Aging populations, pension funds, and financial markets: regional perspectives and global challenges for central, eastern, and southern Europe
Gespeichert in:
| Format: | Buch |
|---|---|
| Sprache: | English |
| Veröffentlicht: |
Washington, D.C.
World Bank
2009
|
| Schlagworte: | |
| Online-Zugang: | Inhaltsverzeichnis |
| Beschreibung: | Includes bibliographical references and index |
| Beschreibung: | XVI, 162 S. graph. Darst. |
| ISBN: | 9780821377321 9780821377338 |
Internformat
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| 245 | 1 | 0 | |a Aging populations, pension funds, and financial markets |b regional perspectives and global challenges for central, eastern, and southern Europe |c Robert Holzmann, editor |
| 264 | 1 | |a Washington, D.C. |b World Bank |c 2009 | |
| 300 | |a XVI, 162 S. |b graph. Darst. | ||
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| 500 | |a Includes bibliographical references and index | ||
| 650 | 4 | |a Old age pensions |z Europe, Central |x Finance | |
| 650 | 4 | |a Old age pensions |z Europe, Eastern |x Finance | |
| 650 | 4 | |a Old age pensions |z Europe, Southern |x Finance | |
| 650 | 4 | |a Population aging |z Europe, Central | |
| 650 | 4 | |a Population aging |z Europe, Eastern | |
| 650 | 4 | |a Population aging |z Europe, Southern | |
| 650 | 4 | |a Finance |z Europe, Central | |
| 650 | 4 | |a Finance |z Europe, Eastern | |
| 650 | 4 | |a Finance |z Europe, Southern | |
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| 650 | 0 | 7 | |a Altersversorgung |0 (DE-588)4001479-4 |2 gnd |9 rswk-swf |
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Datensatz im Suchindex
| _version_ | 1804138666264625152 |
|---|---|
| adam_text | Titel: Aging populations, pension funds, and financial markets
Autor: Holzmann, Robert
Jahr: 2009
Contents
Preface xi
Acknowledgments xiii
Abbreviations and Acronyms xv
Chapter 1 Introduction, Main Messages, and Policy
Conclusions 1
Robert Holzmann
Structure of the Book 2
Overview and Key Messages 3
Policy Conclusions and Future Priorities 8
Note 11
Chapter 2 Were Financial Systems in CESE Countries
Prepared for the Challenges of Multipillar
Pension Reform? 13
Robert Holzmann, Csaba Feher, and Hermann von
Gersdorff
Multipillar Reforms in Transition Economies 14
Financial Sector Readiness in the Region 23
vi Contents
Current Status of the Financial Sector 29
Conclusions 37
Notes 38
References 38
Chapter 3 How Can Financial Markets Be Developed to Better
Support Funded Systems? 41
Ricardo N. Bebczuk and Alberto R. Musalem
Is Too Much Money Chasing Too Few Assets? 41
Bank-Based and Market-Based Systems 51
Alternative Investment Options in Emerging
Countries 55
Conclusions 57
Notes 58
References 60
Chapter 4 Population Aging and the Payout of Benefits 63
Heinz Rudolph and Roberto Rocha
Lessons for Developing Annuity Markets 64
Preparing for the Payout of Benefits: Challenges
and Options 73
Conclusions 79
Notes 80
References 80
Chapter 5 Can the Financial Markets Generate Sustained
Returns on a Large Scale? 83
Ricardo N. Bebczuk and Alberto R. Musalem
Gross Financial Returns and Pension Fund Asset
Allocation 84
Net Pension Fund Returns 89
Conclusions 91
Notes 92
References 94
Chapter 6 Does Investing in Emerging Markets Help? 97
Ricardo N. Bebczuk and Alberto R. Musalem
International Financial Diversification and
Domestic Bias 97
Contents vii
Return, Risk, and International Diversification
Investing in Emerging Markets
Conclusions
Notes
References
Chapter 7 Will Population Aging Affect Rates of Return?
Robert Holzmann
Demographic Developments and Motivation
Will Aging Cause a Financial Market Meltdown?
The Impact of Aging on the Implicit Returns of
Unfunded Pension Schemes
Conclusions
Notes
References
Appendix Readiness Indicators
Conceptual Considerations
Ten Critical Areas of Readiness Assessment
Applied Methodology for Rating
References
Index
Figures
2.1 Readiness Indicator Scores at Reform and Five
Years Later, Five CESE Countries
2.2 Stock Market Capitalization as Percent of
GDP, Five CESE Countries, 2000 and 2006
2.3 Stock Trading Volume as Percent of Market
Capitalization, Five CESE Countries, 2000 and 2006
2.4 Readiness Indicator Scores, Four CESE Countries
with Voluntary Pension Schemes
3.1 Financial Structure, Chile, 1981 -2007
4.1 Bank Assets and Per Capita Income, 50 Countries, 2005
4.2 Nonbank Financial Institution (NBFI) Assets and Per
Capita Income, 50 Countries, 2005
4.3 Total Assets and Per Capita Income, 50 Countries, 2005
4.4 Ratio of Life Insurance Assets to Pension Assets, Chile,
1991-2005
102
105
112
113
115
119
120
123
130
134
135
135
139
139
149
155
156
157
26
27
28
29
54
66
67
67
71
viii Contents
7.1 Ratio of Savers to Dissavers by Region, 1950-2050 122
7.2 Asset Prices and Share of U.S. Population Age 40-64,
1950-2050 123
7.3 Real Stock Prices, United States, 1950-2006 and
Projected to 2050 127
Tables
2.1 Characteristics of Multipillar Pension Reforms in
Transition Economies 17
2.2 Gross Public Pension Expenditure in Relation to GDP,
European Union Members, 2004 and Projected to 2050 21
2.3 Transition Indicator Scores: Banking Reform and Interest
Rate Liberalization, 1989-2007 31
2.4 Transition Indicator Scores: Security Markets and
Nonbank Institutions, 1989-2007 33
2.5 Volume and Structure of Assets in Second-Pillar Pension
Funds as of December 2005 36
2.6 Allocation of Assets across Bond Categories as of
December 2005 37
3.1 Pension Funds and Financial Market Size, Selected
Countries 43
3.2 Pension Fund Regulatory Limits and Actual Shares,
Selected Countries, 2007 44
3.3 Bank Deposits and Stock Held by Pension Funds,
Selected Countries, Recent Years 44
3.4 Number of Listed Firms and Concentration of Market
Capitalization, Selected Countries, 1966 and 2006-7 49
3.5 Absolute and Relative Size of Banking Sectors and Capital
Markets, Selected Countries, Circa 2006 52
4.1 Population Share of the Elderly and Per Capita Income,
2005 66
4.2 Assets of Banks and Nonbank Financial Institutions
(NBFIs) as Share of GDP 66
4.3 Average Age, Average Wage, Average Balance, and
Membership Size of Lifestyle Portfolios, Chile,
December 2005 70
4.4 Composition of Lifestyle Portfolios, Chile, June 2007 70
4.5 Portfolios of Chilean Life Insurance Companies, Selected
Years, 1986-2006 71
Contents ix
4.6 Portfolios of Chilean Pension Funds, Selected Years,
1986-2006 72
4.7 Payout Phase Design in Five Countries with Mandatory
Second Pillars 74
5.1 Annual Real Returns and Standard Deviations of Domestic
Assets, 39 OECD and Emerging Countries 84
5.2 Portfolio Allocation in High-Income OECD Countries, 2006 85
5.3 Portfolio Allocation in Selected Emerging Countries, 2007 86
5.4 Annual Gross Real Pension Fund Returns in Selected
OECD Countries, 1970-95 87
5.5 Long-Term Stock Returns in the United Kingdom and the
United States, 1872-2007 88
5.6 Impact of Administrative Costs on Yields and Assets,
Selected Emerging Countries 90
5.7 Net Real Annual Returns as Percent of GDP Growth,
Selected OECD Countries, 1970-95 90
5.8 Net Real Annual Returns in Emerging Countries from
Inception of Pension Fund to 2007 91
6.1 Share of Foreign Assets in Household Financial Portfolios,
Selected OECD Countries, 1981 -99 99
6.2 Foreign Asset Limits in Pension Portfolios in High-Income
OECD Countries 100
6.3 Share of Foreign Assets in Pension Portfolios, Selected
OECD Countries, 1980-2006 100
6.4 Share of Foreign Assets in Pension Portfolios, Selected
OECD Countries, 2006 101
6.5 Foreign Asset Limits in Pension Portfolios in High-Income
OECD Countries, 2007 101
6.6 Share of Foreign Assets in Pension Portfolios in Emerging
Countries, 2007 101
6.7 Real Stock Return Correlation Matrix, Selected Countries,
1996-2007 102
6.8 Pension Replacement Ratios for Alternative Domestic
and Foreign Portfolios, Selected Countries 103
6.9 Pension Fund Real Returns and Risk, OECD Countries 104
6.10 Optimal Foreign Assets Share by Target Return,
OECD Countries 104
6.11 Optimal Foreign Assets Share by Target Return,
Emerging Countries 104
x Contents
6.12 Dollar Returns and Volatility of Equity Indexes, 1999-2007 107
6.13 Legal and Effective Shareholder Rights, Emerging and
OECD Countries 108
6.14 Market Capitalization, Volume, and Turnover, 2007 110
6.15 Pension Assets in OECD Countries as a Multiple
of Market Capitalization in Emerging Economies 111
7.1 Change in Projected Labor Force, by Region,
2005-50 124
7.2 Annual Labor Force Growth Rates, by Region,
2025-50 132
A. 1 Indicators of Financial Market Readiness in
Nine CESE Countries 140
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| spelling | Aging populations, pension funds, and financial markets regional perspectives and global challenges for central, eastern, and southern Europe Robert Holzmann, editor Washington, D.C. World Bank 2009 XVI, 162 S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier Includes bibliographical references and index Old age pensions Europe, Central Finance Old age pensions Europe, Eastern Finance Old age pensions Europe, Southern Finance Population aging Europe, Central Population aging Europe, Eastern Population aging Europe, Southern Finance Europe, Central Finance Europe, Eastern Finance Europe, Southern Pensionskasse (DE-588)4045107-0 gnd rswk-swf Altersversorgung (DE-588)4001479-4 gnd rswk-swf Bevölkerungsentwicklung (DE-588)4006292-2 gnd rswk-swf (DE-588)1071861417 Konferenzschrift 2007 Prag gnd-content Bevölkerungsentwicklung (DE-588)4006292-2 s Altersversorgung (DE-588)4001479-4 s Pensionskasse (DE-588)4045107-0 s DE-604 Holzmann, Robert 1949- Sonstige (DE-588)10846329X oth HBZ Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=017151446&sequence=000004&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Aging populations, pension funds, and financial markets regional perspectives and global challenges for central, eastern, and southern Europe Old age pensions Europe, Central Finance Old age pensions Europe, Eastern Finance Old age pensions Europe, Southern Finance Population aging Europe, Central Population aging Europe, Eastern Population aging Europe, Southern Finance Europe, Central Finance Europe, Eastern Finance Europe, Southern Pensionskasse (DE-588)4045107-0 gnd Altersversorgung (DE-588)4001479-4 gnd Bevölkerungsentwicklung (DE-588)4006292-2 gnd |
| subject_GND | (DE-588)4045107-0 (DE-588)4001479-4 (DE-588)4006292-2 (DE-588)1071861417 |
| title | Aging populations, pension funds, and financial markets regional perspectives and global challenges for central, eastern, and southern Europe |
| title_auth | Aging populations, pension funds, and financial markets regional perspectives and global challenges for central, eastern, and southern Europe |
| title_exact_search | Aging populations, pension funds, and financial markets regional perspectives and global challenges for central, eastern, and southern Europe |
| title_full | Aging populations, pension funds, and financial markets regional perspectives and global challenges for central, eastern, and southern Europe Robert Holzmann, editor |
| title_fullStr | Aging populations, pension funds, and financial markets regional perspectives and global challenges for central, eastern, and southern Europe Robert Holzmann, editor |
| title_full_unstemmed | Aging populations, pension funds, and financial markets regional perspectives and global challenges for central, eastern, and southern Europe Robert Holzmann, editor |
| title_short | Aging populations, pension funds, and financial markets |
| title_sort | aging populations pension funds and financial markets regional perspectives and global challenges for central eastern and southern europe |
| title_sub | regional perspectives and global challenges for central, eastern, and southern Europe |
| topic | Old age pensions Europe, Central Finance Old age pensions Europe, Eastern Finance Old age pensions Europe, Southern Finance Population aging Europe, Central Population aging Europe, Eastern Population aging Europe, Southern Finance Europe, Central Finance Europe, Eastern Finance Europe, Southern Pensionskasse (DE-588)4045107-0 gnd Altersversorgung (DE-588)4001479-4 gnd Bevölkerungsentwicklung (DE-588)4006292-2 gnd |
| topic_facet | Old age pensions Europe, Central Finance Old age pensions Europe, Eastern Finance Old age pensions Europe, Southern Finance Population aging Europe, Central Population aging Europe, Eastern Population aging Europe, Southern Finance Europe, Central Finance Europe, Eastern Finance Europe, Southern Pensionskasse Altersversorgung Bevölkerungsentwicklung Konferenzschrift 2007 Prag |
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