Publication:
Upgrading Investment Regulations in Second Pillar Pension Systems : A Proposal for Colombia

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dc.contributor.authorCastaneda, Pablo
dc.contributor.authorRudolph, Heinz P.
dc.date.accessioned2012-03-19T18:04:14Z
dc.date.available2012-03-19T18:04:14Z
dc.date.issued2011-08-01
dc.description.abstractThe passivity of the demand for pension products is one of the striking features of mandatory pension systems. Consequently, the provision of multiple investment alternatives to households (multifund schemes) does not ensure that contributions are invested efficiently. In addition, despite the theoretical findings that short term return maximization is not conductive to long-term return maximization, the regulatory framework of pension fund management companies puts excessive emphasis on short-term maximization. Therefore, it is not obvious that typical regulatory framework of pension funds is conductive to optimal pensions. By establishing a set of default options on investment portfolios, this paper proposes a mechanism to align the incentives of the pension fund management companies with the long-term objectives of the contributors. The paper provides a methodology, which is subsequently applied to Colombia.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=000158349_20110823090344
dc.identifier.doi10.1596/1813-9450-5775
dc.identifier.urihttps://hdl.handle.net/10986/3537
dc.languageEnglish
dc.relation.ispartofseriesPolicy Research working paper ; no. WPS 5775
dc.rightsCC BY 3.0 IGO
dc.rights.holderWorld Bank
dc.rights.urihttp://creativecommons.org/licenses/by/3.0/igo/
dc.subjectASSET CLASS
dc.subjectASSET CLASSES
dc.subjectASSET MANAGEMENT
dc.subjectASSET PORTFOLIO
dc.subjectASSET PRICE
dc.subjectASSET PRICES
dc.subjectBANK DEPOSITS
dc.subjectBANKING CRISES
dc.subjectBENEFICIARIES
dc.subjectBOND INSTRUMENTS
dc.subjectBOND YIELD
dc.subjectBOND YIELD CURVE
dc.subjectBROKERAGE
dc.subjectCAPITAL FLOWS
dc.subjectCAPITAL MARKET
dc.subjectCAPITALIZATION
dc.subjectCIVIL CODE
dc.subjectCIVIL CODES
dc.subjectCOMMON LAW
dc.subjectCOMPETITIVE FRAMEWORKS
dc.subjectCOMPETITIVE MARKETS
dc.subjectCONFLICTS OF INTEREST
dc.subjectCONFLICTS OF INTERESTS
dc.subjectCONSUMPTION SMOOTHING
dc.subjectCORPORATE BOND
dc.subjectCREDIT RISK
dc.subjectCURRENCY RISK
dc.subjectDECLINE IN INVESTMENTS
dc.subjectDEPOSITS
dc.subjectDERIVATIVES
dc.subjectDEVELOPING COUNTRIES
dc.subjectDIVERSIFIED PORTFOLIO
dc.subjectDIVERSIFIED PORTFOLIOS
dc.subjectDOMESTIC CAPITAL
dc.subjectDOMESTIC CAPITAL MARKET
dc.subjectDOMESTIC EQUITIES
dc.subjectECONOMIC DEVELOPMENT
dc.subjectEMERGING ECONOMIES
dc.subjectEMERGING MARKET
dc.subjectEMERGING MARKETS
dc.subjectEQUITIES
dc.subjectEQUITY INDEX
dc.subjectEQUITY INSTRUMENTS
dc.subjectEQUITY INVESTMENT
dc.subjectEQUITY INVESTMENTS
dc.subjectEQUITY RETURNS
dc.subjectEQUITY VALUE
dc.subjectEXCHANGE RATE
dc.subjectFAIR VALUATION
dc.subjectFIDUCIARY RESPONSIBILITY
dc.subjectFINANCIAL ASSETS
dc.subjectFINANCIAL INFRASTRUCTURE
dc.subjectFINANCIAL INSTITUTIONS
dc.subjectFINANCIAL MARKETS
dc.subjectFIXED INCOME
dc.subjectFIXED INCOME MARKETS
dc.subjectFIXED INCOME PORTFOLIO
dc.subjectFOREIGN CURRENCY
dc.subjectFOREIGN EQUITIES
dc.subjectFOREIGN EQUITY
dc.subjectFREE ASSET
dc.subjectFREE ASSETS
dc.subjectFUND MANAGEMENT
dc.subjectFUND MANAGER
dc.subjectFUND MANAGERS
dc.subjectFUTURES
dc.subjectFUTURES MARKET
dc.subjectFUTURES MARKETS
dc.subjectGLOBAL CAPITAL
dc.subjectGLOBAL CAPITAL MARKETS
dc.subjectGLOBAL MARKETS
dc.subjectGOVERNMENT BOND
dc.subjectGOVERNMENT BONDS
dc.subjectGOVERNMENT SECURITIES
dc.subjectHEDGES
dc.subjectHIGH YIELD BONDS
dc.subjectHOLDING
dc.subjectHUMAN CAPITAL
dc.subjectILLIQUID MARKETS
dc.subjectINCOME INSTRUMENTS
dc.subjectINCOME LEVEL
dc.subjectINDEXED BOND
dc.subjectINDEXED BONDS
dc.subjectINDIVIDUAL INVESTOR
dc.subjectINFLATION
dc.subjectINFLATION RISKS
dc.subjectINSTITUTIONAL INVESTOR
dc.subjectINSTITUTIONAL INVESTORS
dc.subjectINSTRUMENT
dc.subjectINSURANCE
dc.subjectINSURANCE COMPANY
dc.subjectINTEREST RATE
dc.subjectINTERNATIONAL BANK
dc.subjectINTERNATIONAL DIVERSIFICATION
dc.subjectINTERNATIONAL MARKET
dc.subjectINTERNATIONAL MARKETS
dc.subjectINVESTING
dc.subjectINVESTMENT ALTERNATIVES
dc.subjectINVESTMENT DECISION
dc.subjectINVESTMENT DECISIONS
dc.subjectINVESTMENT FUND
dc.subjectINVESTMENT GUIDELINES
dc.subjectINVESTMENT HORIZON
dc.subjectINVESTMENT HORIZONS
dc.subjectINVESTMENT IN STOCKS
dc.subjectINVESTMENT OPPORTUNITIES
dc.subjectINVESTMENT OPPORTUNITY
dc.subjectINVESTMENT POLICY
dc.subjectINVESTMENT PORTFOLIO
dc.subjectINVESTMENT PORTFOLIOS
dc.subjectINVESTMENT REGULATION
dc.subjectINVESTMENT REGULATIONS
dc.subjectINVESTMENT RESTRICTIONS
dc.subjectINVESTMENT STRATEGIES
dc.subjectINVESTMENT STRATEGY
dc.subjectINVESTMENTS IN EQUITIES
dc.subjectISSUANCE
dc.subjectJUDICIAL COURTS
dc.subjectLIABILITY
dc.subjectLIFE INSURANCE
dc.subjectLIFE INSURANCE COMPANIES
dc.subjectLIFE INSURANCE COMPANY
dc.subjectLIQUID ASSETS
dc.subjectLIQUIDATION
dc.subjectLIQUIDITY
dc.subjectLIQUIDITY PREMIUM
dc.subjectLIQUIDITY RATIO
dc.subjectLIQUIDITY RISK
dc.subjectLOCAL INVESTORS
dc.subjectLOCAL MARKET
dc.subjectLOCAL MARKETS
dc.subjectLONG-TERM INTEREST
dc.subjectLONG-TERM INTEREST RATES
dc.subjectLONG-TERM INVESTMENT
dc.subjectLONG-TERM INVESTOR
dc.subjectLONG-TERM INVESTORS
dc.subjectMANDATORY PENSION FUND
dc.subjectMARKET COMPETITION
dc.subjectMARKET CONDITIONS
dc.subjectMARKET DEVELOPMENT
dc.subjectMARKET INDICES
dc.subjectMARKET PLAYERS
dc.subjectMARKET RISK
dc.subjectMARKET RISKS
dc.subjectMARKET SHARE
dc.subjectMARKET STRUCTURE
dc.subjectMINORITY SHAREHOLDERS
dc.subjectMORTGAGE
dc.subjectMORTGAGE BONDS
dc.subjectMUTUAL FUNDS
dc.subjectOPTIMAL INVESTMENT
dc.subjectOPTIONS MARKET
dc.subjectPENSION
dc.subjectPENSION FUND
dc.subjectPENSION FUND INVESTMENT
dc.subjectPENSION FUND INVESTMENTS
dc.subjectPENSION FUNDS
dc.subjectPENSION REFORMS
dc.subjectPENSION SYSTEM
dc.subjectPENSION SYSTEMS
dc.subjectPENSIONS
dc.subjectPORTFOLIO
dc.subjectPORTFOLIO ALLOCATIONS
dc.subjectPORTFOLIO INVESTMENT
dc.subjectPORTFOLIO MANAGEMENT
dc.subjectPORTFOLIO QUALITY
dc.subjectPORTFOLIO RISK
dc.subjectPUBLIC DEBT
dc.subjectPUBLIC FUNDS
dc.subjectPURCHASING POWER
dc.subjectRATES OF RETURN
dc.subjectREAL INTEREST
dc.subjectREAL INTEREST RATES
dc.subjectREGULATORY AUTHORITY
dc.subjectREGULATORY FRAMEWORK
dc.subjectREINVESTMENT
dc.subjectREINVESTMENT RISK
dc.subjectREINVESTMENT RISKS
dc.subjectRESERVE
dc.subjectRETURN
dc.subjectRETURN ON ASSETS
dc.subjectRETURNS
dc.subjectRISK AVERSION
dc.subjectRISK MANAGEMENT
dc.subjectRISK PROFILE
dc.subjectRISK PROFILES
dc.subjectRISKY ASSET
dc.subjectRISKY ASSETS
dc.subjectSECURITIES
dc.subjectSECURITIES MARKETS
dc.subjectSHAREHOLDER
dc.subjectSHAREHOLDERS
dc.subjectSHORT-TERM ASSET
dc.subjectSHORT-TERM ASSETS
dc.subjectSHORT-TERM BOND
dc.subjectSHORT-TERM CAPITAL
dc.subjectSHORT-TERM INSTRUMENTS
dc.subjectSHORT-TERM TREASURY BILL
dc.subjectSHORT-TERM TREASURY BILLS
dc.subjectSINGLE ASSET
dc.subjectSOVEREIGN BONDS
dc.subjectSOVEREIGN DEBT
dc.subjectSOVEREIGN DEFAULT
dc.subjectSTOCK MARKET
dc.subjectSTOCK RETURN
dc.subjectSTOCK RETURNS
dc.subjectSTOCKS
dc.subjectSUPERVISORY AUTHORITY
dc.subjectTAX
dc.subjectTRADING
dc.subjectTRANSACTION
dc.subjectTRANSPARENCY
dc.subjectTREASURY
dc.subjectUNDERDEVELOPED CAPITAL MARKETS
dc.subjectUNDERLYING ASSET
dc.subjectVALUATION
dc.titleUpgrading Investment Regulations in Second Pillar Pension Systems : A Proposal for Colombiaen
dspace.entity.typePublication
okr.crossref.titleUpgrading Investment Regulations in Second Pillar Pension Systems: A Proposal for Colombia
okr.date.disclosure2011-08-01
okr.date.doiregistration2025-04-10T11:18:18.640381Z
okr.doctypePublications & Research::Policy Research Working Paper
okr.docurlhttp://www-wds.worldbank.org/external/default/main?menuPK=64187510&pagePK=64193027&piPK=64187937&theSitePK=523679&menuPK=64187510&searchMenuPK=64187283&siteName=WDS&entityID=000158349_20110823090344
okr.guid860331468024836013
okr.identifier.doi10.1596/1813-9450-5775
okr.identifier.externaldocumentum000158349_20110823090344
okr.identifier.internaldocumentum14869612
okr.identifier.reportWPS5775
okr.language.supporteden
okr.pdfurlhttp://www-wds.worldbank.org/external/default/WDSContentServer/WDSP/IB/2011/08/23/000158349_20110823090344/Rendered/PDF/WPS5775.pdfen
okr.region.administrativeLatin America & Caribbean
okr.region.administrativeLatin America & Caribbean
okr.region.countryColombia
okr.region.geographicalSouth America
okr.region.geographicalAmerica
okr.unitDevelopment Research Group (DECRG)
okr.volume1 of 1
relation.isSeriesOfPublication26e071dc-b0bf-409c-b982-df2970295c87
relation.isSeriesOfPublication.latestForDiscovery26e071dc-b0bf-409c-b982-df2970295c87
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