Private Pension Systems : Cross-Country Investment Performance

This study investigates the performance of private pensions systems across countries a topic which has yet to be adequately addressed in the literature. Specifically, this study examines the relationship between pension fund performance (as capture...

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Bibliographic Details
Main Authors:	Musalem, Alberto R., Pasquini, Ricardo
Format:	Working Paper
Language:	English en_US
Published:	World Bank, Washington, DC 2013
Subjects:	ABSOLUTE VALUE ADMINISTRATIVE COSTS AGGREGATE VALUE ALLOCATION OF CAPITAL AMOUNT OF CREDIT ANNUAL GROWTH ANNUAL GROWTH RATE ASSET PRICES ASSETS UNDER MANAGEMENT BENCHMARK BENEFICIARIES BILLS BOND MARKET CAPITALIZATION BONDS CAPITAL ACCOUNT CAPITAL ACCOUNT OPENNESS CAPITAL ALLOCATION CAPITALIZATION CENTRAL BANKS CONSUMER PRICE INDEX CONTRACT ENFORCEMENT CONTROL VARIABLE CONTROL VARIABLES CORPORATE BOND CORPORATE BOND MARKET CORPORATE PROFITS COST OF CAPITAL CREDITOR CREDITOR RIGHTS CURRENCY DATA AVAILABILITY DEBT DEBTORS DEFAULT RISKS DEPENDENT VARIABLE DEPENDENT VARIABLES DEPOSIT DEPOSIT INTEREST DEPOSIT INTEREST RATE DEPOSITS DERIVATIVES DERIVATIVES MARKETS DESCRIPTIVE STATISTICS DEVELOPING COUNTRIES DUMMY VARIABLE DUMMY VARIABLES ECONOMIC INTEGRATION ECONOMIC OUTLOOK ECONOMIES OF SCALE EMERGING ECONOMIES EMERGING MARKETS EQUITIES ERROR TERM EXCHANGE RATE EXCHANGE RATES EXPLANATORY VARIABLE EXPLANATORY VARIABLES FINANCIAL ASSETS FINANCIAL INNOVATION FINANCIAL INSTITUTIONS FINANCIAL MARKET FINANCIAL SECTOR FINANCIAL STABILITY FINANCIAL SYSTEM FINANCIAL VARIABLES FISCAL BALANCE FISCAL POLICIES FOREIGN INVESTMENT FOREIGN INVESTMENTS FUND CHARACTERISTICS FUND INDUSTRY FUND MANAGEMENT FUND MANAGERS FUND PERFORMANCE FUND PORTFOLIOS FUND RETURNS FUTURES GDP GDP PER CAPITA GLOBALIZATION GROWTH RATE INFLATION INFLATION RATE INTERNATIONAL INVESTMENT INTERNATIONAL INVESTMENTS INVESTING INVESTMENT ASSETS INVESTMENT CLIMATE INVESTMENT DECISIONS INVESTMENT HORIZON INVESTMENT MANAGEMENT INVESTMENT MANAGERS INVESTMENT OPPORTUNITIES INVESTMENT PERFORMANCE INVESTMENT RETURNS INVESTMENT RISK INVESTMENT STRATEGIES INVESTOR PROTECTION JURISDICTIONS LARGE FUNDS LEGAL RIGHTS LEGAL RIGHTS OF CREDITORS LIQUIDITY MACROECONOMIC CONTROL MACROECONOMIC CONTROLS MACROECONOMIC INSTABILITY MACROECONOMIC VARIABLES MACROECONOMIC VOLATILITY MANAGEMENT FEES MARKET CONCENTRATION MARKET SHARE MARKET SHARES MARKET SIZE MARKET STRUCTURE MARKET SUPERVISION MATURITIES MATURITY MINORITY SHAREHOLDERS MUTUAL FUNDS NATIONAL CURRENCY NET DEBT NET RETURNS OUTPUT PARTICULAR COUNTRY PENSION PENSION FUND PENSION FUND INVESTMENT PENSION FUND INVESTMENTS PENSION FUND MANAGERS PENSION FUNDS PENSION SYSTEM PENSION SYSTEMS PENSIONS PERFORMANCE MEASURE PERFORMANCE MEASURES PERFORMANCE MODELS PERSONAL PENSION PORTFOLIO PORTFOLIO COMPOSITION PORTFOLIO INVESTMENT PORTFOLIO MANAGERS PORTFOLIOS POSITIVE COEFFICIENTS POWER PARITY PREVIOUS STUDIES PRICE FORMATION PRICE MOVEMENTS PRIVATE CREDIT PRIVATE EQUITY PRIVATE PENSION PRIVATE PENSIONS PROPERTY RIGHTS PUBLIC DEBT PUBLIC POLICY PURCHASING POWER PURCHASING POWER PARITY RATE OF GROWTH RATE OF INFLATION RATE OF RETURN RATE OF RETURN ON CAPITAL RATE OF RETURNS RATES OF RETURN RATES OF RETURNS REAL ASSETS REAL ESTATE REAL GDP REAL INTEREST REAL INTEREST RATE REAL RATE OF RETURN REGULATORY CONSTRAINTS REGULATORY SYSTEM RETURN OBSERVATIONS RETURN VOLATILITY RETURNS RISK OF DEFAULT RISKIER INVESTMENT RISKY ASSET RULE OF LAW SECURITIES STANDARD DEVIATION STANDARD DEVIATIONS STOCK MARKET STOCK MARKET CAPITALIZATION SURPLUS TIME HORIZON TRANSACTIONS COSTS TRUSTEES VALUATION VALUATIONS VALUE OF ASSETS
Online Access:	http://documents.worldbank.org/curated/en/2012/05/16272530/private-pension-systems-cross-country-investment-performance http://hdl.handle.net/10986/13558