Rudolph, HeinzRocha, Roberto2012-03-192012-03-192009-04-01https://hdl.handle.net/10986/4084This note adds to the existing literature by examining the enabling conditions for the creation of mandatory funded pension funds, and identifying additional factors that are important to consider in the early stages of the reform. The note stresses the importance of some factors that had already been identified in previous literature but not fully observed by reforming countries, including the strong and lasting commitment of the authorities with the reform, the fiscal commitment with the reform, and some basic financial infrastructure. The analysis is also extended to analyze the role of supervision in the early stages of the reform and the role of the government in fostering the development of the domestic capital market.CC BY 3.0 IGOACCOUNTINGACCOUNTING FRAMEWORKACCOUNTING STANDARDSASSET BACKED SECURITIESASSET PRICEASSET PRICESASSET-BACKED SECURITIESAUCTIONSBANK DEPOSITSBANKING LAWBANKRUPTCYBENCHMARK YIELDBENCHMARK YIELD CURVEBONDBOND ISSUANCEBOOK ENTRYCAPACITY BUILDINGCAPITAL MARKET DEVELOPMENTCAPITAL MARKET REFORMCAPITAL MARKET REGULATIONCAPITAL MARKETSCDSCENTRAL BANKCENTRAL DEPOSITORYCENTRAL DEPOSITORY SYSTEMCHECKSCOLLATERALCOMMERCIAL CODECOMMERCIAL LAWCOMMODITY PRICESCONFLICTS OF INTERESTCONSUMER PROTECTIONCONTINGENT LIABILITIESCONTRACTUAL SAVINGSCORPORATE BONDSCORPORATE LAWCOUNTRY CREDITCOUPONCOUPON BONDSCREDIT RATINGSCREDITORCREDITOR RIGHTSCREDITORSCURRENCYCUSTODYDEBT FINANCINGDEBT INSTRUMENTSDEBT ISSUESDEBT MANAGEMENTDEBT MATURITYDEBT RATIODEBT RATIOSDEBT SERVICEDEFAULTSDEFICITSDEPOSITORY INSTITUTIONDEPOSITORY INSTITUTIONSDERIVATIVESDEVELOPING COUNTRIESDISCOUNT RATESDOMESTIC BANKSDOMESTIC CAPITALDOMESTIC CAPITAL MARKETDOMESTIC CURRENCYDOMESTIC MARKETEMERGING ECONOMIESEMERGING MARKETEMERGING MARKET COUNTRIESEMERGING MARKETSENFORCEABILITYEQUITY FUNDSEXPENDITUREEXPENDITURESEXPORTERSEXTERNAL DEBTFAIR VALUATIONFEDERAL RESERVEFEDERAL RESERVE BANKFINANCIAL CRISESFINANCIAL INFRASTRUCTUREFINANCIAL INSTITUTIONSFINANCIAL INSTRUMENTSFINANCIAL MARKETFINANCIAL RISKSFINANCIAL STATEMENTSFINANCIAL SYSTEMSFISCAL DEFICITSFISCAL DISCIPLINEFISCAL POLICIESFISCAL POLICYFIXED INCOMEFIXED INCOME PORTFOLIOFOREIGN BANKSFOREIGN EXCHANGEFRAUDFUND MANAGERFUND MANAGERSFUTURESGOVERNMENT BONDSGOVERNMENT DEBTGOVERNMENT DEBT MARKETGOVERNMENT DEBT MARKETSGOVERNMENT REVENUESGOVERNMENT SECURITIESGRACE PERIODHEDGESHOST COUNTRYHOUSING FINANCEIMPLICIT INTERESTINCOME INSTRUMENTSINDEPENDENT JUDICIARYINFLATIONINSTITUTIONAL INVESTORINSTITUTIONAL INVESTORSINSURANCEINSURANCE COMPANIESINSURANCE PRODUCTSINTEREST RATEINTEREST RATESINTERNATIONAL BANKINTERNATIONAL ECONOMICSINTERNATIONAL SETTLEMENTSINTERNATIONAL STANDARDSINVESTINGINVESTMENT REGIMEINVESTOR BASEISSUANCELEGAL FRAMEWORKLIENLIENSLIFE INSURANCELIFE INSURANCE COMPANIESLIQUIDATIONLIQUIDITYLOANLONG-TERM CAPITALLOSS OF REVENUESMACROECONOMIC STABILITYMACROECONOMIC UNCERTAINTYMARK-TO-MARKETMARKET ECONOMYMARKET FAILUREMARKET INFRASTRUCTUREMARKET INSTRUMENTSMARKET PARTICIPANTSMARKET PLAYERSMARKET PRACTICESMARKET PRICESMATURITIESMATURITY STRUCTUREMINORITY SHAREHOLDERMINORITY SHAREHOLDER PROTECTIONMINORITY SHAREHOLDERSMONETARY FUNDMONETARY POLICYMORTGAGEMORTGAGE BONDSMORTGAGE-BACKED SECURITIESNATIONAL SAVINGSOPERATIONAL INDEPENDENCEPAYMENT SYSTEMPAYMENT SYSTEMSPENSIONPENSION ASSETSPENSION FUNDPENSION FUND ASSETSPENSION FUNDSPENSION REFORMPENSION REFORMSPENSION SYSTEMPENSION SYSTEMSPENSIONSPOLITICAL ECONOMYPORTFOLIOPORTFOLIO DIVERSIFICATIONPORTFOLIOSPORTFOLIOS OF PENSION FUNDSPRIVATE EQUITYPROPERTY RIGHTSPROTECTION OF INVESTORSPUBLIC DEBTPUBLIC DEBT MANAGEMENTPUBLIC DEBT MARKETPURE DEBTRATES OF RETURNREAL EXCHANGE RATEREGULATORY FRAMEWORKRETURNRETURNSRISK MANAGEMENTRISK MANAGEMENT SYSTEMSRULE OF LAWSAVINGS RATIOSSECONDARY MARKETSECONDARY MARKET TRANSACTIONSSECURITIESSECURITIES LAWSECURITIES MARKETSSECURITIES TRANSACTIONSSECURITY INTERESTSETTLEMENTSETTLEMENT DATESETTLEMENT RISKSETTLEMENT SYSTEMSETTLEMENT SYSTEMSSINGLE ASSETSOLVENCYSTOCK EXCHANGESSUPERVISORY AGENCIESSUPERVISORY AGENCYSWAPSWAPSTAXTAX REGIMETAX TREATMENTTRADE DATETRADINGTRANSPARENCYVALUATIONVALUATION OF PORTFOLIOSVALUATION SYSTEMSVALUE PAYMENT SYSTEMWorld Bank10.1596/1813-9450-4890