Contractual Savings in Countries with a Small Financial Sector

Countries with small financial systems are generally small economies with a reduced dimension of institutional relationships, a greater concentration of wealth, and a relatively less independent civil service. These characteristics facilitate concentration of functions and, more generally, weak governance. Only small economies with a relatively high level of per capita income, minimum core of sound banks and insurance companies, sound and credible macroeconomic policies, and open capital accounts can benefit from the development of contractual savings. This can increase the options to obtain sound coverage against contingencies, increase the supply of long term savings, promote financial deepening, and improve financial risk management.

Bibliographic Details

Main Authors:	Impavido, Gregorio, Musalem, Alberto R., Vittas, Dimitri
Language:	English en_US
Published:	World Bank, Washington, D.C. 2002-05
Subjects:	CONTRACTUAL SAVINGS, FINANCIAL SECTOR, FINANCIAL SYSTEMS, GOVERNANCE, WEALTH, PER CAPITA INCOME, BANKING SYSTEMS, INSURANCE COMPANIES, MACROECONOMIC POLICY, CAPITAL ACCOUNT, PENSION SYSTEMS, CONTINGENCY FINANCING, SAVINGS, RISK MANAGEMENT, GOVERNMENT COMMITMENTS, GOVERNMENT REGULATION, SUPERVISION, COMPETITIVENESS, INTERNATIONAL INVESTMENTS ADVERSE EFFECTS, AGENTS, ASSET MANAGEMENT, ASSET MANAGEMENT COMPANIES, ASSETS, BANK DEPOSITS, BANKING CRISES, BANKING SYSTEM, BANKS, BONDS, CAPITAL FLOWS, CAPITAL MARKETS, CENTRAL BANK, CIVIL SERVICE, COMMISSIONS, CONSOLIDATION, CONTINGENT LIABILITIES, CONTRACTUAL SAVING, CONTRACTUAL SAVINGS INSTITUTIONS, COST OF CAPITAL, COVERAGE, DEBT, DISCOUNT RATE, ECONOMIC GROWTH, ECONOMIES OF SCALE, EQUITY INVESTMENTS, EXCHANGE RATE, EXPORTS, EXTERNALITIES, FIDUCIARY, FIDUCIARY RESPONSIBILITY, FINANCIAL CRISES, FINANCIAL DEEPENING, FINANCIAL INSTITUTIONS, FINANCIAL MARKETS, FINANCIAL POLICIES, FINANCIAL RISK, FINANCIAL SERVICES, FINANCIAL TRANSACTIONS, FISCAL POLICIES, FOREIGN BANKS, FREE TRADE, GDP, GDP PER CAPITA, GOVERNMENT BONDS, GOVERNMENT SECURITIES, HOUSING, HUMAN CAPITAL, IMPORTS, INDIVIDUAL ACCOUNTS, INFLATION, INSPECTIONS, INSURANCE, INSURANCE POLICIES, INTEGRITY, INTEREST RATE, INTEREST RATES, INTERNATIONAL FINANCIAL INSTRUMENTS, LABOR FORCE, LABOR MARKETS, LIBERALIZATION, LIFE INSURANCE, LIQUID ASSETS, LIQUIDATION, LIQUIDITY, LONG TERM LIABILITIES, LONG TERM SAVINGS, M2, MACROECONOMIC POLICIES, MANDATES, MARKET INSTRUMENTS, MARKETABLE SECURITIES, MATURITIES, MERGERS, OPEN ECONOMIES, OPERATING COSTS, PAYMENT SYSTEMS, PENSION FUNDS, PENSIONS, POLICY MAKERS, PRIVATE CONSUMPTION, PROGRAMS, PROVIDENT FUNDS, REAL SECTOR, RETIREMENT, RISK DIVERSIFICATION, RISK PREMIUM, SAVING PLANS, SECURITIES MARKETS, SELF INSURANCE, SOCIAL SECURITY, SOLVENCY, SUBSIDIARIES, SUNK COSTS, SUPERVISORY AGENCIES, SUPERVISORY FRAMEWORK, TERMS OF TRADE, TRANSACTION COSTS, UNEMPLOYMENT, VALUATION, VALUE ADDED,
Online Access:	http://documents.worldbank.org/curated/en/2002/05/1781148/contractual-savings-countries-small-financial-sector https://hdl.handle.net/10986/14289
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