Asset Allocation Challenges for Pension Funds: Implications for Bond Markets
Pension funds have become the largest class of investors in many markets and, given their size, the allocation of their assets has important implications for the relative prices of financial assets. There may be a trend shift of private (defined benefit) pension fund asset allocation strategies away...
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| Other Authors: | |
| Format: | Electronic Book Chapter |
| Language: | English |
| Published: |
Paris
OECD Publishing
2007
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| Subjects: | |
| Online Access: | DE-384 DE-473 DE-824 DE-29 DE-739 DE-355 DE-20 DE-1028 DE-1049 DE-521 DE-861 DE-898 DE-92 DE-91 DE-573 DE-19 Volltext |
| Summary: | Pension funds have become the largest class of investors in many markets and, given their size, the allocation of their assets has important implications for the relative prices of financial assets. There may be a trend shift of private (defined benefit) pension fund asset allocation strategies away from equity to bonds, especially to government bonds, given their limited credit risk. The potential demand for such bonds could, in principle, be very substantial, sufficient in fact to result in a scarcity of such bonds in circulation. Many debt managers have taken advantage of current bond market conditions and issued long-term to ultra-long-term bonds. But whether they should follow a strategy of maturity-lengthening with the express aim to facilitate the task for pension fund managers is a different matter. Most policy makers would not recommend that governments undertake to issue long-term debt with the express intent of meeting this demand, not least because they expect the price mechanism to clear apparent imbalances in asset markets |
| Physical Description: | 1 Online-Ressource (28 Seiten) |
| DOI: | 10.1787/fmt-v2007-art7-en |
Staff View
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| spelling | Ervin, Carolyn Verfasser aut Asset Allocation Challenges for Pension Funds Implications for Bond Markets Carolyn Ervin and Sebastian Schich Paris OECD Publishing 2007 1 Online-Ressource (28 Seiten) txt rdacontent c rdamedia cr rdacarrier Pension funds have become the largest class of investors in many markets and, given their size, the allocation of their assets has important implications for the relative prices of financial assets. There may be a trend shift of private (defined benefit) pension fund asset allocation strategies away from equity to bonds, especially to government bonds, given their limited credit risk. The potential demand for such bonds could, in principle, be very substantial, sufficient in fact to result in a scarcity of such bonds in circulation. Many debt managers have taken advantage of current bond market conditions and issued long-term to ultra-long-term bonds. But whether they should follow a strategy of maturity-lengthening with the express aim to facilitate the task for pension fund managers is a different matter. Most policy makers would not recommend that governments undertake to issue long-term debt with the express intent of meeting this demand, not least because they expect the price mechanism to clear apparent imbalances in asset markets Finance and Investment Schich, Sebastian ctb https://doi.org/10.1787/fmt-v2007-art7-en Verlag URL des Erstveröffentlichers Volltext |
| spellingShingle | Ervin, Carolyn Asset Allocation Challenges for Pension Funds Implications for Bond Markets Finance and Investment |
| title | Asset Allocation Challenges for Pension Funds Implications for Bond Markets |
| title_auth | Asset Allocation Challenges for Pension Funds Implications for Bond Markets |
| title_exact_search | Asset Allocation Challenges for Pension Funds Implications for Bond Markets |
| title_exact_search_txtP | Asset Allocation Challenges for Pension Funds Implications for Bond Markets |
| title_full | Asset Allocation Challenges for Pension Funds Implications for Bond Markets Carolyn Ervin and Sebastian Schich |
| title_fullStr | Asset Allocation Challenges for Pension Funds Implications for Bond Markets Carolyn Ervin and Sebastian Schich |
| title_full_unstemmed | Asset Allocation Challenges for Pension Funds Implications for Bond Markets Carolyn Ervin and Sebastian Schich |
| title_short | Asset Allocation Challenges for Pension Funds |
| title_sort | asset allocation challenges for pension funds implications for bond markets |
| title_sub | Implications for Bond Markets |
| topic | Finance and Investment |
| topic_facet | Finance and Investment |
| url | https://doi.org/10.1787/fmt-v2007-art7-en |
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