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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| Format: | Elektronisch Artikel |
| Sprache: | English |
| Veröffentlicht: |
Paris
OECD Publishing
2007
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| Online-Zugang: | Volltext |
| Zusammenfassung: | 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. |
| Beschreibung: | 1 Online-Ressource (28 p.) |
| DOI: | 10.1787/fmt-v2007-art7-en |
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| 520 | |a 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. | ||
| 650 | 4 | |a Finance and Investment | |
| 700 | 1 | |a Schich, Sebastian |e MitwirkendeR |4 ctb | |
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| spelling | Ervin, Carolyn VerfasserIn aut Asset Allocation Challenges for Pension Funds Implications for Bond Markets Carolyn, Ervin and Sebastian, Schich Paris OECD Publishing 2007 1 Online-Ressource (28 p.) Text txt rdacontent Computermedien c rdamedia Online-Ressource 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 MitwirkendeR ctb Enthalten in Financial Market Trends Vol. 2007, no. 1, p. 129-151 volume:2007 year:2007 number:1 pages:129-151 FWS01 ZDB-13-SOC FWS_PDA_SOC https://doi.org/10.1787/fmt-v2007-art7-en 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_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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