Contractual Savings in Countries with a Small Financial Sector

Countries with small financial systems are generally small economies with a reduced dimension of institutional relationships, a greater concentration of wealth, and a relatively less independent civil service. These characteristics facilitate conce...

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Main Authors:	Impavido, Gregorio, Musalem, Alberto R., Vittas, Dimitri
Format:	Policy Research Working Paper
Language:	English en_US
Published:	World Bank, Washington, D.C. 2013
Subjects:	CONTRACTUAL SAVINGS FINANCIAL SECTOR FINANCIAL SYSTEMS GOVERNANCE WEALTH PER CAPITA INCOME BANKING SYSTEMS INSURANCE COMPANIES MACROECONOMIC POLICY CAPITAL ACCOUNT PENSION SYSTEMS CONTINGENCY FINANCING SAVINGS RISK MANAGEMENT GOVERNMENT COMMITMENTS GOVERNMENT REGULATION SUPERVISION COMPETITIVENESS INTERNATIONAL INVESTMENTS ADVERSE EFFECTS AGENTS ASSET MANAGEMENT ASSET MANAGEMENT COMPANIES ASSETS BANK DEPOSITS BANKING CRISES BANKING SYSTEM BANKS BONDS CAPITAL FLOWS CAPITAL MARKETS CENTRAL BANK CIVIL SERVICE COMMISSIONS CONSOLIDATION CONTINGENT LIABILITIES CONTRACTUAL SAVING CONTRACTUAL SAVINGS INSTITUTIONS COST OF CAPITAL COVERAGE DEBT DISCOUNT RATE ECONOMIC GROWTH ECONOMIES OF SCALE EQUITY INVESTMENTS EXCHANGE RATE EXPORTS EXTERNALITIES FIDUCIARY FIDUCIARY RESPONSIBILITY FINANCIAL CRISES FINANCIAL DEEPENING FINANCIAL INSTITUTIONS FINANCIAL MARKETS FINANCIAL POLICIES FINANCIAL RISK FINANCIAL SERVICES FINANCIAL TRANSACTIONS FISCAL POLICIES FOREIGN BANKS FREE TRADE GDP GDP PER CAPITA GOVERNMENT BONDS GOVERNMENT SECURITIES HOUSING HUMAN CAPITAL IMPORTS INDIVIDUAL ACCOUNTS INFLATION INSPECTIONS INSURANCE INSURANCE POLICIES INTEGRITY INTEREST RATE INTEREST RATES INTERNATIONAL FINANCIAL INSTRUMENTS LABOR FORCE LABOR MARKETS LIBERALIZATION LIFE INSURANCE LIQUID ASSETS LIQUIDATION LIQUIDITY LONG TERM LIABILITIES LONG TERM SAVINGS M2 MACROECONOMIC POLICIES MANDATES MARKET INSTRUMENTS MARKETABLE SECURITIES MATURITIES MERGERS OPEN ECONOMIES OPERATING COSTS PAYMENT SYSTEMS PENSION FUNDS PENSIONS POLICY MAKERS PRIVATE CONSUMPTION PROGRAMS PROVIDENT FUNDS REAL SECTOR RETIREMENT RISK DIVERSIFICATION RISK PREMIUM SAVING PLANS SECURITIES MARKETS SELF INSURANCE SOCIAL SECURITY SOLVENCY SUBSIDIARIES SUNK COSTS SUPERVISORY AGENCIES SUPERVISORY FRAMEWORK TERMS OF TRADE TRANSACTION COSTS UNEMPLOYMENT VALUATION VALUE ADDED
Online Access:	http://documents.worldbank.org/curated/en/2002/05/1781148/contractual-savings-countries-small-financial-sector http://hdl.handle.net/10986/14289

id	okr-10986-14289
recordtype	oai_dc
spelling	okr-10986-142892021-04-23T14:03:20Z Contractual Savings in Countries with a Small Financial Sector Impavido, Gregorio Musalem, Alberto R. Vittas, Dimitri CONTRACTUAL SAVINGS FINANCIAL SECTOR FINANCIAL SYSTEMS GOVERNANCE WEALTH PER CAPITA INCOME BANKING SYSTEMS INSURANCE COMPANIES MACROECONOMIC POLICY CAPITAL ACCOUNT PENSION SYSTEMS CONTINGENCY FINANCING SAVINGS RISK MANAGEMENT GOVERNMENT COMMITMENTS GOVERNMENT REGULATION SUPERVISION COMPETITIVENESS INTERNATIONAL INVESTMENTS ADVERSE EFFECTS AGENTS ASSET MANAGEMENT ASSET MANAGEMENT COMPANIES ASSETS BANK DEPOSITS BANKING CRISES BANKING SYSTEM BANKING SYSTEMS BANKS BONDS CAPITAL FLOWS CAPITAL MARKETS CENTRAL BANK CIVIL SERVICE COMMISSIONS CONSOLIDATION CONTINGENT LIABILITIES CONTRACTUAL SAVING CONTRACTUAL SAVINGS CONTRACTUAL SAVINGS INSTITUTIONS COST OF CAPITAL COVERAGE DEBT DISCOUNT RATE ECONOMIC GROWTH ECONOMIES OF SCALE EQUITY INVESTMENTS EXCHANGE RATE EXPORTS EXTERNALITIES FIDUCIARY FIDUCIARY RESPONSIBILITY FINANCIAL CRISES FINANCIAL DEEPENING FINANCIAL INSTITUTIONS FINANCIAL MARKETS FINANCIAL POLICIES FINANCIAL RISK FINANCIAL SECTOR FINANCIAL SERVICES FINANCIAL SYSTEMS FINANCIAL TRANSACTIONS FISCAL POLICIES FOREIGN BANKS FREE TRADE GDP GDP PER CAPITA GOVERNMENT BONDS GOVERNMENT SECURITIES HOUSING HUMAN CAPITAL IMPORTS INDIVIDUAL ACCOUNTS INFLATION INSPECTIONS INSURANCE INSURANCE COMPANIES INSURANCE POLICIES INTEGRITY INTEREST RATE INTEREST RATES INTERNATIONAL FINANCIAL INSTRUMENTS LABOR FORCE LABOR MARKETS LIBERALIZATION LIFE INSURANCE LIQUID ASSETS LIQUIDATION LIQUIDITY LONG TERM LIABILITIES LONG TERM SAVINGS M2 MACROECONOMIC POLICIES MACROECONOMIC POLICY MANDATES MARKET INSTRUMENTS MARKETABLE SECURITIES MATURITIES MERGERS OPEN ECONOMIES OPERATING COSTS PAYMENT SYSTEMS PENSION FUNDS PENSIONS PER CAPITA INCOME POLICY MAKERS PRIVATE CONSUMPTION PROGRAMS PROVIDENT FUNDS REAL SECTOR RETIREMENT RISK DIVERSIFICATION RISK MANAGEMENT RISK PREMIUM SAVING PLANS SAVINGS SECURITIES MARKETS SELF INSURANCE SOCIAL SECURITY SOLVENCY SUBSIDIARIES SUNK COSTS SUPERVISORY AGENCIES SUPERVISORY FRAMEWORK TERMS OF TRADE TRANSACTION COSTS UNEMPLOYMENT VALUATION VALUE ADDED WEALTH Countries with small financial systems are generally small economies with a reduced dimension of institutional relationships, a greater concentration of wealth, and a relatively less independent civil service. These characteristics facilitate concentration of functions and, more generally, weak governance. Only small economies with a relatively high level of per capita income, minimum core of sound banks and insurance companies, sound and credible macroeconomic policies, and open capital accounts can benefit from the development of contractual savings. This can increase the options to obtain sound coverage against contingencies, increase the supply of long term savings, promote financial deepening, and improve financial risk management. 2013-06-28T13:29:36Z 2013-06-28T13:29:36Z 2002-05 http://documents.worldbank.org/curated/en/2002/05/1781148/contractual-savings-countries-small-financial-sector http://hdl.handle.net/10986/14289 English en_US Policy Research Working Paper;No.2841 CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank World Bank, Washington, D.C. Publications & Research :: Policy Research Working Paper Publications & Research
repository_type	Digital Repository
institution_category	Foreign Institution
institution	Digital Repositories
building	World Bank Open Knowledge Repository
collection	World Bank
language	English en_US
topic	CONTRACTUAL SAVINGS FINANCIAL SECTOR FINANCIAL SYSTEMS GOVERNANCE WEALTH PER CAPITA INCOME BANKING SYSTEMS INSURANCE COMPANIES MACROECONOMIC POLICY CAPITAL ACCOUNT PENSION SYSTEMS CONTINGENCY FINANCING SAVINGS RISK MANAGEMENT GOVERNMENT COMMITMENTS GOVERNMENT REGULATION SUPERVISION COMPETITIVENESS INTERNATIONAL INVESTMENTS ADVERSE EFFECTS AGENTS ASSET MANAGEMENT ASSET MANAGEMENT COMPANIES ASSETS BANK DEPOSITS BANKING CRISES BANKING SYSTEM BANKING SYSTEMS BANKS BONDS CAPITAL FLOWS CAPITAL MARKETS CENTRAL BANK CIVIL SERVICE COMMISSIONS CONSOLIDATION CONTINGENT LIABILITIES CONTRACTUAL SAVING CONTRACTUAL SAVINGS CONTRACTUAL SAVINGS INSTITUTIONS COST OF CAPITAL COVERAGE DEBT DISCOUNT RATE ECONOMIC GROWTH ECONOMIES OF SCALE EQUITY INVESTMENTS EXCHANGE RATE EXPORTS EXTERNALITIES FIDUCIARY FIDUCIARY RESPONSIBILITY FINANCIAL CRISES FINANCIAL DEEPENING FINANCIAL INSTITUTIONS FINANCIAL MARKETS FINANCIAL POLICIES FINANCIAL RISK FINANCIAL SECTOR FINANCIAL SERVICES FINANCIAL SYSTEMS FINANCIAL TRANSACTIONS FISCAL POLICIES FOREIGN BANKS FREE TRADE GDP GDP PER CAPITA GOVERNMENT BONDS GOVERNMENT SECURITIES HOUSING HUMAN CAPITAL IMPORTS INDIVIDUAL ACCOUNTS INFLATION INSPECTIONS INSURANCE INSURANCE COMPANIES INSURANCE POLICIES INTEGRITY INTEREST RATE INTEREST RATES INTERNATIONAL FINANCIAL INSTRUMENTS LABOR FORCE LABOR MARKETS LIBERALIZATION LIFE INSURANCE LIQUID ASSETS LIQUIDATION LIQUIDITY LONG TERM LIABILITIES LONG TERM SAVINGS M2 MACROECONOMIC POLICIES MACROECONOMIC POLICY MANDATES MARKET INSTRUMENTS MARKETABLE SECURITIES MATURITIES MERGERS OPEN ECONOMIES OPERATING COSTS PAYMENT SYSTEMS PENSION FUNDS PENSIONS PER CAPITA INCOME POLICY MAKERS PRIVATE CONSUMPTION PROGRAMS PROVIDENT FUNDS REAL SECTOR RETIREMENT RISK DIVERSIFICATION RISK MANAGEMENT RISK PREMIUM SAVING PLANS SAVINGS SECURITIES MARKETS SELF INSURANCE SOCIAL SECURITY SOLVENCY SUBSIDIARIES SUNK COSTS SUPERVISORY AGENCIES SUPERVISORY FRAMEWORK TERMS OF TRADE TRANSACTION COSTS UNEMPLOYMENT VALUATION VALUE ADDED WEALTH
spellingShingle	CONTRACTUAL SAVINGS FINANCIAL SECTOR FINANCIAL SYSTEMS GOVERNANCE WEALTH PER CAPITA INCOME BANKING SYSTEMS INSURANCE COMPANIES MACROECONOMIC POLICY CAPITAL ACCOUNT PENSION SYSTEMS CONTINGENCY FINANCING SAVINGS RISK MANAGEMENT GOVERNMENT COMMITMENTS GOVERNMENT REGULATION SUPERVISION COMPETITIVENESS INTERNATIONAL INVESTMENTS ADVERSE EFFECTS AGENTS ASSET MANAGEMENT ASSET MANAGEMENT COMPANIES ASSETS BANK DEPOSITS BANKING CRISES BANKING SYSTEM BANKING SYSTEMS BANKS BONDS CAPITAL FLOWS CAPITAL MARKETS CENTRAL BANK CIVIL SERVICE COMMISSIONS CONSOLIDATION CONTINGENT LIABILITIES CONTRACTUAL SAVING CONTRACTUAL SAVINGS CONTRACTUAL SAVINGS INSTITUTIONS COST OF CAPITAL COVERAGE DEBT DISCOUNT RATE ECONOMIC GROWTH ECONOMIES OF SCALE EQUITY INVESTMENTS EXCHANGE RATE EXPORTS EXTERNALITIES FIDUCIARY FIDUCIARY RESPONSIBILITY FINANCIAL CRISES FINANCIAL DEEPENING FINANCIAL INSTITUTIONS FINANCIAL MARKETS FINANCIAL POLICIES FINANCIAL RISK FINANCIAL SECTOR FINANCIAL SERVICES FINANCIAL SYSTEMS FINANCIAL TRANSACTIONS FISCAL POLICIES FOREIGN BANKS FREE TRADE GDP GDP PER CAPITA GOVERNMENT BONDS GOVERNMENT SECURITIES HOUSING HUMAN CAPITAL IMPORTS INDIVIDUAL ACCOUNTS INFLATION INSPECTIONS INSURANCE INSURANCE COMPANIES INSURANCE POLICIES INTEGRITY INTEREST RATE INTEREST RATES INTERNATIONAL FINANCIAL INSTRUMENTS LABOR FORCE LABOR MARKETS LIBERALIZATION LIFE INSURANCE LIQUID ASSETS LIQUIDATION LIQUIDITY LONG TERM LIABILITIES LONG TERM SAVINGS M2 MACROECONOMIC POLICIES MACROECONOMIC POLICY MANDATES MARKET INSTRUMENTS MARKETABLE SECURITIES MATURITIES MERGERS OPEN ECONOMIES OPERATING COSTS PAYMENT SYSTEMS PENSION FUNDS PENSIONS PER CAPITA INCOME POLICY MAKERS PRIVATE CONSUMPTION PROGRAMS PROVIDENT FUNDS REAL SECTOR RETIREMENT RISK DIVERSIFICATION RISK MANAGEMENT RISK PREMIUM SAVING PLANS SAVINGS SECURITIES MARKETS SELF INSURANCE SOCIAL SECURITY SOLVENCY SUBSIDIARIES SUNK COSTS SUPERVISORY AGENCIES SUPERVISORY FRAMEWORK TERMS OF TRADE TRANSACTION COSTS UNEMPLOYMENT VALUATION VALUE ADDED WEALTH Impavido, Gregorio Musalem, Alberto R. Vittas, Dimitri Contractual Savings in Countries with a Small Financial Sector
relation	Policy Research Working Paper;No.2841
description	Countries with small financial systems are generally small economies with a reduced dimension of institutional relationships, a greater concentration of wealth, and a relatively less independent civil service. These characteristics facilitate concentration of functions and, more generally, weak governance. Only small economies with a relatively high level of per capita income, minimum core of sound banks and insurance companies, sound and credible macroeconomic policies, and open capital accounts can benefit from the development of contractual savings. This can increase the options to obtain sound coverage against contingencies, increase the supply of long term savings, promote financial deepening, and improve financial risk management.
format	Publications & Research :: Policy Research Working Paper
author	Impavido, Gregorio Musalem, Alberto R. Vittas, Dimitri
author_facet	Impavido, Gregorio Musalem, Alberto R. Vittas, Dimitri
author_sort	Impavido, Gregorio
title	Contractual Savings in Countries with a Small Financial Sector
title_short	Contractual Savings in Countries with a Small Financial Sector
title_full	Contractual Savings in Countries with a Small Financial Sector
title_fullStr	Contractual Savings in Countries with a Small Financial Sector
title_full_unstemmed	Contractual Savings in Countries with a Small Financial Sector
title_sort	contractual savings in countries with a small financial sector
publisher	World Bank, Washington, D.C.
publishDate	2013
url	http://documents.worldbank.org/curated/en/2002/05/1781148/contractual-savings-countries-small-financial-sector http://hdl.handle.net/10986/14289
_version_	1764429928861794304

Contractual Savings in Countries with a Small Financial Sector

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