The Effects Of Investment Regulations On Pension Funds Performance In Brazil
DOWNLOAD
FREE 30 Days
Download The Effects Of Investment Regulations On Pension Funds Performance In Brazil PDF/ePub or read online books in Mobi eBooks. Click Download or Read Online button to get The Effects Of Investment Regulations On Pension Funds Performance In Brazil book now. This website allows unlimited access to, at the time of writing, more than 1.5 million titles, including hundreds of thousands of titles in various foreign languages. If the content not found or just blank you must refresh this page
The Effects Of Investment Regulations On Pension Funds Performance In Brazil
DOWNLOAD
FREE 30 Days
Author : Michel Martins de Morais
language : en
Publisher: Editora Dialética
Release Date : 2020-08-19
The Effects Of Investment Regulations On Pension Funds Performance In Brazil written by Michel Martins de Morais and has been published by Editora Dialética this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020-08-19 with Law categories.
Challenges faced by pension funds today include steady increases in life expectancy, frequent changes in the accounting rules, low interest rates and poor equity market returns. It is possible to tackle the difficulties encountered by pension funds not only by raising contributions and/or reducing benefits, but also by improving the way in which pension funds invest. In spite of some changes in the past few years, Brazilian pension funds investment management remains subject to strict constraints. The findings of this study, carried out in 2007, suggest that, even though the results of conducted tests deny, to some extent, the need for further adjustments in investment regulations, concluding this way would not be accurate. There are, in fact, strong reasons to believe that the high interest rates environment experienced over the last years contaminated these results. Furthermore, with a clear downward trend in interest rates, it is possible to imply that, if nothing is done, pension funds will lack flexibility when they need it the most.
Do Investment Regulations Compromise Pension Fund Performance
DOWNLOAD
FREE 30 Days
Author : Pulle Subrahmanya Srinivas
language : en
Publisher: World Bank Publications
Release Date : 1999-01-01
Do Investment Regulations Compromise Pension Fund Performance written by Pulle Subrahmanya Srinivas 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 1999-01-01 with Business & Economics categories.
" "Draconian" regulations have created distortions in asset management, limited opportunities for diversification, and, as a consequence have hampered, the performance of pension funds." This volume shows that the return to retirement assets, expected replacement rates, and, hence, the net welfare gain from pension reform is lower under a draconian regulatory framework than under a more liberal pension fund investment regime. Important policy conclusions of the paper are that existing regulatory regimes should be liberalized as soon as possible to allow pension fund investments in a wider array of financial instruments and that regulations should require evaluation of pension fund performance against market benchmarks as opposed to exclusive focus on comparisons with industry averages. The paper also suggests a review of the current structure of the private pension fund industry in Latin America and an evaluation against alternatives in the light of actual performance experience.
Pension Funds And The Financing Productive Investment
DOWNLOAD
FREE 30 Days
Author : Rogério Studart
language : en
Publisher: Naciones Unidas
Release Date : 2000
Pension Funds And The Financing Productive Investment written by Rogério Studart and has been published by Naciones Unidas this book supported file pdf, txt, epub, kindle and other format this book has been release on 2000 with Business & Economics categories.
This paper analyses the recent development of pension funds in Brazil. It assesses the potential of pension funds to finance productive investment and discusses policies that could maximise this potential. The paper concludes that the effectiveness of pension funds to fund productive investment is dependent on: the macroeconomic environment; the degree of volatility of asset prices; market organisation and regulation and the existence of appropriate institutions to mediate between institutional investors and primary corporate securities markets.
Evaluating The Financial Performance Of Pension Funds
DOWNLOAD
FREE 30 Days
Author : Richard Hinz
language : en
Publisher: World Bank Publications
Release Date : 2010-01-14
Evaluating The Financial Performance Of Pension Funds written by Richard Hinz 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 2010-01-14 with Business & Economics categories.
Countries around the world are increasingly relying on individual pension savings accounts to provide income in old age for their citizens. Although these funds have now been in place for several decades, their performance is usually measured using methods that are not meaningful in relation to this long-term objective. The recent global financial crisis has highlighted the need to develop better performance evaluation methods that are consistent with the retirement income objective of pension funds. Compiling research derived from a partnership among the World Bank, the Organisation for Economic Co-operation and Development (OECD), and three private partners, 'Evaluating the Financial Performance of Pension Funds' discusses the theoretical basis and key implementation issues related to the design of performance benchmarks based on life-cycle savings and investment principles. The book begins with an evaluation of the financial performance of funded pension systems using the standard mean variance framework. It then provides a discussion of the limitations inherent to applying these methods to pension funds and outlines the many other issues that should be addressed in developing more useful and meaningful performance measures through the formulation of pension-specific benchmark portfolios. Practical implementation issues are addressed through empirical examples of how such benchmarks could be developed. The book concludes with commentary and observations from several noted pension experts about the need for a new approach to performance measurement and the impact of the recent global financial crisis on pension funds.
Pension Funds
DOWNLOAD
FREE 30 Days
Author : E. Philip Davis
language : en
Publisher: Oxford University Press on Demand
Release Date : 1995
Pension Funds written by E. Philip Davis and has been published by Oxford University Press on Demand this book supported file pdf, txt, epub, kindle and other format this book has been release on 1995 with Business & Economics categories.
Davis assesses the major economic issues raised by occupational pension funds as they have arisen in 12 OECD countries. Particular emphasis is placed on the performance of funds in financial markets.
How The Financial Crisis Affects Pensions And Insurance And Why The Impacts Matter
DOWNLOAD
FREE 30 Days
Author : Gregorio Impavido
language : en
Publisher: International Monetary Fund
Release Date : 2009-07
How The Financial Crisis Affects Pensions And Insurance And Why The Impacts Matter written by Gregorio Impavido 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 2009-07 with Business & Economics categories.
We use a calibrated multi-sector DSGE model to analyze the likely impact of oil windfalls on the Ghanaian economy, under alternative fiscal and monetary policy responses. We distinguish between the short-run impact, associated with demand-related pressures, and the medium run impact on competitiveness and growth. The impact on inflation and the real exchange rate could be moderate, especially if the fiscal authorities smooth oil-related spending or increase public spending's import content. However, a policy mix that results in both a fiscal expansion and the simultaneous accumulation of the foreign currency proceeds from oil as international reserves to offset the real appreciation would raise demand pressures and crowd-out the private sector. In the medium term, the negative impact on competitiveness resulting from "Dutch Disease" effects could be small, provided public spending increases the stock of productive public capital. These findings highlight the role of different policy responses, and their interaction, for the macroeconomic impact of oil proceeds.
Brazil
DOWNLOAD
FREE 30 Days
Author : International Monetary Fund
language : en
Publisher: International Monetary Fund
Release Date : 2012-07-31
Brazil written by International Monetary Fund 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 2012-07-31 with Business & Economics categories.
The paper discusses the stability of Brazil's financial system, which is diversified and shows sustained economic progress. Fiscal and monetary policies have been aimed to improve bank reserves, and foreign exchange intervention has been streamlined to curb volatility in the exchange market. These measures have been effective in achieving the immediate targets, maintaining macroeconomic stability, and ensuring adequate financial sector buffers. However, there are indications of emerging strains in some sectors and asset classes.
Assessing Chile S Pension System Challenges And Reform Options
DOWNLOAD
FREE 30 Days
Author : Samuel Pienknagura
language : en
Publisher: International Monetary Fund
Release Date : 2021-09-10
Assessing Chile S Pension System Challenges And Reform Options written by Samuel Pienknagura 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 2021-09-10 with Business & Economics categories.
Chile’s pension system came under close scrutiny in recent years. This paper takes stock of the adequacy of the system and highlights its challenges. Chile’s defined contribution system was quite influential when introduced, and was taken as an example by other countries. However, it is now delivering low replacement rates relative to OECD peers, as its parameters did not adapt over time to changing demographics and global returns, while informality persists in the labor market. In the absence of reforms, the system’s inability to deliver adequate outcomes for a large share of participants will continue to magnify, as demographic trends and low global interest rates will continue to reduce replacement rates. In addition, recent legislation allowing for pension savings withdrawals to counter the effects from the COVID-19 pandemic, is projected to further reduce replacement rates and increase fiscal costs. A substantial improvement in replacement rates is feasible, via a reform that raises contribution rates and the retirement age, coupled with policies that increases workers’ contribution density.
Investment In Brazil From Crisis To Recovery
DOWNLOAD
FREE 30 Days
Author : Mr.Ivo Krznar
language : en
Publisher: International Monetary Fund
Release Date : 2018-01-12
Investment In Brazil From Crisis To Recovery written by Mr.Ivo Krznar 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 2018-01-12 with Business & Economics categories.
While Brazil’s deep recession has been broad based, it has been marked by a particularly large fall in investment. Real investment fell by around 30 percent between the beginning of 2014 and the beginning of 2017. This paper finds that a variety of factors contributed to the investment decline, including a deterioration in Brazil’s medium-term growth prospects, rising real interest rates, falling terms of trade, rising uncertainty related to economic policy, rising levels of corporate leverage and lower cash flow. Some of the factors that have weighed on investment over recent years have begun to normalize providing some impetus for a recovery. However, still-high levels of corporate leverage and the prospect of continued uncertainty related to economic policy settings suggest a turnaround in investment is likely to be subdued.
Pension Fund Governance
DOWNLOAD
FREE 30 Days
Author : Michael Orszag, John Evans, John Piggott
language : en
Publisher: Edward Elgar Publishing
Release Date : 2008-06-30
Pension Fund Governance written by Michael Orszag, John Evans, John Piggott and has been published by Edward Elgar Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008-06-30 with Business & Economics categories.
'This collection of essays on a rapidly developing topic is a valuable addition to the field and the editors must be congratulated on beginning to bring the area to the attention of thinkers and government (not necessarily the same thing), who are charged with dealing with the challenge of controlling private pension provision.' - Robin Ellison, Pensions