Small Business Access to Capital Markets Through Pension Funds PDF Download

Author: Richard Zock
Publisher:
ISBN:
Category : Pensions
Languages : en
Pages : 48

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Author: Richard Zock
Publisher:
ISBN:
Category : Capital market
Languages : en
Pages : 35

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Author: Dimitri Vittas
Publisher:
ISBN:
Category :
Languages : en
Pages : 25

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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.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].

Author: Dimitri Vittas
Publisher: World Bank Publications
ISBN:
Category : Capital market
Languages : en
Pages : 30

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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.

Author: Mr.Jorge Roldos
Publisher: International Monetary Fund
ISBN: 145197373X
Category : Business & Economics
Languages : en
Pages : 32

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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.

Author: Lawrence Litvak
Publisher: Council of State Policy & Planning Agencies
ISBN:
Category : Business & Economics
Languages : en
Pages : 168

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Author: United States. Congress. House. Committee on Small Business. Subcommittee on Capital, Investment, and Business Opportunities
Publisher:
ISBN:
Category : Capital investments
Languages : en
Pages : 224

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Book Description

Author: United States. Congress. House. Committee on Energy and Commerce. Subcommittee on Telecommunications, Consumer Protection, and Finance
Publisher:
ISBN:
Category : Capital market
Languages : en
Pages : 152

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Book Description

Author: Mary Macdonald
Publisher: Science
ISBN:
Category : Investments
Languages : en
Pages : 84

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Book Description

Author: E. Philip Davis
Publisher: Oxford University Press, USA
ISBN:
Category : Business & Economics
Languages : en
Pages : 356

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Book Description
In 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.