Publication:
New Policies for Mandatory Defined Contribution Pensions : Industrial Organization Models and Investment Products

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dc.contributor.authorImpavido, Gregorio
dc.contributor.authorLasagabaster, Esperanza
dc.contributor.authorGarcia-Huitron, Manuel
dc.date.accessioned2012-03-19T09:34:12Z
dc.date.available2012-03-19T09:34:12Z
dc.date.issued2010
dc.description.abstractThe recent financial crisis is challenging the reform approach to mandated pension a scheme that has emerged over recent decades across the world. This reform approach is characterized by a move toward multi-pillar pension systems and includes the creation or extension of a mandatory funded pillar with defined contribution design. The rationale and viability of such a pillar is contingent on an enabling environment and the delivery of high risk-adjusted net rates of return that beat the natural benchmark, which is the internal rate of return that an unfunded mandated scheme is able to achieve. Two key aspects of mandated and funded defined contribution schemes have been under discussion and investigation since dedicated pension funds were created: (a) the high fees levied by privately organized pension funds and the consequence for the net rate of return; and (b) the investment products of these funds and their capability to address the investment risks and to deliver the expected retirement income in a life-cycle context. To this end, country policies have experimented with a variety of approaches to improve outcomes with some important leads but overall modest results. This book proposes to take a fresh and highly innovative look at both policy issues. It suggests stepping back and looking at the underlying causes of the issues at stake instead of merely trying to address their symptoms. In addressing the high fees of pension funds, it focuses on the less-than-ideal conditions inert consumers facing firms with market powers and proposes to apply solutions derived from industrial organization models and pricing methods that better reflect the cost structure of the supply of pension services. In addressing the investment risks, it asks how to improve fund managers' risk-adjusted investment performance when participants are inert.en
dc.identifierhttp://www-wds.worldbank.org/external/default/main?menuPK=64187510&pagePK=64193027&piPK=64187937&theSitePK=523679&menuPK=64187510&searchMenuPK=64187283&siteName=WDS&entityID=000334955_20100604053737
dc.identifier.doi10.1596/978-0-8213-8276-9
dc.identifier.isbn978-0-8213-8276-9
dc.identifier.urihttps://hdl.handle.net/10986/2462
dc.languageEnglish
dc.publisherWorld Bank
dc.rightsCC BY 3.0 IGO
dc.rights.holderWorld Bank
dc.rights.urihttp://creativecommons.org/licenses/by/3.0/igo
dc.subjectACCOUNTING
dc.subjectADMINISTRATIVE COSTS
dc.subjectADMINISTRATIVE FEE
dc.subjectADMINISTRATIVE FEES
dc.subjectAMOUNT OF CAPITAL
dc.subjectANNUAL STATEMENTS
dc.subjectANONYMOUS REVIEWERS
dc.subjectASSET ALLOCATION
dc.subjectASSET ALLOCATIONS
dc.subjectASSET BASE
dc.subjectASSET MANAGEMENT
dc.subjectASSET MANAGER
dc.subjectASSET MANAGERS
dc.subjectASSET PORTFOLIO
dc.subjectASSET PRICES
dc.subjectAUCTION
dc.subjectAUCTION MECHANISMS
dc.subjectBANKS
dc.subjectBARRIERS TO ENTRY
dc.subjectBEHAVIORAL ECONOMICS
dc.subjectBEQUEST
dc.subjectBEQUESTS
dc.subjectBONDS
dc.subjectBUSINESS PLAN
dc.subjectBUSINESS SCHOOL
dc.subjectCALCULATIONS
dc.subjectCAPITAL MARKET
dc.subjectCAPITAL MARKET DEVELOPMENT
dc.subjectCAPITAL MARKETS
dc.subjectCAPITAL REQUIREMENTS
dc.subjectCASH BALANCES
dc.subjectCOLLATERAL
dc.subjectCOMPETITIVE MARKETS
dc.subjectCONFLICTS OF INTEREST
dc.subjectCONSUMER
dc.subjectCONSUMER BEHAVIOR
dc.subjectCONSUMER PROTECTION
dc.subjectCONSUMERS
dc.subjectCONTRIBUTION
dc.subjectCONTRIBUTION RATES
dc.subjectCONTRIBUTION SCHEMES
dc.subjectCONTRIBUTION SYSTEMS
dc.subjectCORPORATE GOVERNANCE
dc.subjectCUSTOMER BASE
dc.subjectDEFERRED ANNUITIES
dc.subjectDEFICITS
dc.subjectDEFINED CONTRIBUTION PENSION
dc.subjectDEFINED CONTRIBUTION PENSIONS
dc.subjectDEVELOPMENT BANK
dc.subjectDISABILITY
dc.subjectDISABILITY INSURANCE
dc.subjectDISPOSABLE INCOME
dc.subjectDIVERSIFICATION
dc.subjectEARNINGS
dc.subjectEMERGING MARKETS
dc.subjectENABLING ENVIRONMENT
dc.subjectENTRY BARRIERS
dc.subjectEQUITIES
dc.subjectEQUITY INVESTMENT
dc.subjectEXPENDITURE
dc.subjectEXPENDITURES
dc.subjectFEE STRUCTURES
dc.subjectFINANCIAL ASSETS
dc.subjectFINANCIAL CRISIS
dc.subjectFINANCIAL DECISIONS
dc.subjectFINANCIAL ECONOMIST
dc.subjectFINANCIAL EDUCATION
dc.subjectFINANCIAL EDUCATION PROGRAMS
dc.subjectFINANCIAL GROUP
dc.subjectFINANCIAL INSTITUTIONS
dc.subjectFINANCIAL INTERMEDIATION
dc.subjectFINANCIAL MARKET
dc.subjectFINANCIAL MARKET DEVELOPMENT
dc.subjectFINANCIAL MARKETS
dc.subjectFINANCIAL SECTOR
dc.subjectFINANCIAL SERVICE
dc.subjectFINANCIAL SERVICE PROVIDERS
dc.subjectFINANCIAL SERVICES
dc.subjectFINANCIAL STABILITY
dc.subjectFINANCIAL TRANSACTIONS
dc.subjectFISCAL POLICY
dc.subjectFIXED COSTS
dc.subjectFRAUD
dc.subjectFUND MANAGER
dc.subjectFUND MANAGERS
dc.subjectGLOBALIZATION
dc.subjectGOVERNMENT INTERVENTION
dc.subjectGROSS DOMESTIC PRODUCT
dc.subjectHOLDING
dc.subjectHOLDINGS
dc.subjectINCOME
dc.subjectINDIVIDUAL ACCOUNT
dc.subjectINDIVIDUAL ACCOUNTS
dc.subjectINDIVIDUAL SAVINGS
dc.subjectINHERITANCE
dc.subjectINSURANCE
dc.subjectINSURANCE COMPANIES
dc.subjectINSURANCE MARKETS
dc.subjectINTERNAL RATE OF RETURN
dc.subjectINTERNATIONAL BANK
dc.subjectINTERNATIONAL FINANCE
dc.subjectINVESTMENT CHOICE
dc.subjectINVESTMENT CHOICES
dc.subjectINVESTMENT CLIMATE
dc.subjectINVESTMENT DECISION
dc.subjectINVESTMENT DECISIONS
dc.subjectINVESTMENT FUNDS
dc.subjectINVESTMENT PERFORMANCE
dc.subjectINVESTMENT PRODUCTS
dc.subjectINVESTMENT REGULATION
dc.subjectINVESTMENT RISK
dc.subjectINVESTMENT RISKS
dc.subjectINVESTMENT STRATEGIES
dc.subjectINVESTMENT STRATEGY
dc.subjectINVESTOR PROTECTION
dc.subjectJOB CREATION
dc.subjectLACK OF INTEREST
dc.subjectLEVY
dc.subjectLIABILITY
dc.subjectLIFETIME
dc.subjectLONG-TERM ASSET
dc.subjectLONG-TERM INVESTMENT
dc.subjectLOSS AVERSION
dc.subjectLOW FINANCIAL LITERACY
dc.subjectLOW INCOME
dc.subjectLOW-INCOME
dc.subjectLOW-INCOME CONSUMERS
dc.subjectMANDATORY PENSION FUNDS
dc.subjectMARKET CONCENTRATION
dc.subjectMARKET DISCIPLINE
dc.subjectMARKET INCENTIVES
dc.subjectMARKET RISK
dc.subjectMARKET SHARE
dc.subjectMARKET SHARES
dc.subjectMARKETING
dc.subjectMARKETING EFFORTS
dc.subjectMARKETING STRATEGIES
dc.subjectMASS MEDIA
dc.subjectMONETARY FUND
dc.subjectMUTUAL FUND
dc.subjectNET WORTH
dc.subjectOLIGOPOLY
dc.subjectOPTIMAL INVESTMENT
dc.subjectORIGINAL INVESTMENT
dc.subjectPENSION ACCOUNT
dc.subjectPENSION ASSET
dc.subjectPENSION ASSETS
dc.subjectPENSION CONTRIBUTIONS
dc.subjectPENSION FUND
dc.subjectPENSION FUND ADMINISTRATOR
dc.subjectPENSION FUND ADMINISTRATORS
dc.subjectPENSION FUNDS
dc.subjectPENSION INCOME
dc.subjectPENSION MARKET
dc.subjectPENSION MARKETS
dc.subjectPENSION PLAN
dc.subjectPENSION PLANS
dc.subjectPENSION POLICY
dc.subjectPENSION PRODUCTS
dc.subjectPENSION REFORM
dc.subjectPENSION REFORMS
dc.subjectPENSION SCHEMES
dc.subjectPENSION SYSTEM
dc.subjectPENSION SYSTEMS
dc.subjectPOLICY RESPONSES
dc.subjectPORTFOLIO
dc.subjectPORTFOLIO CHOICE
dc.subjectPORTFOLIO MANAGEMENT
dc.subjectPORTFOLIOS
dc.subjectPRIVATE PENSION
dc.subjectPRIVATE PENSIONS
dc.subjectPROBABILITY
dc.subjectPRODUCTIVITY
dc.subjectPROVISION OF INFORMATION
dc.subjectPRUDENTIAL REGULATION
dc.subjectPUBLIC INFORMATION CAMPAIGNS
dc.subjectPUBLIC PENSION
dc.subjectPURCHASING POWER
dc.subjectRATE OF RETURN
dc.subjectRATES OF RETURN
dc.subjectRATES OF RETURNS
dc.subjectRECORD KEEPING
dc.subjectREGULATORY BARRIER
dc.subjectREGULATORY FRAMEWORK
dc.subjectREMITTANCES
dc.subjectRENTS
dc.subjectREPLACEMENT RATES
dc.subjectRESERVE
dc.subjectRESERVES
dc.subjectRESUME
dc.subjectRETIREMENT
dc.subjectRETIREMENT AGE
dc.subjectRETIREMENT DATE
dc.subjectRETIREMENT INCOME
dc.subjectRETURNS ON EQUITY
dc.subjectRISK DIVERSIFICATION
dc.subjectRISK PREMIUM
dc.subjectRISK SHARING
dc.subjectSALARIES
dc.subjectSALARY
dc.subjectSALE
dc.subjectSALES
dc.subjectSALES AGENT
dc.subjectSALES AGENTS
dc.subjectSALES TACTICS
dc.subjectSAVERS
dc.subjectSENIOR
dc.subjectSOCIAL PROTECTION
dc.subjectSOCIAL SECURITY
dc.subjectSOCIAL SECURITY PENSION
dc.subjectSOCIAL WELFARE
dc.subjectSTART-UP COSTS
dc.subjectSUPERANNUATION SYSTEM
dc.subjectSUPERVISORY AGENCY
dc.subjectTAX
dc.subjectTAX POLICY
dc.subjectTRUSTEE
dc.subjectVALUABLE
dc.subjectVALUE OF ASSETS
dc.subjectVALUE OF PENSIONS
dc.subjectVOLUNTARY PLANS
dc.titleNew Policies for Mandatory Defined Contribution Pensions : Industrial Organization Models and Investment Productsen
dspace.entity.typePublication
okr.date.disclosure2010-06-03
okr.doctypePublications & Research::Publication
okr.doctypePublications & Research::Publication
okr.docurlhttp://www-wds.worldbank.org/external/default/main?menuPK=64187510&pagePK=64193027&piPK=64187937&theSitePK=523679&menuPK=64187510&searchMenuPK=64187283&siteName=WDS&entityID=000334955_20100604053737
okr.globalpracticeMacroeconomics and Fiscal Management
okr.globalpracticeFinance and Markets
okr.globalpracticeFinance and Markets
okr.globalpracticeTrade and Competitiveness
okr.googlescholar.linkpresenttrue
okr.guid365861468091776363
okr.identifier.doi10.1596/978-0-8213-8276-9
okr.identifier.externaldocumentum000334955_20100604053737
okr.identifier.internaldocumentum12376364
okr.identifier.report54894
okr.language.supporteden
okr.pdfurlhttp://www-wds.worldbank.org/external/default/WDSContentServer/WDSP/IB/2010/06/04/000334955_20100604053737/Rendered/PDF/548940PUB0EPI11C10Dislosed061312010.pdfen
okr.peerreviewAcademic Peer Review
okr.relation.associatedurlhttp://dx.doi.org/10.1596/978-0-8213-8276-9
okr.topicFinance and Financial Sector Development::Debt Markets
okr.topicMacroeconomics and Economic Growth::Markets and Market Access
okr.topicPrivate Sector Development::Emerging Markets
okr.topicMacroeconomics and Economic Growth::Economic Theory & Research
okr.topicFinance and Financial Sector Development::Financial Literacy
okr.unitFinance & Private Sector (LCSPF)
okr.volume1 of 1
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