Upgrading The Investment Policy Framework of Public Pension Funds:
Public pension funds have the potential to benefit from low operating costs because they enjoy economies of scale and avoid large marketing costs. But this important advantage has in most countries been dissipated by poor investment performance. The latter has been attributed to a weak governance st...
Gespeichert in:
| 1. Verfasser: | |
|---|---|
| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
Washington, D.C
The World Bank
2008
|
| Schlagworte: | |
| Online-Zugang: | BSB01 EUV01 HTW01 FHI01 IOS01 Volltext |
| Zusammenfassung: | Public pension funds have the potential to benefit from low operating costs because they enjoy economies of scale and avoid large marketing costs. But this important advantage has in most countries been dissipated by poor investment performance. The latter has been attributed to a weak governance structure, lack of independence from government interference, and a low level of transparency and public accountability. Recent years have witnessed the creation of new public pension funds in several countries, and the modernization of existing ones in others, with special emphasis placed on upgrading their investment policy framework and strengthening their governance structure. This paper focuses on the experience of four new public pension funds that have been created in Norway, Canada, Ireland and New Zealand. The paper discusses the safeguards that have been introduced to ensure their independence and their insulation from political pressures. It also reviews their performance and their evolving investment strategies. All four funds started with the romantic idea of operating as 'managers of managers' and focusing on external passive management but their strategies have progressively evolved to embrace internal active management and significant investments in alternative asset classes. The paper draws lessons for other countries that wish to modernize their public pension funds |
| Beschreibung: | 1 Online-Ressource (68 Seiten)) |
Internformat
MARC
| LEADER | 00000nmm a22000001c 4500 | ||
|---|---|---|---|
| 001 | BV049074122 | ||
| 003 | DE-604 | ||
| 005 | 00000000000000.0 | ||
| 007 | cr|uuu---uuuuu | ||
| 008 | 230731s2008 xxu|||| o||u| ||||||eng d | ||
| 035 | |a (ZDB-1-WBA)093230508 | ||
| 035 | |a (OCoLC)1392138696 | ||
| 035 | |a (DE-599)GBVNLM005466652 | ||
| 040 | |a DE-604 |b ger | ||
| 041 | 0 | |a eng | |
| 044 | |a xxu |c XD-US | ||
| 049 | |a DE-12 |a DE-521 |a DE-573 |a DE-523 |a DE-Re13 | ||
| 100 | 1 | |a Vittas, Dimitri |e Verfasser |4 aut | |
| 245 | 1 | 0 | |a Upgrading The Investment Policy Framework of Public Pension Funds |c Vittas, Dimitri |
| 264 | 1 | |a Washington, D.C |b The World Bank |c 2008 | |
| 300 | |a 1 Online-Ressource (68 Seiten)) | ||
| 336 | |b txt |2 rdacontent | ||
| 337 | |b c |2 rdamedia | ||
| 338 | |b cr |2 rdacarrier | ||
| 520 | 3 | |a Public pension funds have the potential to benefit from low operating costs because they enjoy economies of scale and avoid large marketing costs. But this important advantage has in most countries been dissipated by poor investment performance. The latter has been attributed to a weak governance structure, lack of independence from government interference, and a low level of transparency and public accountability. Recent years have witnessed the creation of new public pension funds in several countries, and the modernization of existing ones in others, with special emphasis placed on upgrading their investment policy framework and strengthening their governance structure. This paper focuses on the experience of four new public pension funds that have been created in Norway, Canada, Ireland and New Zealand. The paper discusses the safeguards that have been introduced to ensure their independence and their insulation from political pressures. It also reviews their performance and their evolving investment strategies. All four funds started with the romantic idea of operating as 'managers of managers' and focusing on external passive management but their strategies have progressively evolved to embrace internal active management and significant investments in alternative asset classes. The paper draws lessons for other countries that wish to modernize their public pension funds | |
| 533 | |a Online-Ausg | ||
| 650 | 4 | |a Alternative asset | |
| 650 | 4 | |a Asset classes | |
| 650 | 4 | |a Debt Markets | |
| 650 | 4 | |a Emerging Markets | |
| 650 | 4 | |a Finance and Financial Sector Development | |
| 650 | 4 | |a Financial Systems | |
| 650 | 4 | |a International Bank | |
| 650 | 4 | |a Investment Policy | |
| 650 | 4 | |a Investment and Investment Climate | |
| 650 | 4 | |a Investment strategies | |
| 650 | 4 | |a Macroeconomics and Economic Growth | |
| 650 | 4 | |a Pension | |
| 650 | 4 | |a Pension Funds | |
| 650 | 4 | |a Private Sector Development | |
| 650 | 4 | |a Reserves | |
| 650 | 4 | |a Transparency | |
| 700 | 1 | |a Vittas, Dimitri |e Sonstige |4 oth | |
| 700 | 1 | |a Impavido, Gregorio |e Sonstige |4 oth | |
| 700 | 1 | |a O'Connor, Ronan |e Sonstige |4 oth | |
| 776 | 0 | 8 | |i Vittas, Dimitri |a Upgrading The Investment Policy Framework of Public Pension Funds |
| 856 | 4 | 0 | |u http://elibrary.worldbank.org/content/workingpaper/10.1596/1813-9450-4499 |x Verlag |z URL des Erstveröffentlichers |3 Volltext |
| 912 | |a ZDB-1-WBA | ||
| 999 | |a oai:aleph.bib-bvb.de:BVB01-034336014 | ||
| 966 | e | |u http://elibrary.worldbank.org/content/workingpaper/10.1596/1813-9450-4499 |l BSB01 |p ZDB-1-WBA |x Verlag |3 Volltext | |
| 966 | e | |u http://elibrary.worldbank.org/content/workingpaper/10.1596/1813-9450-4499 |l EUV01 |p ZDB-1-WBA |x Verlag |3 Volltext | |
| 966 | e | |u http://elibrary.worldbank.org/content/workingpaper/10.1596/1813-9450-4499 |l HTW01 |p ZDB-1-WBA |x Verlag |3 Volltext | |
| 966 | e | |u http://elibrary.worldbank.org/content/workingpaper/10.1596/1813-9450-4499 |l FHI01 |p ZDB-1-WBA |x Verlag |3 Volltext | |
| 966 | e | |u http://elibrary.worldbank.org/content/workingpaper/10.1596/1813-9450-4499 |l IOS01 |p ZDB-1-WBA |x Verlag |3 Volltext | |
Datensatz im Suchindex
| _version_ | 1804185391107932160 |
|---|---|
| adam_txt | |
| any_adam_object | |
| any_adam_object_boolean | |
| author | Vittas, Dimitri |
| author_facet | Vittas, Dimitri |
| author_role | aut |
| author_sort | Vittas, Dimitri |
| author_variant | d v dv |
| building | Verbundindex |
| bvnumber | BV049074122 |
| collection | ZDB-1-WBA |
| ctrlnum | (ZDB-1-WBA)093230508 (OCoLC)1392138696 (DE-599)GBVNLM005466652 |
| discipline | Wirtschaftswissenschaften |
| discipline_str_mv | Wirtschaftswissenschaften |
| format | Electronic eBook |
| fullrecord | <?xml version="1.0" encoding="UTF-8"?><collection xmlns="http://www.loc.gov/MARC21/slim"><record><leader>03869nmm a22006131c 4500</leader><controlfield tag="001">BV049074122</controlfield><controlfield tag="003">DE-604</controlfield><controlfield tag="005">00000000000000.0</controlfield><controlfield tag="007">cr|uuu---uuuuu</controlfield><controlfield tag="008">230731s2008 xxu|||| o||u| ||||||eng d</controlfield><datafield tag="035" ind1=" " ind2=" "><subfield code="a">(ZDB-1-WBA)093230508</subfield></datafield><datafield tag="035" ind1=" " ind2=" "><subfield code="a">(OCoLC)1392138696</subfield></datafield><datafield tag="035" ind1=" " ind2=" "><subfield code="a">(DE-599)GBVNLM005466652</subfield></datafield><datafield tag="040" ind1=" " ind2=" "><subfield code="a">DE-604</subfield><subfield code="b">ger</subfield></datafield><datafield tag="041" ind1="0" ind2=" "><subfield code="a">eng</subfield></datafield><datafield tag="044" ind1=" " ind2=" "><subfield code="a">xxu</subfield><subfield code="c">XD-US</subfield></datafield><datafield tag="049" ind1=" " ind2=" "><subfield code="a">DE-12</subfield><subfield code="a">DE-521</subfield><subfield code="a">DE-573</subfield><subfield code="a">DE-523</subfield><subfield code="a">DE-Re13</subfield></datafield><datafield tag="100" ind1="1" ind2=" "><subfield code="a">Vittas, Dimitri</subfield><subfield code="e">Verfasser</subfield><subfield code="4">aut</subfield></datafield><datafield tag="245" ind1="1" ind2="0"><subfield code="a">Upgrading The Investment Policy Framework of Public Pension Funds</subfield><subfield code="c">Vittas, Dimitri</subfield></datafield><datafield tag="264" ind1=" " ind2="1"><subfield code="a">Washington, D.C</subfield><subfield code="b">The World Bank</subfield><subfield code="c">2008</subfield></datafield><datafield tag="300" ind1=" " ind2=" "><subfield code="a">1 Online-Ressource (68 Seiten))</subfield></datafield><datafield tag="336" ind1=" " ind2=" "><subfield code="b">txt</subfield><subfield code="2">rdacontent</subfield></datafield><datafield tag="337" ind1=" " ind2=" "><subfield code="b">c</subfield><subfield code="2">rdamedia</subfield></datafield><datafield tag="338" ind1=" " ind2=" "><subfield code="b">cr</subfield><subfield code="2">rdacarrier</subfield></datafield><datafield tag="520" ind1="3" ind2=" "><subfield code="a">Public pension funds have the potential to benefit from low operating costs because they enjoy economies of scale and avoid large marketing costs. But this important advantage has in most countries been dissipated by poor investment performance. The latter has been attributed to a weak governance structure, lack of independence from government interference, and a low level of transparency and public accountability. Recent years have witnessed the creation of new public pension funds in several countries, and the modernization of existing ones in others, with special emphasis placed on upgrading their investment policy framework and strengthening their governance structure. This paper focuses on the experience of four new public pension funds that have been created in Norway, Canada, Ireland and New Zealand. The paper discusses the safeguards that have been introduced to ensure their independence and their insulation from political pressures. It also reviews their performance and their evolving investment strategies. All four funds started with the romantic idea of operating as 'managers of managers' and focusing on external passive management but their strategies have progressively evolved to embrace internal active management and significant investments in alternative asset classes. The paper draws lessons for other countries that wish to modernize their public pension funds</subfield></datafield><datafield tag="533" ind1=" " ind2=" "><subfield code="a">Online-Ausg</subfield></datafield><datafield tag="650" ind1=" " ind2="4"><subfield code="a">Alternative asset</subfield></datafield><datafield tag="650" ind1=" " ind2="4"><subfield code="a">Asset classes</subfield></datafield><datafield tag="650" ind1=" " ind2="4"><subfield code="a">Debt Markets</subfield></datafield><datafield tag="650" ind1=" " ind2="4"><subfield code="a">Emerging Markets</subfield></datafield><datafield tag="650" ind1=" " ind2="4"><subfield code="a">Finance and Financial Sector Development</subfield></datafield><datafield tag="650" ind1=" " ind2="4"><subfield code="a">Financial Systems</subfield></datafield><datafield tag="650" ind1=" " ind2="4"><subfield code="a">International Bank</subfield></datafield><datafield tag="650" ind1=" " ind2="4"><subfield code="a">Investment Policy</subfield></datafield><datafield tag="650" ind1=" " ind2="4"><subfield code="a">Investment and Investment Climate</subfield></datafield><datafield tag="650" ind1=" " ind2="4"><subfield code="a">Investment strategies</subfield></datafield><datafield tag="650" ind1=" " ind2="4"><subfield code="a">Macroeconomics and Economic Growth</subfield></datafield><datafield tag="650" ind1=" " ind2="4"><subfield code="a">Pension</subfield></datafield><datafield tag="650" ind1=" " ind2="4"><subfield code="a">Pension Funds</subfield></datafield><datafield tag="650" ind1=" " ind2="4"><subfield code="a">Private Sector Development</subfield></datafield><datafield tag="650" ind1=" " ind2="4"><subfield code="a">Reserves</subfield></datafield><datafield tag="650" ind1=" " ind2="4"><subfield code="a">Transparency</subfield></datafield><datafield tag="700" ind1="1" ind2=" "><subfield code="a">Vittas, Dimitri</subfield><subfield code="e">Sonstige</subfield><subfield code="4">oth</subfield></datafield><datafield tag="700" ind1="1" ind2=" "><subfield code="a">Impavido, Gregorio</subfield><subfield code="e">Sonstige</subfield><subfield code="4">oth</subfield></datafield><datafield tag="700" ind1="1" ind2=" "><subfield code="a">O'Connor, Ronan</subfield><subfield code="e">Sonstige</subfield><subfield code="4">oth</subfield></datafield><datafield tag="776" ind1="0" ind2="8"><subfield code="i">Vittas, Dimitri</subfield><subfield code="a">Upgrading The Investment Policy Framework of Public Pension Funds</subfield></datafield><datafield tag="856" ind1="4" ind2="0"><subfield code="u">http://elibrary.worldbank.org/content/workingpaper/10.1596/1813-9450-4499</subfield><subfield code="x">Verlag</subfield><subfield code="z">URL des Erstveröffentlichers</subfield><subfield code="3">Volltext</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">ZDB-1-WBA</subfield></datafield><datafield tag="999" ind1=" " ind2=" "><subfield code="a">oai:aleph.bib-bvb.de:BVB01-034336014</subfield></datafield><datafield tag="966" ind1="e" ind2=" "><subfield code="u">http://elibrary.worldbank.org/content/workingpaper/10.1596/1813-9450-4499</subfield><subfield code="l">BSB01</subfield><subfield code="p">ZDB-1-WBA</subfield><subfield code="x">Verlag</subfield><subfield code="3">Volltext</subfield></datafield><datafield tag="966" ind1="e" ind2=" "><subfield code="u">http://elibrary.worldbank.org/content/workingpaper/10.1596/1813-9450-4499</subfield><subfield code="l">EUV01</subfield><subfield code="p">ZDB-1-WBA</subfield><subfield code="x">Verlag</subfield><subfield code="3">Volltext</subfield></datafield><datafield tag="966" ind1="e" ind2=" "><subfield code="u">http://elibrary.worldbank.org/content/workingpaper/10.1596/1813-9450-4499</subfield><subfield code="l">HTW01</subfield><subfield code="p">ZDB-1-WBA</subfield><subfield code="x">Verlag</subfield><subfield code="3">Volltext</subfield></datafield><datafield tag="966" ind1="e" ind2=" "><subfield code="u">http://elibrary.worldbank.org/content/workingpaper/10.1596/1813-9450-4499</subfield><subfield code="l">FHI01</subfield><subfield code="p">ZDB-1-WBA</subfield><subfield code="x">Verlag</subfield><subfield code="3">Volltext</subfield></datafield><datafield tag="966" ind1="e" ind2=" "><subfield code="u">http://elibrary.worldbank.org/content/workingpaper/10.1596/1813-9450-4499</subfield><subfield code="l">IOS01</subfield><subfield code="p">ZDB-1-WBA</subfield><subfield code="x">Verlag</subfield><subfield code="3">Volltext</subfield></datafield></record></collection> |
| id | DE-604.BV049074122 |
| illustrated | Not Illustrated |
| index_date | 2024-07-03T22:27:45Z |
| indexdate | 2024-07-10T09:54:29Z |
| institution | BVB |
| language | English |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-034336014 |
| oclc_num | 1392138696 |
| open_access_boolean | |
| owner | DE-12 DE-521 DE-573 DE-523 DE-Re13 DE-BY-UBR |
| owner_facet | DE-12 DE-521 DE-573 DE-523 DE-Re13 DE-BY-UBR |
| physical | 1 Online-Ressource (68 Seiten)) |
| psigel | ZDB-1-WBA |
| publishDate | 2008 |
| publishDateSearch | 2008 |
| publishDateSort | 2008 |
| publisher | The World Bank |
| record_format | marc |
| spelling | Vittas, Dimitri Verfasser aut Upgrading The Investment Policy Framework of Public Pension Funds Vittas, Dimitri Washington, D.C The World Bank 2008 1 Online-Ressource (68 Seiten)) txt rdacontent c rdamedia cr rdacarrier Public pension funds have the potential to benefit from low operating costs because they enjoy economies of scale and avoid large marketing costs. But this important advantage has in most countries been dissipated by poor investment performance. The latter has been attributed to a weak governance structure, lack of independence from government interference, and a low level of transparency and public accountability. Recent years have witnessed the creation of new public pension funds in several countries, and the modernization of existing ones in others, with special emphasis placed on upgrading their investment policy framework and strengthening their governance structure. This paper focuses on the experience of four new public pension funds that have been created in Norway, Canada, Ireland and New Zealand. The paper discusses the safeguards that have been introduced to ensure their independence and their insulation from political pressures. It also reviews their performance and their evolving investment strategies. All four funds started with the romantic idea of operating as 'managers of managers' and focusing on external passive management but their strategies have progressively evolved to embrace internal active management and significant investments in alternative asset classes. The paper draws lessons for other countries that wish to modernize their public pension funds Online-Ausg Alternative asset Asset classes Debt Markets Emerging Markets Finance and Financial Sector Development Financial Systems International Bank Investment Policy Investment and Investment Climate Investment strategies Macroeconomics and Economic Growth Pension Pension Funds Private Sector Development Reserves Transparency Vittas, Dimitri Sonstige oth Impavido, Gregorio Sonstige oth O'Connor, Ronan Sonstige oth Vittas, Dimitri Upgrading The Investment Policy Framework of Public Pension Funds http://elibrary.worldbank.org/content/workingpaper/10.1596/1813-9450-4499 Verlag URL des Erstveröffentlichers Volltext |
| spellingShingle | Vittas, Dimitri Upgrading The Investment Policy Framework of Public Pension Funds Alternative asset Asset classes Debt Markets Emerging Markets Finance and Financial Sector Development Financial Systems International Bank Investment Policy Investment and Investment Climate Investment strategies Macroeconomics and Economic Growth Pension Pension Funds Private Sector Development Reserves Transparency |
| title | Upgrading The Investment Policy Framework of Public Pension Funds |
| title_auth | Upgrading The Investment Policy Framework of Public Pension Funds |
| title_exact_search | Upgrading The Investment Policy Framework of Public Pension Funds |
| title_exact_search_txtP | Upgrading The Investment Policy Framework of Public Pension Funds |
| title_full | Upgrading The Investment Policy Framework of Public Pension Funds Vittas, Dimitri |
| title_fullStr | Upgrading The Investment Policy Framework of Public Pension Funds Vittas, Dimitri |
| title_full_unstemmed | Upgrading The Investment Policy Framework of Public Pension Funds Vittas, Dimitri |
| title_short | Upgrading The Investment Policy Framework of Public Pension Funds |
| title_sort | upgrading the investment policy framework of public pension funds |
| topic | Alternative asset Asset classes Debt Markets Emerging Markets Finance and Financial Sector Development Financial Systems International Bank Investment Policy Investment and Investment Climate Investment strategies Macroeconomics and Economic Growth Pension Pension Funds Private Sector Development Reserves Transparency |
| topic_facet | Alternative asset Asset classes Debt Markets Emerging Markets Finance and Financial Sector Development Financial Systems International Bank Investment Policy Investment and Investment Climate Investment strategies Macroeconomics and Economic Growth Pension Pension Funds Private Sector Development Reserves Transparency |
| url | http://elibrary.worldbank.org/content/workingpaper/10.1596/1813-9450-4499 |
| work_keys_str_mv | AT vittasdimitri upgradingtheinvestmentpolicyframeworkofpublicpensionfunds AT impavidogregorio upgradingtheinvestmentpolicyframeworkofpublicpensionfunds AT oconnorronan upgradingtheinvestmentpolicyframeworkofpublicpensionfunds |