Publication:
Financial Sector Assessment Program Update : Republic of Kazakhstan - Investment Opportunities for Pension Funds

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dc.contributor.authorInternational Monetary Fund
dc.contributor.authorWorld Bank
dc.date.accessioned2013-10-03T18:05:32Z
dc.date.available2013-10-03T18:05:32Z
dc.date.issued2004-08
dc.description.abstractThe objective of this note is to put forward policy alternatives that could lead to improved management of pension fund assets in Kazakhstan. This note emphasizes prudence in the management of pension assets, given the social and fiscal importance of the pension sector. It also discusses different investment alternatives and development options for the domestic Kazakhstani capital market. The note aims to be realistic and pragmatic, based on the best professional judgment of the author.1 It is concluded that neither the regulators nor industry participants appear to fully appreciate the risks attached to the practice of focusing on short-term and high yield investments, which exposes pensioners to higher reinvestment and issuer risk. The recommendations are summarized in the last section of this note.en
dc.identifierhttp://documents.worldbank.org/curated/en/2004/08/18004688/kazakhstan-investment-opportunities-pension-funds-technical-note
dc.identifier.doi10.1596/16063
dc.identifier.urihttps://hdl.handle.net/10986/16063
dc.languageEnglish
dc.language.isoen_US
dc.publisherWorld Bank, Washington, DC
dc.rightsCC BY 3.0 IGO
dc.rights.holderWorld Bank
dc.rights.urihttp://creativecommons.org/licenses/by/3.0/igo/
dc.subjectACCOUNTING
dc.subjectACCOUNTING STANDARDS
dc.subjectACCOUNTS RECEIVABLE
dc.subjectAMORTIZATION
dc.subjectASSET MANAGEMENT
dc.subjectASSET MANAGERS
dc.subjectASSET-BACKED SECURITIES
dc.subjectAUCTIONS
dc.subjectBANK DEPOSITS
dc.subjectBENEFICIARIES
dc.subjectBLUE CHIP
dc.subjectBOND ISSUERS
dc.subjectBOND ISSUES
dc.subjectBONDS
dc.subjectBRANCH NETWORKS
dc.subjectCALL OPTIONS
dc.subjectCAPITAL ACCOUNT
dc.subjectCAPITAL ACCOUNT LIBERALIZATION
dc.subjectCAPITAL ALLOCATION
dc.subjectCAPITAL FLOW
dc.subjectCAPITAL INFLOWS
dc.subjectCAPITAL MARKET DEVELOPMENT
dc.subjectCAPITAL MARKETS
dc.subjectCASH FLOWS
dc.subjectCASH OUTFLOWS
dc.subjectCENTRAL SECURITIES DEPOSITORY
dc.subjectCOLLATERAL
dc.subjectCOMMERCIAL BANKS
dc.subjectCONFLICT OF INTEREST
dc.subjectCONTINGENT LIABILITIES
dc.subjectCORPORATE BOND
dc.subjectCORPORATE BOND MARKET
dc.subjectCORPORATE BONDS
dc.subjectCORPORATE DEBT
dc.subjectCORPORATE GOVERNANCE
dc.subjectCORPORATE SECURITIES
dc.subjectCREDIT RATING
dc.subjectCREDITORS
dc.subjectCURRENCY
dc.subjectCURRENCY MATCHING
dc.subjectCURRENCY RISK
dc.subjectCURRENCY RISKS
dc.subjectDEBT
dc.subjectDEBT INSTRUMENTS
dc.subjectDEBT ISSUANCE
dc.subjectDEBT ISSUES
dc.subjectDEBT MANAGEMENT
dc.subjectDEBT MARKET DEVELOPMENT
dc.subjectDEFAULTS
dc.subjectDEMOGRAPHIC
dc.subjectDEPOSITS
dc.subjectDERIVATIVES
dc.subjectDERIVATIVES MARKET
dc.subjectDEVELOPING COUNTRIES
dc.subjectDOMESTIC BOND
dc.subjectDOMESTIC BONDS
dc.subjectDOMESTIC CAPITAL
dc.subjectDOMESTIC CAPITAL MARKET
dc.subjectDOMESTIC CAPITAL MARKETS
dc.subjectDOMESTIC CORPORATE BONDS
dc.subjectDOMESTIC DEBT
dc.subjectDOMESTIC DEBT MARKET
dc.subjectDOMESTIC DEBT MARKETS
dc.subjectDOMESTIC MARKET
dc.subjectDOMESTIC MARKETS
dc.subjectDOMESTIC SECURITIES
dc.subjectDOMESTIC STOCK
dc.subjectECONOMIC DEVELOPMENT
dc.subjectEMERGING ECONOMIES
dc.subjectENFORCEABILITY
dc.subjectEQUITIES
dc.subjectEXCESS LIQUIDITY
dc.subjectEXCHANGE RATE
dc.subjectFINANCIAL FLOWS
dc.subjectFINANCIAL INFLOWS
dc.subjectFINANCIAL INSTRUMENTS
dc.subjectFINANCIAL MARKET
dc.subjectFINANCIAL MARKETS
dc.subjectFINANCIAL SECTOR
dc.subjectFINANCIAL STATEMENTS
dc.subjectFINANCIAL SYSTEMS
dc.subjectFOREIGN COMPANY
dc.subjectFOREIGN CURRENCY
dc.subjectFOREIGN EXCHANGE
dc.subjectFOREIGN EXCHANGE RISK
dc.subjectFOREIGN INVESTMENT
dc.subjectFOREIGN INVESTMENTS
dc.subjectFOREIGN MARKETS
dc.subjectFUND MANAGEMENT
dc.subjectFUND MANAGERS
dc.subjectGOVERNMENT BOND
dc.subjectGOVERNMENT BOND YIELDS
dc.subjectGOVERNMENT BONDS
dc.subjectGOVERNMENT DEBT
dc.subjectGOVERNMENT POLICIES
dc.subjectGOVERNMENT SECURITIES
dc.subjectHOLDING
dc.subjectHOLDINGS
dc.subjectHOSTILE TAKEOVERS
dc.subjectILLIQUIDITY
dc.subjectINCOME
dc.subjectINCOME FLOWS
dc.subjectINCOME SECURITIES
dc.subjectINDIVIDUAL SECURITIES
dc.subjectINFLATION
dc.subjectINFRASTRUCTURE INVESTMENTS
dc.subjectINSTITUTIONAL INVESTORS
dc.subjectINSTRUMENT
dc.subjectINSURANCE
dc.subjectINSURANCE COMPANIES
dc.subjectINSURANCE INDUSTRY
dc.subjectINTEREST RATES
dc.subjectINTERNATIONAL BANK
dc.subjectINTERNATIONAL BANKS
dc.subjectINTERNATIONAL FINANCIAL INSTITUTIONS
dc.subjectINTERNATIONAL MARKETS
dc.subjectINVESTING
dc.subjectINVESTMENT ALTERNATIVES
dc.subjectINVESTMENT ASSETS
dc.subjectINVESTMENT CHOICES
dc.subjectINVESTMENT DECISIONS
dc.subjectINVESTMENT FUND
dc.subjectINVESTMENT FUNDS
dc.subjectINVESTMENT HORIZON
dc.subjectINVESTMENT IN SECURITIES
dc.subjectINVESTMENT MANAGEMENT
dc.subjectINVESTMENT OPPORTUNITIES
dc.subjectINVESTMENT OPTIONS
dc.subjectINVESTMENT POLICY
dc.subjectINVESTMENT PORTFOLIO
dc.subjectINVESTMENT PORTFOLIOS
dc.subjectINVESTMENT REGULATIONS
dc.subjectINVESTMENT RESTRICTIONS
dc.subjectINVESTMENT STRATEGIES
dc.subjectINVESTMENT VEHICLES
dc.subjectINVESTMENTS IN GOVERNMENT SECURITIES
dc.subjectINVESTOR BASE
dc.subjectISSUANCE
dc.subjectJOINT STOCK COMPANIES
dc.subjectLEVEL PLAYING FIELD
dc.subjectLIABILITY
dc.subjectLIFE INSURANCE
dc.subjectLIFE INSURANCE COMPANIES
dc.subjectLIQUID ASSETS
dc.subjectLIQUIDITY
dc.subjectLIQUIDITY MANAGEMENT
dc.subjectLOCAL GOVERNMENT
dc.subjectLONG-TERM INSTRUMENTS
dc.subjectLONG-TERM INVESTMENT
dc.subjectMARKET CAPITALIZATION
dc.subjectMARKET DEVELOPMENTS
dc.subjectMARKET ECONOMY
dc.subjectMARKET PARTICIPANTS
dc.subjectMARKET PRICING
dc.subjectMARKET SHARE
dc.subjectMARKET VOLATILITY
dc.subjectMATURITIES
dc.subjectMATURITY
dc.subjectMATURITY MATCHING
dc.subjectMONETARY FUND
dc.subjectMORTGAGE
dc.subjectMORTGAGE-BACKED SECURITIES
dc.subjectMORTGAGES
dc.subjectPENSION
dc.subjectPENSION ASSET
dc.subjectPENSION ASSETS
dc.subjectPENSION FUND
dc.subjectPENSION FUND ASSETS
dc.subjectPENSION FUND INVESTMENT
dc.subjectPENSION FUND INVESTMENTS
dc.subjectPENSION FUNDS
dc.subjectPENSION LIABILITIES
dc.subjectPENSION REFORM
dc.subjectPENSION SYSTEM
dc.subjectPENSION SYSTEMS
dc.subjectPENSIONS
dc.subjectPORTFOLIO
dc.subjectPORTFOLIOS
dc.subjectPRICE VOLATILITY
dc.subjectPRIVATE PENSION
dc.subjectPROVIDENT FUNDS
dc.subjectPUBLIC PENSION
dc.subjectRATES OF RETURN
dc.subjectREGULATOR
dc.subjectREGULATORS
dc.subjectREGULATORY FRAMEWORK
dc.subjectREGULATORY SYSTEM
dc.subjectREINVESTMENT
dc.subjectREINVESTMENT RISK
dc.subjectREINVESTMENT RISKS
dc.subjectRESERVES
dc.subjectRETURN
dc.subjectRETURNS
dc.subjectRISK FACTOR
dc.subjectSAFETY NET
dc.subjectSAVINGS
dc.subjectSECONDARY MARKET
dc.subjectSECURITIES MARKET
dc.subjectSHARE OF INVESTMENTS
dc.subjectSHAREHOLDERS
dc.subjectSOCIAL DEVELOPMENTS
dc.subjectSOCIAL SAFETY NET
dc.subjectSOLVENCY
dc.subjectSTOCK MARKET
dc.subjectSTOCK MARKETS
dc.subjectTAX
dc.subjectTAX BENEFITS
dc.subjectTAX INCENTIVES
dc.subjectTELECOMMUNICATIONS
dc.subjectTRANSITION ECONOMIES
dc.subjectTRANSPARENCY
dc.subjectUNEMPLOYMENT RATES
dc.subjectVALUATION
dc.subjectYIELD CURVE
dc.titleFinancial Sector Assessment Program Update : Republic of Kazakhstan - Investment Opportunities for Pension Fundsen
dspace.entity.typePublication
okr.date.disclosure2013-07-15
okr.date.doiregistration2025-05-07T10:59:37.348357Z
okr.doctypeEconomic & Sector Work::Financial Sector Assessment Program (FSAP)
okr.doctypeEconomic & Sector Work
okr.docurlhttp://documents.worldbank.org/curated/en/2004/08/18004688/kazakhstan-investment-opportunities-pension-funds-technical-note
okr.globalpracticeMacroeconomics and Fiscal Management
okr.globalpracticeFinance and Markets
okr.globalpracticeTrade and Competitiveness
okr.guid162261468272379682
okr.identifier.externaldocumentum000333037_20130715150627
okr.identifier.internaldocumentum18004688
okr.identifier.report79206
okr.language.supporteden
okr.pdfurlhttp://www-wds.worldbank.org/external/default/WDSContentServer/WDSP/IB/2013/07/15/000333037_20130715150627/Rendered/PDF/792060WP0Kazak0Box0377369B00Public0.pdfen
okr.region.administrativeEurope and Central Asia
okr.region.countryKazakhstan
okr.sectorFinance :: General finance sector
okr.themeRule of law :: Legal institutions for a market economy
okr.themeFinancial and private sector development :: Regulation and competition policy
okr.themeFinancial and private sector development :: Standards and financial reporting
okr.themeFinancial and private sector development :: Other financial and private sector development
okr.themeTrade and integration :: International financial architecture
okr.topicMacroeconomics and Economic Growth::Investment and Investment Climate
okr.topicFinance and Financial Sector Development::Debt Markets
okr.topicPrivate Sector Development::Emerging Markets
okr.topicFinance and Financial Sector Development::Non Bank Financial Institutions
okr.topicFinance and Financial Sector Development::Bankruptcy and Resolution of Financial Distress
okr.unitFinancial Sector Assessment Prog (FFSFP)
okr.volume1 of 1
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