Holzmann, Robert2012-03-192012-03-192009978-0-8213-7732-1https://hdl.handle.net/10986/2606Population aging is a worldwide phenomenon, but it is particularly advanced in highly developed northern countries. The retirement of the baby-boom generation in these rich countries will impose additional, albeit temporary, pressure on their pension systems. To cope with this pressure, reforms have been introduced that have lessened the generosity of publicly provided pension benefits. By design and by implication, this change increases the importance of mandatory and voluntary funded retirement schemes in smoothing consumption across the life cycle. The first three chapters of this book investigate questions germane to pension systems in the Central, Eastern, and Southern Europe (CESE) economies: the extent to which pension systems were prepared to deal with multi pillar pension reform, how to foster the development of financial systems so that they can better support funded systems, and how ready the systems are for the approaching payout of benefits as the first participants in the funded pillar approach retirement age. The remaining three chapters investigate broader questions facing pension systems in both developed and emerging countries: the capacity of the financial markets to deliver sufficiently high net rates of return, the benefits and disadvantages of investment in emerging markets, and the effect of aging on the rates of return afforded by funded and unfunded schemes.CC BY 3.0 IGOADMINISTRATIVE CHARGESADMINISTRATIVE COSTSALLOCATION OF CAPITALALTERNATIVE INVESTMENTANNUAL RETURNSARBITRAGEASSET ACCUMULATIONASSET ALLOCATIONASSET LIMITSASSET PRICESAVERAGE WAGEBANK ASSETSBANK DEPOSITSBANK POLICYBANKING SECTORBANKING SECTORSBANKING SYSTEMBANKING SYSTEMSBASIS POINTSBENEFICIARIESBENEFIT FORMULASBONDBOND CATEGORIESBOND CATEGORYBOND INDEXBOND MARKETSCAPITAL ACCOUNTSCAPITAL ASSET PRICINGCAPITAL FLOWSCAPITAL MARKETCAPITAL MARKET DEVELOPMENTCAPITAL MARKETSCAPITAL STOCKSCONSUMER PROTECTIONCONTRACTUAL SAVINGSCONTRIBUTIONCONTRIBUTION PAYMENTSCONTRIBUTION RATESCONTRIBUTIONSCORPORATE BONDSCORPORATE STOCKSCREDIBILITYCURRENCYCURRENCY BOARDSDEMOGRAPHIC PROFILEDEVELOPING COUNTRIESDOMESTIC CAPITALDOMESTIC CAPITAL MARKETDOMESTIC CREDITDOMESTIC FINANCIAL MARKETDOMESTIC FINANCIAL MARKETSDOMESTIC MARKETEDUCATIONAL PROGRAMSEMERGING ECONOMIESEMERGING MARKETEMERGING MARKET ECONOMIESEMERGING MARKETSEQUITIESEQUITY INDEXESEXPENDITUREEXPENDITURESFACE VALUEFINANCIAL ASSETFINANCIAL ASSETSFINANCIAL CRISESFINANCIAL EDUCATIONFINANCIAL INFRASTRUCTUREFINANCIAL INSTITUTIONFINANCIAL INSTITUTIONSFINANCIAL INSTRUMENTSFINANCIAL LITERACYFINANCIAL MARKETFINANCIAL MARKET DEVELOPMENTFINANCIAL MARKET PARTICIPANTSFINANCIAL MARKETSFINANCIAL PORTFOLIOSFINANCIAL PRODUCTSFINANCIAL SECTORFINANCIAL SECTOR DEVELOPMENTFINANCIAL SECTORSFINANCIAL STABILITYFINANCIAL STRUCTUREFINANCIAL SUPPORTFINANCIAL SYSTEMSFISCAL POLICYFISCAL SUSTAINABILITYFIXED INVESTMENTSFOREIGN BANKSFOREIGN CURRENCIESFOREIGN CURRENCYFOREIGN INVESTMENTFOREIGN MARKETSFORMS OF CREDITFUND MANAGERSGLOBAL ECONOMYGOVERNMENT DEBTGROSS DOMESTIC PRODUCTHOLDINGHOLDINGSINCOME INSTRUMENTSINCOME LEVELSINCOME SECURITYINCOME TAXESINDEXED BONDSINFLATIONINSTITUTIONAL INVESTORSINTEREST RATEINTERNAL FINANCINGINTERNAL RATE OF RETURNINTERNATIONAL BANKINTERNATIONAL DIVERSIFICATIONINTERNATIONAL FINANCIAL MARKETSINTERNATIONAL INVESTMENTINVESTINGINVESTMENT ASSETSINVESTMENT CAPITALINVESTMENT CHOICESINVESTMENT POLICIESINVESTMENT RETURNSLABOR FORCELABOR MARKETSLEVEL OF PENSION EXPENDITURELEVELS OF RISKLEVIESLEVYLIFE EXPECTANCYLIFE INSURANCELIFE INSURANCE COMPANIESLIFETIMELIQUIDITYLONG-TERM INSTRUMENTSLOW COSTLOW-INCOMEMACROECONOMIC STABILITYMARKET DEVELOPMENTMARKET ECONOMYMARKET INFORMATIONMARKET SIZEMARKET TRADINGMARKETS DEVELOPMENTMONETARY FUNDOLD-AGE INCOMEPENSIONPENSION ASSETSPENSION BENEFITSPENSION FUNDPENSION FUND ASSETPENSION FUND ASSETSPENSION FUND RETURNSPENSION FUNDSPENSION POLICYPENSION PROVISIONSPENSION REFORMPENSION REFORMSPENSION SAVINGSPENSION SCHEMEPENSION SCHEMESPENSION SYSTEMPENSION SYSTEMSPENSIONSPOLITICAL UNCERTAINTYPORTFOLIOPORTFOLIO ALLOCATIONPORTFOLIO REGULATIONSPORTFOLIOSPORTFOLIOS OF PENSION FUNDSPRIVATE BONDPRIVATE EQUITYPRIVATE PENSIONPRODUCTIVITYPUBLIC DEBTPUBLIC DEBT SECURITIESPUBLIC INFORMATION CAMPAIGNSPUBLIC PENSIONRATE OF GROWTHRATES OF INFLATIONRATES OF RETURNREMITTANCESRETIREMENTRETIREMENT AGERETIREMENT AGESRETIREMENT ASSETSRETIREMENT INCOMERETIREMENT PRODUCTSRETIREMENT SAVINGSRETURNRETURNSRISK PREMIUMSSAVERSSECURITIESSECURITIES MARKETSSECURITY MARKETSSECURITY PRICESSENIORSHAREHOLDERSTAKEHOLDERSSTOCK EXCHANGESSTOCK MARKETSTOCK MARKET CAPITALIZATIONSTOCK MARKETSSTOCK RETURNSTOCK RETURNSSTOCK TRADINGTAXTAX COLLECTIONTRANSACTIONTRANSACTION COSTSTRANSITION COUNTRIESTRANSITION ECONOMIESTRANSPARENCYTURNOVERUNEMPLOYMENTWAGESWORKING CAPITALYOUNGER COHORTSYOUNGER POPULATIONSWorld Bank10.1596/978-0-8213-7732-1