Pension funds and the financing productive investment: analysis based on Brazil's recent experience
Rogério Studart, United Nations. Economic Commission for Latin America and the Caribbean, Joint ECLAC/GTZ "Pension Fund and Old Age Provisions."
ECLAC, Development Finance Unit, International Trade and Development Finance Division, Oct 13, 2000 - Business & Economics - 63 pages
This paper analyses the recent development of pension funds in Brazil. It assesses the potential of pension funds to finance productive investment and discusses policies that could maximise this potential. The paper concludes that the effectiveness of pension funds to fund productive investment is dependent on: the macroeconomic environment; the degree of volatility of asset prices; market organisation and regulation and the existence of appropriate institutions to mediate between institutional investors and primary corporate securities markets.
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Tables Table 1 Portfolio distribution of pension funds in selected countries 1990
The theory briefly revisited
13 other sections not shown
Abrapp aggregate saving América Latina asset markets asset prices Banco Central banking sector beneficiaries billion BNDES BOVESPA Brazil Brazil's financial system Brazilian capital inflows capital markets central bank Central do Brasil Chile Colombia corporate sector debentures debt developing economies domestic experiencia external liberalization Felipe Jiménez financial institutions financial intermediaries financial structure financiamiento financing of productive fiscal fixed-income foreign Fundo de Inv Ginnie Mae government bonds IBGE increase inflation institutional investors institutions and markets interest rates investment banks investment financing investment funds issued LC/L liquidity listed companies loans long-term securities macroeconomic environment market failures mergers and acquisitions multiple banks Número de venta participation pension system policies política portfolio allocation potential price stability private pension funds productive investment quasi-rents quotas in investment rapid growth reform regulation risk salud secondary markets securities markets securitization shares short-term significant sistema Source stimulate Studart Table Total trend vivienda volatility of asset