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Author : Hemant Shah
Publisher : World Bank Publications
Page : 44 pages
File Size : 41,6 Mb
Release : 1997
Category : Chile - Seguridad social
ISBN : 8210379456XXX
Author : Hemant Shah
Publisher : Unknown
Page : 128 pages
File Size : 49,5 Mb
Release : 1999
Category : Electronic
ISBN : OCLC:913715716
June 1997 Although well-meant, Chilean-style pension reforms distort incentives for competition, raise costs, and reduce desirable investment choices and returns. This proposed departure from a Chilean-style private pension fund system would permit banks and mutual funds to manage retirement savings. It would also require that returns be reported on a net basis, and would charge commissions as a fraction of assets managed. Shah analyzes the typical model for regulating investments in private pension funds. Pension reforms like those pioneered by Chile are being initiated or considered in Argentina, Bolivia, China, Colombia, Costa Rica, Hungary, Mexico, Peru, Uruguay, and elsewhere. Such reforms greatly improve fiscal discipline, make social security benefits and burdens equitable, and deepen financial markets. But they are also typically accompanied by: * Tight restrictions on the investments in pension fund portfolios. * Restrictions on the management of mandated retirement savings (to newly created legal entities called pension administrators, to the exclusion of such financial intermediaries as banks and mutual funds). * Minimum-return guarantees from the state and/or pension funds. * Commissions based on salary rather than on the volume of assets managed. Illustrating his conclusions with case studies from Chile and Peru, Shah shows that these restrictions, though well-meant, are poorly justified by financial theory, distort incentives for competition based on product choice and efficiency, increase administrative costs, and seriously reduce the affiliates' appropriate risk-return choices and returns. And the resulting potential losses in retirement income are great. Shah recommends a significant departure from the Chilean-style model of a private pension fund system. He briefly describes implementation and transition issues for the alternative system that he proposes, which would: * Permit diverse intermediaries- banks and mutual funds that meet appropriate prudential standards- manage retirement savings. * Allow a greater choice between investment products. * Require that returns be reported on a net basis. * Charge commissions as a fraction of assets managed. This paper-a product of the Advisory Group, Technical Department, Latin America and the Caribbean Regional Office-is part of a larger effort in the Region and the Economic Development Institute to disseminate policy research on social security reforms. An earlier version was presented at an EDI Conference, Pension Systems: From Crisis to Reform, in November 1996.
Author : Dimitri Vittas
Publisher : World Bank Publications
Page : 45 pages
File Size : 41,8 Mb
Release : 1998
Category : Pension reform
ISBN : 9788042911119
March 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.
Author : Michael Orszag, John Evans, John Piggott
Publisher : Edward Elgar Publishing
Page : 284 pages
File Size : 55,7 Mb
Release : 2008-06-30
Category : Business & Economics
ISBN : 9781781007662
'This collection of essays on a rapidly developing topic is a valuable addition to the field and the editors must be congratulated on beginning to bring the area to the attention of thinkers and government (not necessarily the same thing), who are charged with dealing with the challenge of controlling private pension provision.' - Robin Ellison, Pensions
Author : Pulle Subrahmanya Srinivas,Juan Yermo
Publisher : World Bank Publications
Page : 56 pages
File Size : 43,7 Mb
Release : 1999-01-01
Category : Business & Economics
ISBN : 0821344889
" "Draconian" regulations have created distortions in asset management, limited opportunities for diversification, and, as a consequence have hampered, the performance of pension funds." This volume shows that the return to retirement assets, expected replacement rates, and, hence, the net welfare gain from pension reform is lower under a draconian regulatory framework than under a more liberal pension fund investment regime. Important policy conclusions of the paper are that existing regulatory regimes should be liberalized as soon as possible to allow pension fund investments in a wider array of financial instruments and that regulations should require evaluation of pension fund performance against market benchmarks as opposed to exclusive focus on comparisons with industry averages. The paper also suggests a review of the current structure of the private pension fund industry in Latin America and an evaluation against alternatives in the light of actual performance experience.
Author : Gerard Caprio,Patrick Honohan,Dimitri Vittas
Publisher : World Bank Publications
Page : 272 pages
File Size : 40,5 Mb
Release : 2002
Category : Business & Economics
ISBN : 0821351761
This book collects ten complementary essays on different aspects of financial sector policy for developing and transitional economies. The essays, by leading theoreticians and practitioners, draw on the history and experience of financial sector policy reforms to derive lessons for the future. The collection is carefully chosen to cover the major contemporary issues, including both crisis avoidance and institution-building. The increasing importance of non-bank finance and of international linkages (including dollarization) for small economies are given special attention.
Author : OECD
Publisher : OECD Publishing
Page : 338 pages
File Size : 49,9 Mb
Release : 2004-12-03
Category : Electronic
ISBN : 9789264016989
Supervising Private Pensions: Institutions and Methods offers detailed and comparable information on the supervisory agencies, institutional design and methods in over 40 countries in the OECD area, Latin America, Eastern Europe and South-east Asia.
Author : Franco Modigliani,Arun Muralidhar
Publisher : Cambridge University Press
Page : 282 pages
File Size : 42,9 Mb
Release : 2004-08-02
Category : Business & Economics
ISBN : 0521834112
This book is unique as it presents an academic and a practical aspect on managing pension funds to clarify the global debate on social security. The authors establish the basic choices in designating any system to help policy makers develop the system that achieves their many objectives. The success of reforms depends on financial innovation to mitigate key risks and some innovations are discussed, which also demonstrates how pension reform choices affect the achievement of retirement objectives. Finally, the authors examine some proposed hybrid options to show how the beneficial features of these hybrids can be captured through good design in a single fund.
Author : OECD
Publisher : OECD Publishing
Page : 396 pages
File Size : 40,7 Mb
Release : 2000-03-30
Category : Electronic
ISBN : 9789264181212
This book provides an overview of recent developments in the private pension systems of four OECD countries (Hungary, Mexico, the United Kingdom and the United States) as well as an analysis of institutional investors in Latin America.
Author : Dimitri Vittas
Publisher : World Bank Publications
Page : 42 pages
File Size : 43,7 Mb
Release : 1997
Category : Pension trusts
ISBN : 8210379456XXX
Author : Southern Methodist University. Institute of International Banking and Finance
Publisher : Kluwer Law International B.V.
Page : 330 pages
File Size : 51,6 Mb
Release : 1999-05-06
Category : Law
ISBN : 9789041197177
The question of how financial services should be regulated in the interests of consumers has never been more topical. The structure of the financial services industry is changing rapidly and the need for the law to keep pace with these changes has never been greater. This book examines the role of the law in the protection of the consumer, in particular the ways in which the law is, and could be, used to protect consumers when purchasing financial services. A prominent panel of contributors first examines the role of the European Union and the ombudsmen schemes operating in the United Kingdom in improving consumer protection. Eight expert papers present a detailed analysis of aspects of the various legal mechanisms protecting consumers in the banking, financial services, investments and insurance industries. The final part of the book is concerned with the important and controversial area of consumer credit. This unique work is a welcome contribution to a rapidly developing area of law, which has so far received little attention from commentators. It will be of great interest to those at the cutting edge of banking, financial services and consumer law, whether practicing lawyers or in-house counsel, and all those involved in advising consumers.
Author : Paul Cook
Publisher : Edward Elgar Publishing
Page : 468 pages
File Size : 46,7 Mb
Release : 2004-01-01
Category : Business & Economics
ISBN : 1845420659
The promotion of liberalized and deregulated markets by bilateral and multilateral aid donors, and by global institutions such as the WTO, has led to significant attention being paid to competition and regulatory reforms in developing economies. The process of reform involves the transfer and diffusion of market models derived from practice and theory in developed countries. However, in developing countries, regulation needs to do more than simply promote competitiveness and consumer interests: it also needs to ensure that the market nurtures development. By rigorously examining the numerous impacts of regulation, this book will help to fill a significant gap in the literature on economic and social development. The book, now available in paperback, draws together contributions from leading experts across a range of disciplines including economics, law, politics and governance, public management and business management. The authors begin with an extensive overview of the issues of regulation and competition in developing countries, and carefully illustrate the important themes and concepts involved. Using a variety of country and sector case studies, they move on to focus on the problems of applicability and adaptation that are experienced in the process of transferring best practice policy models from developed to developing countries. The book presents a clear agenda for further empirical research and is notable for its rigorous exploration of the links between theory and practice. Although there is substantial interest in competition and regulation, as yet there has been relatively little investigation of these issues in developing economies. This book redresses the balance and will be a valuable resource for researchers, academics, teachers and students interested in development economics and development studies. It will also be of great relevance for practitioners and policymakers working in the fields of competition policy and regulatory reform.
Author : Dimitri Vittas
Publisher : World Bank Publications
Page : 56 pages
File Size : 49,6 Mb
Release : 1997
Category : Pension trusts
ISBN : 8210379456XXX
Author : Mark Hyde,Silvia Borzutzky
Publisher : Springer
Page : 147 pages
File Size : 48,8 Mb
Release : 2016-08-31
Category : Business & Economics
ISBN : 9781137580351
This book argues that the implementation of compulsory, highly regulated, privately administered, defined contribution pensions facilitates rent-seeking behaviour on the part of the pension fund administrators and undermines the retirees’ income and well-being. While the book focuses primarily on Chile, its analysis and conclusions are applicable to several Latin American and Eastern European countries where privately administered pension systems have been implemented. Chapters evaluate the scholarly literature and empirical evidence around three aspects of the pension fund industry: structure, pricing and performance. The authors conclude that state regulation has facilitated the accumulation of capital in the hands of the pension fund administrators. They also demonstrate that these systems owe more to the values and principles of conservative philosophy than to neoliberalism in providing alternative solutions to the rent-seeking approach to retirement.
Author : OECD
Publisher : OECD Publishing
Page : 252 pages
File Size : 54,8 Mb
Release : 2000-07-21
Category : Electronic
ISBN : 9789264182233
This workshop proceedings constitutes a reference work on institutional investment for policy makers and experts in the public sector, actors in the private sector, and academics in both emerging market economies and OECD countries.
