Financial Sector Dimensions of the Colombian Pension System

This paper provides an assessment of the funded pension system and the quality of the regulatory framework for both accumulation and payout phase. It suggests that the lack of portfolio diversification may contribute in the future to low returns an...

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Bibliographic Details
Main Authors:	Rudolph, Heinz, Cheikhrouhou, Hela, Rocha, Roberto, Thorburn, Craig
Format:	Publication
Language:	English en_US
Published:	Washington, DC: World Bank 2012
Subjects:	ACCOUNTING AGE-EARNINGS AGE-EARNINGS PROFILES ASSET CLASS ASSET CLASSES ASSET MANAGEMENT ASSET MANAGERS AVERAGE WAGE BANKING CRISIS BANKRUPTCY BANKS BARRIER TO ENTRY BASE WAGE BASIS POINTS BENEFICIARIES BENEFIT FORMULA BOND FUNDS BOND SPREADS CAPITAL GAIN CAPITAL GAINS CAPITAL MARKET CAPITAL MARKET DEVELOPMENT CAPITAL REQUIREMENTS CDS CENTRAL BANK CONTINGENT LIABILITY CONTRIBUTION CONTRIBUTION RATE CONTRIBUTION RATES CONTRIBUTIONS CORPORATE BOND CORPORATE BOND MARKET CORPORATE BONDS CORPORATE GOVERNANCE CREDIBILITY CREDIT RISK CURRENCY CURRENCY RISK DEBT FINANCING DEFICITS DERIVATIVES DISCOUNT RATE DIVERSIFIED PORTFOLIOS DOMESTIC CAPITAL DOMESTIC CAPITAL MARKET DOMESTIC DEBT DOMESTIC EQUITY ECONOMIC DEVELOPMENT ELIGIBLE INVESTMENTS EMPLOYMENT HISTORY EQUITY FUNDS EQUITY HOLDINGS EXPENDITURES EXTERNAL DEBT FEDERAL BUDGET FINANCIAL ASSETS FINANCIAL INSTITUTION FINANCIAL INSTITUTIONS FINANCIAL INSTRUMENTS FINANCIAL SECTOR FINANCIAL SYSTEM FISCAL BURDEN FISCAL DEFICIT FISCAL POLICY FIXED INCOME FIXED INCOME MARKET FIXED INCOME SECURITIES FOREIGN EQUITY FOREIGN EXCHANGE FOREIGN INVESTMENTS FOREIGN MARKET FOREIGN MARKETS FUND MANAGERS GOVERNMENT BONDS GOVERNMENT DEBT GOVERNMENT PAPER GUARANTEE FUND HOLDING HOLDINGS OF GOVERNMENT SECURITIES INCOME INSTRUMENTS INCOME SECURITY INCOMES INDEPENDENT FINANCIAL ADVICE INDIVIDUAL ACCOUNT INDIVIDUAL ACCOUNTS INDIVIDUAL PENSION INFLATION INFLATION RATE INFORMED DECISION INFRASTRUCTURE BOND INFRASTRUCTURE BONDS INSTITUTIONAL INVESTORS INSTRUMENT INSURANCE INSURANCE INDUSTRY INSURANCE PENETRATION INSURANCE POLICY INSURANCE PREMIUM INSURANCE PREMIUMS INTEREST RATE INTEREST RATES INTERNATIONAL BANK INTERNATIONAL FINANCE INTERNATIONAL PORTFOLIO INVESTMENT CORPORATION INVESTMENT DECISIONS INVESTMENT FUNDS INVESTMENT PORTFOLIOS INVESTMENT REGIME INVESTMENT REGULATION INVESTMENT REGULATIONS INVESTMENT STRATEGIES INVESTMENTS IN EQUITY ISSUANCE JOINT STOCK COMPANIES LABOR FORCE LABOR MARKET LABOR MARKETS LEVY LIFE INSURANCE LIFE INSURANCE COMPANIES LIFE INSURANCE COMPANY LIFE INSURANCE PREMIUMS LIQUIDITY LONG-TERM ASSETS LUMP SUM LUMP SUMS MARKET CAPITALIZATION MARKET FOR GOVERNMENT SECURITIES MARKET INSTRUMENTS MARKET PARTICIPANTS MARKET SHARE MARKET SHARES MARKET STRUCTURE MATURITY MINIMUM CONTRIBUTION MINIMUM PENSION MINIMUM WAGE MINIMUM WAGES MONEY MARKET MORTGAGE MORTGAGE BONDS MORTGAGE-BACKED SECURITIES MUTUAL FUND MUTUAL FUND INDUSTRY MUTUAL FUNDS NATIONAL SAVINGS NOMINAL YIELD PENSION PENSION ASSETS PENSION FUND PENSION FUND ADMINISTRATORS PENSION FUND ASSETS PENSION FUND INVESTMENTS PENSION FUND RETURNS PENSION FUNDS PENSION REFORM PENSION SCHEME PENSION SCHEMES PENSION SYSTEM PENSION SYSTEM REFORMS PENSION SYSTEMS PENSIONERS PENSIONS PORTFOLIO PORTFOLIO ALLOCATION PORTFOLIO DIVERSIFICATION PORTFOLIO MANAGEMENT PORTFOLIO REGULATION PORTFOLIOS PORTFOLIOS OF PENSION FUNDS POVERTY ALLEVIATION PRIMARY MARKET PRIVATE EQUITY PRIVATE PENSION PRIVATE PENSION FUND PRIVATE PENSION FUNDS PUBLIC DEBT PUBLIC SECTOR DEBT RATE OF GROWTH RATE OF RETURN RATES OF RETURN REGULATORY CONSTRAINTS REGULATORY FRAMEWORK RESERVE RESERVES RETIRED RETIRED WORKERS RETIREMENT RETIREMENT AGE RETIREMENT PRODUCTS RETURNS RETURNS ON EQUITY SAFETY NET SALES SALES AGENTS SECONDARY MARKET SHARE OF GOVERNMENT SECURITIES SHAREHOLDERS SOCIAL ASSISTANCE SOCIAL SECURITY SOLVENCY SOVEREIGN RISK STOCK EXCHANGE STOCKS SUPERVISORY AGENCY TAX TAX REGIME TAX RULES TERM DEPOSITS TOTAL DEBT TREASURY TREASURY BONDS TURNOVER VALUABLE WAGE WAGE GROWTH WAGES WITHDRAWAL WORKING LIFE WORKING LIVES YIELD CURVE YIELD CURVES
Online Access:	http://documents.worldbank.org/curated/en/2007/01/8100922/financial-sector-dimensions-colombian-pension-system http://hdl.handle.net/10986/6785