Pension Funds and Capital Markets : Investment Regulation, Financial Innovation, and Governance
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 posi...
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| Format: | Viewpoint |
| Language: | English |
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World Bank, Washington, DC
2012
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| Online Access: | http://documents.worldbank.org/curated/en/1996/02/696756/pension-funds-capital-markets-investment-regulation-financial-innovation-governance http://hdl.handle.net/10986/11632 |
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okr-10986-116322021-04-23T14:02:56Z Pension Funds and Capital Markets : Investment Regulation, Financial Innovation, and Governance Vittas, Dimitri CAPITAL MARKETS PENSION FUNDS INVESTMENT POLICY BONDS EQUITY DENATIONALIZATION CORPORATE GOVERNANCE FINANCIAL INNOVATION ACCOUNTING ASSETS AUDITING BANK DEPOSITS BANK LIABILITIES BONDS BORROWING BUDGET DEFICITS CAPITAL FLIGHT CAPITAL MARKETS CENTRAL BANKS CONTRACTUAL SAVINGS CORPORATE GOVERNANCE DEBT DEREGULATION DERIVATIVES EMERGING MARKETS EQUITY EQUITY INVESTMENTS EQUITY MARKETS FINANCIAL INNOVATION FINANCIAL MARKETS FINANCIAL RESOURCES FINANCIAL SECTOR FOREIGN ASSETS GDP GOVERNMENT BONDS HOUSING INFLATION INFORMATION DISCLOSURE INSURANCE INSURANCE COMPANIES INSURANCE MARKETS LIFE INSURANCE LIQUIDITY MACROECONOMIC POLICIES MARKETS PENSION FUND INVESTMENTS PENSION FUNDS PENSION SCHEMES PENSIONS PRIVATE PENSION FUNDS PRIVATIZATION RISK MANAGEMENT SECURITIES SECURITIZATION STOCK EXCHANGES SUPERVISORY AGENCIES WEALTH 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. 2012-08-13T15:35:10Z 2012-08-13T15:35:10Z 1996-02 http://documents.worldbank.org/curated/en/1996/02/696756/pension-funds-capital-markets-investment-regulation-financial-innovation-governance Viewpoint. -- Note no. 71 (February 1996) http://hdl.handle.net/10986/11632 English Viewpoint CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank World Bank, Washington, DC Publications & Research :: Viewpoint Publications & Research Latin America & Caribbean Chile |
| repository_type |
Digital Repository |
| institution_category |
Foreign Institution |
| institution |
Digital Repositories |
| building |
World Bank Open Knowledge Repository |
| collection |
World Bank |
| language |
English |
| topic |
CAPITAL MARKETS PENSION FUNDS INVESTMENT POLICY BONDS EQUITY DENATIONALIZATION CORPORATE GOVERNANCE FINANCIAL INNOVATION ACCOUNTING ASSETS AUDITING BANK DEPOSITS BANK LIABILITIES BONDS BORROWING BUDGET DEFICITS CAPITAL FLIGHT CAPITAL MARKETS CENTRAL BANKS CONTRACTUAL SAVINGS CORPORATE GOVERNANCE DEBT DEREGULATION DERIVATIVES EMERGING MARKETS EQUITY EQUITY INVESTMENTS EQUITY MARKETS FINANCIAL INNOVATION FINANCIAL MARKETS FINANCIAL RESOURCES FINANCIAL SECTOR FOREIGN ASSETS GDP GOVERNMENT BONDS HOUSING INFLATION INFORMATION DISCLOSURE INSURANCE INSURANCE COMPANIES INSURANCE MARKETS LIFE INSURANCE LIQUIDITY MACROECONOMIC POLICIES MARKETS PENSION FUND INVESTMENTS PENSION FUNDS PENSION SCHEMES PENSIONS PRIVATE PENSION FUNDS PRIVATIZATION RISK MANAGEMENT SECURITIES SECURITIZATION STOCK EXCHANGES SUPERVISORY AGENCIES WEALTH |
| spellingShingle |
CAPITAL MARKETS PENSION FUNDS INVESTMENT POLICY BONDS EQUITY DENATIONALIZATION CORPORATE GOVERNANCE FINANCIAL INNOVATION ACCOUNTING ASSETS AUDITING BANK DEPOSITS BANK LIABILITIES BONDS BORROWING BUDGET DEFICITS CAPITAL FLIGHT CAPITAL MARKETS CENTRAL BANKS CONTRACTUAL SAVINGS CORPORATE GOVERNANCE DEBT DEREGULATION DERIVATIVES EMERGING MARKETS EQUITY EQUITY INVESTMENTS EQUITY MARKETS FINANCIAL INNOVATION FINANCIAL MARKETS FINANCIAL RESOURCES FINANCIAL SECTOR FOREIGN ASSETS GDP GOVERNMENT BONDS HOUSING INFLATION INFORMATION DISCLOSURE INSURANCE INSURANCE COMPANIES INSURANCE MARKETS LIFE INSURANCE LIQUIDITY MACROECONOMIC POLICIES MARKETS PENSION FUND INVESTMENTS PENSION FUNDS PENSION SCHEMES PENSIONS PRIVATE PENSION FUNDS PRIVATIZATION RISK MANAGEMENT SECURITIES SECURITIZATION STOCK EXCHANGES SUPERVISORY AGENCIES WEALTH Vittas, Dimitri Pension Funds and Capital Markets : Investment Regulation, Financial Innovation, and Governance |
| geographic_facet |
Latin America & Caribbean Chile |
| relation |
Viewpoint |
| description |
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. |
| format |
Publications & Research :: Viewpoint |
| author |
Vittas, Dimitri |
| author_facet |
Vittas, Dimitri |
| author_sort |
Vittas, Dimitri |
| title |
Pension Funds and Capital Markets : Investment Regulation, Financial Innovation, and Governance |
| title_short |
Pension Funds and Capital Markets : Investment Regulation, Financial Innovation, and Governance |
| title_full |
Pension Funds and Capital Markets : Investment Regulation, Financial Innovation, and Governance |
| title_fullStr |
Pension Funds and Capital Markets : Investment Regulation, Financial Innovation, and Governance |
| title_full_unstemmed |
Pension Funds and Capital Markets : Investment Regulation, Financial Innovation, and Governance |
| title_sort |
pension funds and capital markets : investment regulation, financial innovation, and governance |
| publisher |
World Bank, Washington, DC |
| publishDate |
2012 |
| url |
http://documents.worldbank.org/curated/en/1996/02/696756/pension-funds-capital-markets-investment-regulation-financial-innovation-governance http://hdl.handle.net/10986/11632 |
| _version_ |
1764417441121697792 |