Rudolph, HeinzRocha, Roberto2012-05-312012-05-312007978-0-8213-7119-0https://hdl.handle.net/10986/6775This paper provides an assessment of the Polish funded pension system and the quality of the regulatory framework for the accumulation phase. There are two elements that distinguish the Polish pension fund portfolios from other reforming countries': the relatively high component of domestic equity, and the negligible component on international securities. Although this asset allocation has provided relatively high real rates of return in the past, it may not be the case in the future, as further portfolio diversification to other instruments will become necessary to ensure sustainable rates of return. The paper provides a number of recommendations to expand the opportunities of investments to pension funds. The paper finds that pension fund management companies have been able to exploit scale economies in certain areas of the business, such as collection of revenues, and proposes to study mechanisms to enhance them even more by centralizing also the account management system, which may also help to increase portfolio efficiency and competition. The paper suggests that, with the payout phase starting in 2009, broad definitions in areas such as the role of the public and private sector need to be established. The paper examines products and options that authorities may consider for the design of the payout phase.en-USCC BY 3.0 IGOACCOUNT HOLDERSACCOUNTINGASSET CLASSASSET CLASSESASSET MANAGEMENTASSET MANAGERASSET MANAGERSASSET VALUEASSET VALUESBANKING SYSTEMBASIS POINTSBENCHMARK BONDBINDING CONSTRAINTBOND INDEXBOND INSTRUMENTSBROKERBROKERSCAPITAL FUNDSCAPITAL GAINSCAPITAL MARKET DEVELOPMENTCAPITAL REQUIREMENTSCLEARING HOUSECOLLECTIVE FUNDSCONSUMER PROTECTIONCORPORATE BONDCORPORATE BOND MARKETCORPORATE BONDSCORPORATE GOVERNANCECREDIT RATINGSCREDIT RISKCREDIT RISKSCURRENCYCUSTODIAN BANKCUSTODIAN BANKSCUSTODYDEBT ISSUESDEBT MANAGEMENTDEBT MANAGEMENT GUIDELINESDEFICITSDEPOSITDEPOSITSDERIVATIVESDISCLOSURE REQUIREMENTSDOMESTIC CAPITALDOMESTIC CAPITAL MARKETDOMESTIC DEBTDOMESTIC EQUITYEQUITIESEQUITY FUNDSEQUITY HOLDINGSEQUITY INDEXEQUITY MARKETEQUITY MARKETSEXCESS LIQUIDITYEXCHANGE COMMISSIONEXPENDITUREEXPENDITURESFINANCIAL ASSETSFINANCIAL INSTITUTIONSFINANCIAL INSTRUMENTSFINANCIAL RISKFINANCIAL STATEMENTSFISCAL DEFICITFISCAL DEFICITSFISCAL POLICYFIXED INCOMEFIXED INCOME PORTFOLIOFIXED INCOME PORTFOLIOSFIXED INCOME SECURITYFLOW OF INFORMATIONFOREIGN CURRENCYFOREIGN CURRENCY RISKFOREIGN EXCHANGEFOREIGN INVESTMENTFOREIGN INVESTMENTSFOREIGN INVESTORFOREIGN INVESTORSFREE ASSETFREE RIDER PROBLEMFUND MANAGEMENTFUND MANAGERSFUTURESGENERAL OBLIGATION BONDSGOVERNMENT BONDGOVERNMENT BONDSGOVERNMENT DEFICITGOVERNMENT SECURITIES MARKETGRACE PERIODGUARANTEE FUNDHOLDINGINCOME INSTRUMENTSINDIVIDUAL BONDSINFLATIONINFLATION RATEINSTITUTIONAL INVESTORSINSTRUMENTINSURANCEINSURANCE COMPANIESINSURANCE COMPANYINSURANCE INDUSTRIESINSURANCE INDUSTRYINTEREST RATEINTEREST RATE RISKSINTEREST RATESINTERNATIONAL BANKINTERNATIONAL DEBTINTERNATIONAL DIVERSIFICATIONINTERNATIONAL SECURITIESINTERNATIONAL STANDARDSINVESTINGINVESTMENT BANKINVESTMENT FUNDINVESTMENT FUNDSINVESTMENT HORIZONSINVESTMENT POLICIESINVESTMENT POLICYINVESTMENT REGIMEINVESTMENT REGULATIONINVESTMENT RESTRICTIONSISSUANCEJOINT STOCK COMPANIESLABOR MARKETSLIQUID BENCHMARKSLIQUID INSTRUMENTSLIQUIDITYLIQUIDITY RATIOLOCAL GOVERNMENTSLOCAL MARKETLONG-TERM INVESTORMARKET CAPITALIZATIONMARKET CONDITIONSMARKET FOR GOVERNMENT DEBTMARKET INFRASTRUCTUREMARKET LIQUIDITYMARKET PRICESMARKET SHARESMARKET STRUCTUREMATURITIESMATURITYMATURITY SPECTRUMMATURITY STRUCTUREMORAL HAZARDMORTGAGEMORTGAGE BONDMORTGAGE BOND MARKETMORTGAGE BONDSMORTGAGE LOANSMORTGAGE-BACKED SECURITIESMUNICIPAL BONDMUNICIPAL BOND MARKETMUNICIPAL BONDSMUTUAL FUNDMUTUAL FUNDSNATIONAL DEPOSITORYNATIONAL SAVINGSPENSIONPENSION ASSETPENSION ASSETSPENSION FUNDPENSION FUND ASSETSPENSION FUNDSPENSION REFORMPENSION SYSTEMPENSION SYSTEMSPENSIONSPORTFOLIOPORTFOLIO CHOICEPORTFOLIO DIVERSIFICATIONPORTFOLIOSPORTFOLIOS OF PENSION FUNDSPRIVATE EQUITYPRIVATE INVESTMENTPROFIT MARGINSPUBLIC DEBTPUBLIC MARKETRATE OF RETURNRATES OF RETURNREAL INTERESTREAL INTEREST RATESREGULATORY FRAMEWORKREINVESTMENTREINVESTMENT RISKREINVESTMENT RISKSRESERVERESERVE REQUIREMENTRESERVESRETURNSREVENUE BONDREVENUE BONDSRISK EXPOSURESRISK MANAGEMENTRISK MANAGEMENT SYSTEMSRISKY ASSETSAVINGS RATESSAVINGS RATIOSSHARE OF EQUITYSHARE OF GOVERNMENT SECURITIESSHAREHOLDERSSHARES OF INVESTMENTSHARES OF INVESTMENTSSTOCK EXCHANGESTOCKSSTRATEGIC INVESTORSSUPERVISORY AUTHORITIESSUPERVISORY BOARDSWAPST-BILLST-BONDSTAXTAX INCENTIVESTRADINGTRANSFER AGENTSTREATYTURNOVERUNDERLYING ASSETSUNIVERSAL BANKINGUNIVERSAL BANKSVALUATIONVALUATIONSWITHDRAWALYIELD CURVEYIELD CURVESYIELD SPREADSWorld Bank10.1596/978-0-8213-7119-0