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Pension Funds and Capital Markets : Investment Regulation, Financial Innovation, and Governance

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dc.contributor.author Vittas, Dimitri
dc.date.accessioned 2012-08-13T15:35:10Z
dc.date.available 2012-08-13T15:35:10Z
dc.date.issued 1996-02
dc.identifier.citation Viewpoint. -- Note no. 71 (February 1996)
dc.identifier.uri http://hdl.handle.net/10986/11632
dc.description.abstract This Note briefly examines the dynamic interaction that can develop between pension funds and capital markets. Pension funds are not only a source of long-term savings to support the development of bond and equity markets. They can also be a positive force for innovation, for corporate governance, and for privatization. In turn, capital markets offer pension funds the opportunity for better portfolio returns and risk management. This interaction is a long, self-reinforcing process that builds on sound macroeconomic policies, effective regulatory reforms, as well as robust accounting, legal, and information infrastructure. The key message for policymakers is that pension reform should be part of a broad reform program. It need not be delayed until capital markets are well established. But, equally important, large quantities of state assets should not be transferred to newly formed private pension funds without first taking steps to develop robust and well-regulated capital markets. Chile's gradual approach to investment deregulation is a good model for developing countries introducing mandatory but decentralized pension systems. en
dc.language English
dc.publisher World Bank, Washington, DC
dc.relation.ispartofseries Viewpoint
dc.rights CC BY 3.0 IGO
dc.rights.uri http://creativecommons.org/licenses/by/3.0/igo/
dc.subject LIQUIDITY
dc.subject DEREGULATION
dc.subject CAPITAL FLIGHT
dc.subject PENSION SCHEMES
dc.subject CONTRACTUAL SAVINGS
dc.subject EMERGING MARKETS
dc.subject BANK LIABILITIES
dc.subject FINANCIAL INNOVATION ACCOUNTING
dc.subject FINANCIAL RESOURCES
dc.subject WEALTH
dc.subject AUDITING
dc.subject FINANCIAL MARKETS
dc.subject SECURITIES
dc.subject GDP
dc.subject STOCK EXCHANGES
dc.subject MARKETS
dc.subject CENTRAL BANKS
dc.subject BANK DEPOSITS
dc.subject DEBT
dc.subject INVESTMENT POLICY
dc.subject FINANCIAL INNOVATION
dc.subject LIFE INSURANCE
dc.subject MACROECONOMIC POLICIES
dc.subject BORROWING
dc.subject PENSIONS
dc.subject GOVERNMENT BONDS
dc.subject PENSION FUND INVESTMENTS
dc.subject PRIVATIZATION
dc.subject BUDGET DEFICITS
dc.subject INSURANCE MARKETS
dc.subject INFLATION
dc.subject INFORMATION DISCLOSURE
dc.subject PRIVATE PENSION FUNDS
dc.subject CORPORATE GOVERNANCE
dc.subject PENSION FUNDS
dc.subject EQUITY MARKETS
dc.subject FINANCIAL SECTOR
dc.subject EQUITY
dc.subject ASSETS
dc.subject INSURANCE
dc.subject EQUITY INVESTMENTS
dc.subject FOREIGN ASSETS
dc.subject CAPITAL MARKETS
dc.subject INSURANCE COMPANIES
dc.subject SUPERVISORY AGENCIES
dc.subject SECURITIZATION
dc.subject DERIVATIVES
dc.subject RISK MANAGEMENT
dc.subject DENATIONALIZATION
dc.subject BONDS
dc.subject HOUSING
dc.title Pension Funds and Capital Markets : Investment Regulation, Financial Innovation, and Governance en
dc.rights.holder World Bank


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