Publication: Financial Sector Assessment Program Update : Republic of Kazakhstan - Investment Opportunities for Pension Funds
Date
2004-08
ISSN
Published
2004-08
Author(s)
International Monetary Fund
World Bank
Abstract
The 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.
Citation
“International Monetary Fund; World Bank. 2004. Financial Sector Assessment Program Update : Republic of Kazakhstan - Investment Opportunities for Pension Funds. © World Bank, Washington, DC. http://hdl.handle.net/10986/16063 License: CC BY 3.0 IGO.”