Pension Reform, Investment Restrictions and Capital Markets

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Finance, Markets, and Regulation Global Financial Crisis and Policies Financial Literacy, Pension, Retirement Analysis

Abstract

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.

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References

1958Liquidity Preference as Behavior Towards Risk 1999Global Stock Markets in the Twentieth Century 2003The Gains from Pension Reform 1994An Asset Allocation Puzzle 1998Pension FundsRetirement-Income Security and Capital Markets: An International Perspective 2000The World Bank Approach to Pension Reform 1995Pension Funds: Retirement-Income Security and Capital Markets.1986Social Security reforms

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2008The Capital Markets of Emerging Europe 2017Institutional and individual investors: Saving for old age 2009Aging Population, Pension Funds, and Financial Markets 2007Latin American Economic Outlook 2008

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