Publication:
Private Pension Systems : Cross-Country Investment Performance

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dc.contributor.authorMusalem, Alberto R.
dc.contributor.authorPasquini, Ricardo
dc.date.accessioned2013-05-28T17:10:54Z
dc.date.available2013-05-28T17:10:54Z
dc.date.issued2012-05
dc.description.abstractThis study investigates the performance of private pensions systems across countries a topic which has yet to be adequately addressed in the literature. Specifically, this study examines the relationship between pension fund performance (as captured by gross real rates of return and the three year standard deviation of those returns) and the structure of a country's private pension industry and the design of its pension schemes. A database covering 27 countries over the period 1990-2007 was created for this research. The study's key findings include: (i) higher returns are associated with size (systems with more assets under management tend to generate higher returns), type (occupational schemes tend to generate higher returns than do personal pension schemes and closed schemes tend to generate higher returns than do open schemes), and number (systems with multiple funds tend to generate higher returns than those with a single fund); and (ii) lower volatility in pension system returns is associated with older systems, voluntary (rather than mandatory) systems, systems with restrictions on foreign investing, and systems with minimum return guarantees.en
dc.identifierhttp://documents.worldbank.org/curated/en/2012/05/16272530/private-pension-systems-cross-country-investment-performance
dc.identifier.doi10.1596/13558
dc.identifier.urihttps://hdl.handle.net/10986/13558
dc.languageEnglish
dc.language.isoen_US
dc.publisherWorld Bank, Washington, DC
dc.relation.ispartofseriesSocial Protection and Labor Discussion Paper;No. 1214
dc.rightsCC BY 3.0 IGO
dc.rights.holderWorld Bank
dc.rights.urihttp://creativecommons.org/licenses/by/3.0/igo
dc.subjectABSOLUTE VALUE
dc.subjectADMINISTRATIVE COSTS
dc.subjectAGGREGATE VALUE
dc.subjectALLOCATION OF CAPITAL
dc.subjectAMOUNT OF CREDIT
dc.subjectANNUAL GROWTH
dc.subjectANNUAL GROWTH RATE
dc.subjectASSET PRICES
dc.subjectASSETS UNDER MANAGEMENT
dc.subjectBENCHMARK
dc.subjectBENEFICIARIES
dc.subjectBILLS
dc.subjectBOND MARKET CAPITALIZATION
dc.subjectBONDS
dc.subjectCAPITAL ACCOUNT
dc.subjectCAPITAL ACCOUNT OPENNESS
dc.subjectCAPITAL ALLOCATION
dc.subjectCAPITALIZATION
dc.subjectCENTRAL BANKS
dc.subjectCONSUMER PRICE INDEX
dc.subjectCONTRACT ENFORCEMENT
dc.subjectCONTROL VARIABLE
dc.subjectCONTROL VARIABLES
dc.subjectCORPORATE BOND
dc.subjectCORPORATE BOND MARKET
dc.subjectCORPORATE PROFITS
dc.subjectCOST OF CAPITAL
dc.subjectCREDITOR
dc.subjectCREDITOR RIGHTS
dc.subjectCURRENCY
dc.subjectDATA AVAILABILITY
dc.subjectDEBT
dc.subjectDEBTORS
dc.subjectDEFAULT RISKS
dc.subjectDEPENDENT VARIABLE
dc.subjectDEPENDENT VARIABLES
dc.subjectDEPOSIT
dc.subjectDEPOSIT INTEREST
dc.subjectDEPOSIT INTEREST RATE
dc.subjectDEPOSITS
dc.subjectDERIVATIVES
dc.subjectDERIVATIVES MARKETS
dc.subjectDESCRIPTIVE STATISTICS
dc.subjectDEVELOPING COUNTRIES
dc.subjectDUMMY VARIABLE
dc.subjectDUMMY VARIABLES
dc.subjectECONOMIC INTEGRATION
dc.subjectECONOMIC OUTLOOK
dc.subjectECONOMIES OF SCALE
dc.subjectEMERGING ECONOMIES
dc.subjectEMERGING MARKETS
dc.subjectEQUITIES
dc.subjectERROR TERM
dc.subjectEXCHANGE RATE
dc.subjectEXCHANGE RATES
dc.subjectEXPLANATORY VARIABLE
dc.subjectEXPLANATORY VARIABLES
dc.subjectFINANCIAL ASSETS
dc.subjectFINANCIAL INNOVATION
dc.subjectFINANCIAL INSTITUTIONS
dc.subjectFINANCIAL MARKET
dc.subjectFINANCIAL SECTOR
dc.subjectFINANCIAL STABILITY
dc.subjectFINANCIAL SYSTEM
dc.subjectFINANCIAL VARIABLES
dc.subjectFISCAL BALANCE
dc.subjectFISCAL POLICIES
dc.subjectFOREIGN INVESTMENT
dc.subjectFOREIGN INVESTMENTS
dc.subjectFUND CHARACTERISTICS
dc.subjectFUND INDUSTRY
dc.subjectFUND MANAGEMENT
dc.subjectFUND MANAGERS
dc.subjectFUND PERFORMANCE
dc.subjectFUND PORTFOLIOS
dc.subjectFUND RETURNS
dc.subjectFUTURES
dc.subjectGDP
dc.subjectGDP PER CAPITA
dc.subjectGLOBALIZATION
dc.subjectGROWTH RATE
dc.subjectINFLATION
dc.subjectINFLATION RATE
dc.subjectINTERNATIONAL INVESTMENT
dc.subjectINTERNATIONAL INVESTMENTS
dc.subjectINVESTING
dc.subjectINVESTMENT ASSETS
dc.subjectINVESTMENT CLIMATE
dc.subjectINVESTMENT DECISIONS
dc.subjectINVESTMENT HORIZON
dc.subjectINVESTMENT MANAGEMENT
dc.subjectINVESTMENT MANAGERS
dc.subjectINVESTMENT OPPORTUNITIES
dc.subjectINVESTMENT PERFORMANCE
dc.subjectINVESTMENT RETURNS
dc.subjectINVESTMENT RISK
dc.subjectINVESTMENT STRATEGIES
dc.subjectINVESTOR PROTECTION
dc.subjectJURISDICTIONS
dc.subjectLARGE FUNDS
dc.subjectLEGAL RIGHTS
dc.subjectLEGAL RIGHTS OF CREDITORS
dc.subjectLIQUIDITY
dc.subjectMACROECONOMIC CONTROL
dc.subjectMACROECONOMIC CONTROLS
dc.subjectMACROECONOMIC INSTABILITY
dc.subjectMACROECONOMIC VARIABLES
dc.subjectMACROECONOMIC VOLATILITY
dc.subjectMANAGEMENT FEES
dc.subjectMARKET CONCENTRATION
dc.subjectMARKET SHARE
dc.subjectMARKET SHARES
dc.subjectMARKET SIZE
dc.subjectMARKET STRUCTURE
dc.subjectMARKET SUPERVISION
dc.subjectMATURITIES
dc.subjectMATURITY
dc.subjectMINORITY SHAREHOLDERS
dc.subjectMUTUAL FUNDS
dc.subjectNATIONAL CURRENCY
dc.subjectNET DEBT
dc.subjectNET RETURNS
dc.subjectOUTPUT
dc.subjectPARTICULAR COUNTRY
dc.subjectPENSION
dc.subjectPENSION FUND
dc.subjectPENSION FUND INVESTMENT
dc.subjectPENSION FUND INVESTMENTS
dc.subjectPENSION FUND MANAGERS
dc.subjectPENSION FUNDS
dc.subjectPENSION SYSTEM
dc.subjectPENSION SYSTEMS
dc.subjectPENSIONS
dc.subjectPERFORMANCE MEASURE
dc.subjectPERFORMANCE MEASURES
dc.subjectPERFORMANCE MODELS
dc.subjectPERSONAL PENSION
dc.subjectPORTFOLIO
dc.subjectPORTFOLIO COMPOSITION
dc.subjectPORTFOLIO INVESTMENT
dc.subjectPORTFOLIO MANAGERS
dc.subjectPORTFOLIOS
dc.subjectPOSITIVE COEFFICIENTS
dc.subjectPOWER PARITY
dc.subjectPREVIOUS STUDIES
dc.subjectPRICE FORMATION
dc.subjectPRICE MOVEMENTS
dc.subjectPRIVATE CREDIT
dc.subjectPRIVATE EQUITY
dc.subjectPRIVATE PENSION
dc.subjectPRIVATE PENSIONS
dc.subjectPROPERTY RIGHTS
dc.subjectPUBLIC DEBT
dc.subjectPUBLIC POLICY
dc.subjectPURCHASING POWER
dc.subjectPURCHASING POWER PARITY
dc.subjectRATE OF GROWTH
dc.subjectRATE OF INFLATION
dc.subjectRATE OF RETURN
dc.subjectRATE OF RETURN ON CAPITAL
dc.subjectRATE OF RETURNS
dc.subjectRATES OF RETURN
dc.subjectRATES OF RETURNS
dc.subjectREAL ASSETS
dc.subjectREAL ESTATE
dc.subjectREAL GDP
dc.subjectREAL INTEREST
dc.subjectREAL INTEREST RATE
dc.subjectREAL RATE OF RETURN
dc.subjectREGULATORY CONSTRAINTS
dc.subjectREGULATORY SYSTEM
dc.subjectRETURN OBSERVATIONS
dc.subjectRETURN VOLATILITY
dc.subjectRETURNS
dc.subjectRISK OF DEFAULT
dc.subjectRISKIER INVESTMENT
dc.subjectRISKY ASSET
dc.subjectRULE OF LAW
dc.subjectSECURITIES
dc.subjectSTANDARD DEVIATION
dc.subjectSTANDARD DEVIATIONS
dc.subjectSTOCK MARKET
dc.subjectSTOCK MARKET CAPITALIZATION
dc.subjectSURPLUS
dc.subjectTIME HORIZON
dc.subjectTRANSACTIONS COSTS
dc.subjectTRUSTEES
dc.subjectVALUATION
dc.subjectVALUATIONS
dc.subjectVALUE OF ASSETS
dc.titlePrivate Pension Systems : Cross-Country Investment Performanceen
dspace.entity.typePublication
okr.date.disclosure2012-05-17
okr.date.doiregistration2025-05-05T12:29:45.181479Z
okr.doctypePublications & Research::Working Paper
okr.doctypePublications & Research
okr.docurlhttp://documents.worldbank.org/curated/en/2012/05/16272530/private-pension-systems-cross-country-investment-performance
okr.globalpracticeMacroeconomics and Fiscal Management
okr.globalpracticeFinance and Markets
okr.globalpracticeTrade and Competitiveness
okr.guid137031468337213036
okr.identifier.externaldocumentum000333038_20120517013944
okr.identifier.internaldocumentum16272530
okr.identifier.report68937
okr.language.supporteden
okr.pdfurlhttp://www-wds.worldbank.org/external/default/WDSContentServer/WDSP/IB/2012/05/17/000333038_20120517013944/Rendered/PDF/689370NWP00PUB0ction0and0labor01214.pdfen
okr.topicFinance and Financial Sector Development::Mutual Funds
okr.topicFinance and Financial Sector Development::Debt Markets
okr.topicPrivate Sector Development::Emerging Markets
okr.topicEconomic Theory and Research
okr.topicFinance and Financial Sector Development::Currencies and Exchange Rates
okr.topicMacroeconomics and Economic Growth
okr.unitSocial Protection Team (HDNSP)
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