD Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2005-11-16 with categories.
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.
Pensions Savings And Capital Flows From Ageing To Emerging Markets
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Author : Reisen Helmut
language : en
Publisher: OECD Publishing
Release Date : 2000-05-15
Pensions Savings And Capital Flows From Ageing To Emerging Markets written by Reisen Helmut and has been published by OECD Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2000-05-15 with categories.
This books explores the international aspects of pension reform, private savings and volatile capital markets and clarifies how they relate to each other.
Pension Reform Investment Restrictions And Capital Markets
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Author : Mr.Jorge Roldos
language : en
Publisher: International Monetary Fund
Release Date : 2004-09-01
Pension Reform Investment Restrictions And Capital Markets written by Mr.Jorge Roldos and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2004-09-01 with Business & Economics categories.
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.
Pension Reform And The Development Of Pension Systems
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Author : Emily S. Andrews
language : en
Publisher: World Bank Publications
Release Date : 2006
Pension Reform And The Development Of Pension Systems written by Emily S. Andrews 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 2006 with Business & Economics categories.
"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."
Pension Reform And Capital Market Development Feasibility And Impact Preconditions
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Author : Dimitri Vittas
language : en
Publisher:
Release Date : 2016
Pension Reform And Capital Market Development Feasibility And Impact Preconditions written by Dimitri Vittas and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016 with categories.
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].
Pension Reform In Southeastern Europe
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Author : Robert Holzmann
language : en
Publisher: World Bank Publications
Release Date : 2009-01-01
Pension Reform In Southeastern 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 2009-01-01 with Business & Economics categories.
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.
Sequencing
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Author : Alison Harwood
language : en
Publisher: Brookings Institution Press
Release Date : 2010-12-01
Sequencing written by Alison Harwood and has been published by Brookings Institution Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010-12-01 with Business & Economics categories.
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.
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.
The Cold War In Welfare
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Author : Richard Minns
language : en
Publisher: Verso
Release Date : 2001-05-17
The Cold War In Welfare written by Richard Minns and has been published by Verso this book supported file pdf, txt, epub, kindle and other format this book has been release on 2001-05-17 with Law categories.
Minns describes, analyses and destroys arguments for privatisation and the dismantling of the Welfare State.