Pensions, Savings, and Capital Markets
Author: Phyllis A. Fernandez
Publisher:
Published: 1996
Total Pages: 184
ISBN-13:
DOWNLOAD EBOOKRead and Download eBook Full
Author: Phyllis A. Fernandez
Publisher:
Published: 1996
Total Pages: 184
ISBN-13:
DOWNLOAD EBOOKAuthor: Reisen Helmut
Publisher: OECD Publishing
Published: 2000-05-15
Total Pages: 285
ISBN-13: 9264181628
DOWNLOAD EBOOKThis books explores the international aspects of pension reform, private savings and volatile capital markets and clarifies how they relate to each other.
Author: Anthony Neuberger
Publisher: Centre for Economic Policy Research
Published: 2003
Total Pages: 100
ISBN-13: 9781898128816
DOWNLOAD EBOOKDavid McCarthy and Anthony Neuberger review the research that has been done internationally in the area of pensions policy.
Author: Dimitri Vittas
Publisher: World Bank Publications
Published: 2000
Total Pages: 30
ISBN-13:
DOWNLOAD EBOOKPrivate 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.
Author: E. Philip Davis
Publisher: Oxford University Press on Demand
Published: 1995
Total Pages: 337
ISBN-13: 9780198293040
DOWNLOAD EBOOKDavis 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.
Author: E. Philip Davis
Publisher: Oxford University Press, USA
Published: 1995
Total Pages: 356
ISBN-13:
DOWNLOAD EBOOKIn this context, this book assesses the major economic issues raised by occupational pension funds, as they have arisen in twelve OECD countries - the USA, the UK, Germany, Japan, France, Italy, Canada, Australia, Denmark, Sweden, Switzerland, and the Netherlands - as well as in Chile and Singapore. Particular emphasis is placed on the performance of funds in financial markets, the influence on funds of fiscal and regulatory conditions, and the consequences of funds' development for capital markets, corporate finance, and international investment.
Author: OECD
Publisher: OECD Publishing
Published: 2005-11-16
Total Pages: 117
ISBN-13: 9264035761
DOWNLOAD EBOOKThis 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.
Author: Gregorio Impavido
Publisher: World Bank Publications
Published: 2001
Total Pages: 65
ISBN-13:
DOWNLOAD EBOOKThe authors analyze the relationship between the development and asset allocation of contractual savings and firms' capital structures. The authors develop a simple model of firms' leverage and debt maturity decisions. They illustrate the mechanisms through which contractual savings development may affect corporate financing patterns. In the empirical section, the authors show that the development and asset allocation of contractual savings have an independent impact on firms' financing choices. Different channels are identified. In market-based economies, an increase in the proportion of shares in the portfolio of contractual savings leads to a decline in firms' leverage. In bank-based economies, instead, an increase in the size of contractual savings is associated with an increase in leverage and debt maturity in the corporate sector.
Author: Olivia S. Mitchell
Publisher: Oxford University Press
Published: 2018-08-23
Total Pages: 256
ISBN-13: 0192562398
DOWNLOAD EBOOKFinancial market developments over the past decade have undermined what was once thought to be conventional wisdom about saving, investment, and retirement spending. How Persistent Low Returns Will Shape Saving and Retirement explores how the weak capital market performance predicted for the next several years will shape pension saving, investment, and decumulation plans. Academics, policymakers, and industry leaders debate alternative strategies to cope with these challenges globally, as economic growth remains slow and low returns become the 'new normal.' This volume includes contributions from plan sponsors, benefit specialists, actuaries, academics, regulators, and others working to design resilient pensions for the next decades. Together, they identify several new tools for retirement savers and pension managers.
Author: Dimitri Vittas
Publisher: World Bank Publications
Published: 1998
Total Pages: 45
ISBN-13: 8042911114
DOWNLOAD EBOOKMarch 1998 Although controversial, investment and other draconian regulations for private pension funds are suitable for countries with weak capital markets and little tradition of private pension provision. But regulations should be relaxed as private pension funds gain in maturity. Like other financial institutions, private pension funds require a panoply of prudential and protective regulations to ensure their soundness and safeguard the interests of affiliated workers. These regulations include authorization criteria (such as minimum capital, fit and proper, and business plan requirements), asset segregation and external custody, professional asset management, external audits and actuarial reviews, extensive information disclosure, and effective supervision. These regulations resemble those applied to banks and insurance companies and are not particularly controversial. But private pension funds in developing countries are often subject to structural and operational controls that are more controversial. Such controls include special authorizations and market segmentation, one account per worker and one fund per company rules, nondiscrimination provisions, regulations on fees and commissions, investment limits, minimum profitability rules, and state guarantees. Vittas discusses the use of such regulations in developing countries that have implemented systemic pension reforms. He draws a distinction between this approach and the more relaxed regulatory regime that relies on the prudent person rule found in more advanced countries. He argues that the draconian regulatory approach can be justified on several grounds, but especially by the compulsory nature of the pension system, the absence of strong and transparent capital markets, and the lack of a long tradition of private pension funds. But the regulations should be progressively relaxed as private pension funds and their affiliated workers gain in experience, sophistication, and maturity. This paper-a product of the Development Research Group-is part of a larger effort in the group to study pension funds and institutional investors.