Aging Population, Pension Funds, and Financial Markets : Regional Perspectives and Global Challenges for Central, Eastern, and Southern Europe

Population aging is a worldwide phenomenon, but it is particularly advanced in highly developed northern countries. The retirement of the baby-boom generation in these rich countries will impose additional, albeit temporary, pressure on their pension systems. To cope with this pressure, reforms have been introduced that have lessened the generosity of publicly provided pension benefits. By design and by implication, this change increases the importance of mandatory and voluntary funded retirement schemes in smoothing consumption across the life cycle. The first three chapters of this book investigate questions germane to pension systems in the Central, Eastern, and Southern Europe (CESE) economies: the extent to which pension systems were prepared to deal with multi pillar pension reform, how to foster the development of financial systems so that they can better support funded systems, and how ready the systems are for the approaching payout of benefits as the first participants in the funded pillar approach retirement age. The remaining three chapters investigate broader questions facing pension systems in both developed and emerging countries: the capacity of the financial markets to deliver sufficiently high net rates of return, the benefits and disadvantages of investment in emerging markets, and the effect of aging on the rates of return afforded by funded and unfunded schemes.

Bibliographic Details

Main Author:	Holzmann, Robert
Format:	Publication biblioteca
Language:	English
Published:	World Bank 2009
Subjects:	ADMINISTRATIVE CHARGES, ADMINISTRATIVE COSTS, ALLOCATION OF CAPITAL, ALTERNATIVE INVESTMENT, ANNUAL RETURNS, ARBITRAGE, ASSET ACCUMULATION, ASSET ALLOCATION, ASSET LIMITS, ASSET PRICES, AVERAGE WAGE, BANK ASSETS, BANK DEPOSITS, BANK POLICY, BANKING SECTOR, BANKING SECTORS, BANKING SYSTEM, BANKING SYSTEMS, BASIS POINTS, BENEFICIARIES, BENEFIT FORMULAS, BOND, BOND CATEGORIES, BOND CATEGORY, BOND INDEX, BOND MARKETS, CAPITAL ACCOUNTS, CAPITAL ASSET PRICING, CAPITAL FLOWS, CAPITAL MARKET, CAPITAL MARKET DEVELOPMENT, CAPITAL MARKETS, CAPITAL STOCKS, CONSUMER PROTECTION, CONTRACTUAL SAVINGS, CONTRIBUTION, CONTRIBUTION PAYMENTS, CONTRIBUTION RATES, CONTRIBUTIONS, CORPORATE BONDS, CORPORATE STOCKS, CREDIBILITY, CURRENCY, CURRENCY BOARDS, DEMOGRAPHIC PROFILE, DEVELOPING COUNTRIES, DOMESTIC CAPITAL, DOMESTIC CAPITAL MARKET, DOMESTIC CREDIT, DOMESTIC FINANCIAL MARKET, DOMESTIC FINANCIAL MARKETS, DOMESTIC MARKET, EDUCATIONAL PROGRAMS, EMERGING ECONOMIES, EMERGING MARKET, EMERGING MARKET ECONOMIES, EMERGING MARKETS, EQUITIES, EQUITY INDEXES, EXPENDITURE, EXPENDITURES, FACE VALUE, FINANCIAL ASSET, FINANCIAL ASSETS, FINANCIAL CRISES, FINANCIAL EDUCATION, FINANCIAL INFRASTRUCTURE, FINANCIAL INSTITUTION, FINANCIAL INSTITUTIONS, FINANCIAL INSTRUMENTS, FINANCIAL LITERACY, FINANCIAL MARKET, FINANCIAL MARKET DEVELOPMENT, FINANCIAL MARKET PARTICIPANTS, FINANCIAL MARKETS, FINANCIAL PORTFOLIOS, FINANCIAL PRODUCTS, FINANCIAL SECTOR, FINANCIAL SECTOR DEVELOPMENT, FINANCIAL SECTORS, FINANCIAL STABILITY, FINANCIAL STRUCTURE, FINANCIAL SUPPORT, FINANCIAL SYSTEMS, FISCAL POLICY, FISCAL SUSTAINABILITY, FIXED INVESTMENTS, FOREIGN BANKS, FOREIGN CURRENCIES, FOREIGN CURRENCY, FOREIGN INVESTMENT, FOREIGN MARKETS, FORMS OF CREDIT, FUND MANAGERS, GLOBAL ECONOMY, GOVERNMENT DEBT, GROSS DOMESTIC PRODUCT, HOLDING, HOLDINGS, INCOME INSTRUMENTS, INCOME LEVELS, INCOME SECURITY, INCOME TAXES, INDEXED BONDS, INFLATION, INSTITUTIONAL INVESTORS, INTEREST RATE, INTERNAL FINANCING, INTERNAL RATE OF RETURN, INTERNATIONAL BANK, INTERNATIONAL DIVERSIFICATION, INTERNATIONAL FINANCIAL MARKETS, INTERNATIONAL INVESTMENT, INVESTING, INVESTMENT ASSETS, INVESTMENT CAPITAL, INVESTMENT CHOICES, INVESTMENT POLICIES, INVESTMENT RETURNS, LABOR FORCE, LABOR MARKETS, LEVEL OF PENSION EXPENDITURE, LEVELS OF RISK, LEVIES, LEVY, LIFE EXPECTANCY, LIFE INSURANCE, LIFE INSURANCE COMPANIES, LIFETIME, LIQUIDITY, LONG-TERM INSTRUMENTS, LOW COST, LOW-INCOME, MACROECONOMIC STABILITY, MARKET DEVELOPMENT, MARKET ECONOMY, MARKET INFORMATION, MARKET SIZE, MARKET TRADING, MARKETS DEVELOPMENT, MONETARY FUND, OLD-AGE INCOME, PENSION, PENSION ASSETS, PENSION BENEFITS, PENSION FUND, PENSION FUND ASSET, PENSION FUND ASSETS, PENSION FUND RETURNS, PENSION FUNDS, PENSION POLICY, PENSION PROVISIONS, PENSION REFORM, PENSION REFORMS, PENSION SAVINGS, PENSION SCHEME, PENSION SCHEMES, PENSION SYSTEM, PENSION SYSTEMS, PENSIONS, POLITICAL UNCERTAINTY, PORTFOLIO, PORTFOLIO ALLOCATION, PORTFOLIO REGULATIONS, PORTFOLIOS, PORTFOLIOS OF PENSION FUNDS, PRIVATE BOND, PRIVATE EQUITY, PRIVATE PENSION, PRODUCTIVITY, PUBLIC DEBT, PUBLIC DEBT SECURITIES, PUBLIC INFORMATION CAMPAIGNS, PUBLIC PENSION, RATE OF GROWTH, RATES OF INFLATION, RATES OF RETURN, REMITTANCES, RETIREMENT, RETIREMENT AGE, RETIREMENT AGES, RETIREMENT ASSETS, RETIREMENT INCOME, RETIREMENT PRODUCTS, RETIREMENT SAVINGS, RETURN, RETURNS, RISK PREMIUMS, SAVERS, SECURITIES, SECURITIES MARKETS, SECURITY MARKETS, SECURITY PRICES, SENIOR, SHAREHOLDER, STAKEHOLDERS, STOCK EXCHANGES, STOCK MARKET, STOCK MARKET CAPITALIZATION, STOCK MARKETS, STOCK RETURN, STOCK RETURNS, STOCK TRADING, TAX, TAX COLLECTION, TRANSACTION, TRANSACTION COSTS, TRANSITION COUNTRIES, TRANSITION ECONOMIES, TRANSPARENCY, TURNOVER, UNEMPLOYMENT, WAGES, WORKING CAPITAL, YOUNGER COHORTS, YOUNGER POPULATIONS,
Online Access:	http://www-wds.worldbank.org/external/default/main?menuPK=64187510&pagePK=64193027&piPK=64187937&theSitePK=523679&menuPK=64187510&searchMenuPK=64187283&siteName=WDS&entityID=000333038_20090317001500 http://hdl.handle.net/10986/2606
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