Pension Reform and Capital Market Development: "feasibility" and "impact" Preconditions
Private pension funds are neither necessary nor sufficient for capital market development. But if they are subject to conducive regulations, adopt optimizing policies, and operate in a pluralistic structure, they can have a large impact on capital market modernization and development once they reach a critical mass.
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adoption of conducive asset allocation asset managers attainment of critical banks and insurance buy and hold capital market development Chile conducive regulations contractual savings core of solvent corporate governance creation of funded critical mass deficits developing countries domestic institutional investors effective regulatory efficient banks equity market financial innovation financial markets financial regulation foreign direct investment foster a small fund management funded pension plans impact on capital important feasibility include the attainment insurance companies international investors July 2000 July lasting commitment Latin America Malaysia Market Trading mutual funds national provident funds NDC reforms objective of pension optimizing policies pension reform program percent of GDP pluralistic structures Policy Research prevalence of pluralistic pursuit of optimizing reform and capital regulatory and supervisory robust securities markets short-cuts solvent and efficient South Africa Sri Lanka strong and lasting supervisory agency Switzerland systemic pension reform United Kingdom value of trading Vittas Walker and Lefort World Bank