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Author: Mr.Robert Holzmann
Publisher: International Monetary Fund
ISBN: 1451950756
Category : Business & Economics
Languages : en
Pages : 52
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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.
Author: Mr.Robert Holzmann
Publisher: International Monetary Fund
ISBN: 1451950756
Category : Business & Economics
Languages : en
Pages : 52
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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.
Author: Emily S. Andrews
Publisher: World Bank Publications
ISBN: 0821365525
Category : Business & Economics
Languages : en
Pages : 198
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Book Description
"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."
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: OECD
Publisher: OECD Publishing
ISBN: 9264035761
Category :
Languages : en
Pages : 114
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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.
Author: Dimitri Vittas
Publisher:
ISBN:
Category : Capital market
Languages : en
Pages : 32
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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.
Author: Reisen Helmut
Publisher: OECD Publishing
ISBN: 9264181628
Category :
Languages : en
Pages : 240
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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.
Author: Estelle James
Publisher:
ISBN:
Category :
Languages : en
Pages :
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Book Description
May 1997 Initial empirical investigations suggest that countries concerned about growth should consider pension reform a potentially powerful tool for improving the welfare of both old and young. James summarizes the major findings and recommendations in Averting the Old Age Crisis, describing problems in traditional pension systems and proposals for reform. Then she describes how those reforms are being implemented in many countries and examines empirical evidence about pension reform's impact on growth. Since the publication of Averting the Old Age Crisis, the move toward multipillar systems has accelerated around the world, spurred by demographic and economic forces. In addition, research has been carried out on some of the critical assumptions underlying the recommendations in the report. Researchers have begun to quantify the effects of a full or partial shift to a funded defined-contribution plan on the supply and allocation of labor, on national saving, and on the development of financial markets. Results from the studies that have been done so far on the (anticipated and actual) effects of pension reform (in Argentina, Australia, Mexico, Switzerland, the United Kingdom, the United States, and especially Chile) suggest that pension reform can have and has had a positive, possibly large, impact on national saving and the development of financial markets and hence on economic growth. This paper - a product of the Poverty and Human Resources Division, Policy Research Department - was prepared for the EDI Conference on Pension Reform, November 1996.
Author: Richard Minns
Publisher: Verso
ISBN: 9781859846254
Category : Law
Languages : en
Pages : 268
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Book Description
Minns describes, analyses and destroys arguments for privatisation and the dismantling of the Welfare State.
Author: Robert Holzmann
Publisher: World Bank Publications
ISBN: 0821377329
Category : Business & Economics
Languages : en
Pages : 184
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Book Description
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.
Author: OECD
Publisher: OECD Publishing
ISBN: 9789264035751
Category :
Languages : en
Pages : 114
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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.
