Author: Mr.Robert Holzmann
Publisher: International Monetary Fund
ISBN: 1451950756
Category : Business & Economics
Languages : en
Pages : 52
Book Description
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.
Pension Reform, Financial Market Development, and Economic Growth
Author: Mr.Robert Holzmann
Publisher: International Monetary Fund
ISBN: 1451950756
Category : Business & Economics
Languages : en
Pages : 52
Book Description
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.
Publisher: International Monetary Fund
ISBN: 1451950756
Category : Business & Economics
Languages : en
Pages : 52
Book Description
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.
Pension Reform and the Development of Pension Systems
Author: Emily S. Andrews
Publisher: World Bank Publications
ISBN:
Category : Business & Economics
Languages : en
Pages : 200
Book Description
Annotation This evaluation presents an independent assessment of the World Bank's support for pension reform activities focusing on the period from 1994 to 2004. The report is the first comprehensive Independent Evaluation Group (IEG) evaluation of the Bank's involvement in pension reform, assessing the implementation of the Bank's strategy and the resulting development outcomes.
Publisher: World Bank Publications
ISBN:
Category : Business & Economics
Languages : en
Pages : 200
Book Description
Annotation This evaluation presents an independent assessment of the World Bank's support for pension reform activities focusing on the period from 1994 to 2004. The report is the first comprehensive Independent Evaluation Group (IEG) evaluation of the Bank's involvement in pension reform, assessing the implementation of the Bank's strategy and the resulting development outcomes.
Pensions, Savings and Capital Flows From Ageing to Emerging Markets
Author: Reisen Helmut
Publisher: OECD Publishing
ISBN: 9264181628
Category :
Languages : en
Pages : 285
Book Description
This books explores the international aspects of pension reform, private savings and volatile capital markets and clarifies how they relate to each other.
Publisher: OECD Publishing
ISBN: 9264181628
Category :
Languages : en
Pages : 285
Book Description
This books explores the international aspects of pension reform, private savings and volatile capital markets and clarifies how they relate to each other.
Financial Market Trends Ageing and Pension System Reform: Implications for Financial Markets and Economic Policies
Author: OECD
Publisher: OECD Publishing
ISBN: 9264035761
Category :
Languages : en
Pages : 117
Book Description
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.
Publisher: OECD Publishing
ISBN: 9264035761
Category :
Languages : en
Pages : 117
Book Description
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.
Pension Reform, Financial Market Development, and Economicgrowth
Pension Reform and Capital Market Development
Author: Dimitri Vittas
Publisher: World Bank Publications
ISBN:
Category : Capital market
Languages : en
Pages : 30
Book Description
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.
Publisher: World Bank Publications
ISBN:
Category : Capital market
Languages : en
Pages : 30
Book Description
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.
Pension Reform, Investment Restrictions and Capital Markets
Author: Mr.Jorge Roldos
Publisher: International Monetary Fund
ISBN: 145197373X
Category : Business & Economics
Languages : en
Pages : 32
Book Description
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.
Publisher: International Monetary Fund
ISBN: 145197373X
Category : Business & Economics
Languages : en
Pages : 32
Book Description
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, Economic Growth and Financial Development
Reforming Pensions
Author: Nicholas Barr
Publisher: Oxford University Press
ISBN: 0199741972
Category : Business & Economics
Languages : en
Pages : 261
Book Description
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.
Publisher: Oxford University Press
ISBN: 0199741972
Category : Business & Economics
Languages : en
Pages : 261
Book Description
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.
The Cold War in Welfare
Author: Richard Minns
Publisher: Verso
ISBN: 9781859846254
Category : Law
Languages : en
Pages : 268
Book Description
Minns describes, analyses and destroys arguments for privatisation and the dismantling of the Welfare State.
Publisher: Verso
ISBN: 9781859846254
Category : Law
Languages : en
Pages : 268
Book Description
Minns describes, analyses and destroys arguments for privatisation and the dismantling of the Welfare State.