Musalem, Alberto R.Pasquini, Ricardo2013-05-282013-05-282012-05https://hdl.handle.net/10986/13558This 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-USCC BY 3.0 IGOABSOLUTE VALUEADMINISTRATIVE COSTSAGGREGATE VALUEALLOCATION OF CAPITALAMOUNT OF CREDITANNUAL GROWTHANNUAL GROWTH RATEASSET PRICESASSETS UNDER MANAGEMENTBENCHMARKBENEFICIARIESBILLSBOND MARKET CAPITALIZATIONBONDSCAPITAL ACCOUNTCAPITAL ACCOUNT OPENNESSCAPITAL ALLOCATIONCAPITALIZATIONCENTRAL BANKSCONSUMER PRICE INDEXCONTRACT ENFORCEMENTCONTROL VARIABLECONTROL VARIABLESCORPORATE BONDCORPORATE BOND MARKETCORPORATE PROFITSCOST OF CAPITALCREDITORCREDITOR RIGHTSCURRENCYDATA AVAILABILITYDEBTDEBTORSDEFAULT RISKSDEPENDENT VARIABLEDEPENDENT VARIABLESDEPOSITDEPOSIT INTERESTDEPOSIT INTEREST RATEDEPOSITSDERIVATIVESDERIVATIVES MARKETSDESCRIPTIVE STATISTICSDEVELOPING COUNTRIESDUMMY VARIABLEDUMMY VARIABLESECONOMIC INTEGRATIONECONOMIC OUTLOOKECONOMIES OF SCALEEMERGING ECONOMIESEMERGING MARKETSEQUITIESERROR TERMEXCHANGE RATEEXCHANGE RATESEXPLANATORY VARIABLEEXPLANATORY VARIABLESFINANCIAL ASSETSFINANCIAL INNOVATIONFINANCIAL INSTITUTIONSFINANCIAL MARKETFINANCIAL SECTORFINANCIAL STABILITYFINANCIAL SYSTEMFINANCIAL VARIABLESFISCAL BALANCEFISCAL POLICIESFOREIGN INVESTMENTFOREIGN INVESTMENTSFUND CHARACTERISTICSFUND INDUSTRYFUND MANAGEMENTFUND MANAGERSFUND PERFORMANCEFUND PORTFOLIOSFUND RETURNSFUTURESGDPGDP PER CAPITAGLOBALIZATIONGROWTH RATEINFLATIONINFLATION RATEINTERNATIONAL INVESTMENTINTERNATIONAL INVESTMENTSINVESTINGINVESTMENT ASSETSINVESTMENT CLIMATEINVESTMENT DECISIONSINVESTMENT HORIZONINVESTMENT MANAGEMENTINVESTMENT MANAGERSINVESTMENT OPPORTUNITIESINVESTMENT PERFORMANCEINVESTMENT RETURNSINVESTMENT RISKINVESTMENT STRATEGIESINVESTOR PROTECTIONJURISDICTIONSLARGE FUNDSLEGAL RIGHTSLEGAL RIGHTS OF CREDITORSLIQUIDITYMACROECONOMIC CONTROLMACROECONOMIC CONTROLSMACROECONOMIC INSTABILITYMACROECONOMIC VARIABLESMACROECONOMIC VOLATILITYMANAGEMENT FEESMARKET CONCENTRATIONMARKET SHAREMARKET SHARESMARKET SIZEMARKET STRUCTUREMARKET SUPERVISIONMATURITIESMATURITYMINORITY SHAREHOLDERSMUTUAL FUNDSNATIONAL CURRENCYNET DEBTNET RETURNSOUTPUTPARTICULAR COUNTRYPENSIONPENSION FUNDPENSION FUND INVESTMENTPENSION FUND INVESTMENTSPENSION FUND MANAGERSPENSION FUNDSPENSION SYSTEMPENSION SYSTEMSPENSIONSPERFORMANCE MEASUREPERFORMANCE MEASURESPERFORMANCE MODELSPERSONAL PENSIONPORTFOLIOPORTFOLIO COMPOSITIONPORTFOLIO INVESTMENTPORTFOLIO MANAGERSPORTFOLIOSPOSITIVE COEFFICIENTSPOWER PARITYPREVIOUS STUDIESPRICE FORMATIONPRICE MOVEMENTSPRIVATE CREDITPRIVATE EQUITYPRIVATE PENSIONPRIVATE PENSIONSPROPERTY RIGHTSPUBLIC DEBTPUBLIC POLICYPURCHASING POWERPURCHASING POWER PARITYRATE OF GROWTHRATE OF INFLATIONRATE OF RETURNRATE OF RETURN ON CAPITALRATE OF RETURNSRATES OF RETURNRATES OF RETURNSREAL ASSETSREAL ESTATEREAL GDPREAL INTERESTREAL INTEREST RATEREAL RATE OF RETURNREGULATORY CONSTRAINTSREGULATORY SYSTEMRETURN OBSERVATIONSRETURN VOLATILITYRETURNSRISK OF DEFAULTRISKIER INVESTMENTRISKY ASSETRULE OF LAWSECURITIESSTANDARD DEVIATIONSTANDARD DEVIATIONSSTOCK MARKETSTOCK MARKET CAPITALIZATIONSURPLUSTIME HORIZONTRANSACTIONS COSTSTRUSTEESVALUATIONVALUATIONSVALUE OF ASSETSWorld Bank10.1596/13558