International Monetary FundWorld Bank2013-10-032013-10-032004-08https://hdl.handle.net/10986/16063The 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.en-USCC BY 3.0 IGOACCOUNTINGACCOUNTING STANDARDSACCOUNTS RECEIVABLEAMORTIZATIONASSET MANAGEMENTASSET MANAGERSASSET-BACKED SECURITIESAUCTIONSBANK DEPOSITSBENEFICIARIESBLUE CHIPBOND ISSUERSBOND ISSUESBONDSBRANCH NETWORKSCALL OPTIONSCAPITAL ACCOUNTCAPITAL ACCOUNT LIBERALIZATIONCAPITAL ALLOCATIONCAPITAL FLOWCAPITAL INFLOWSCAPITAL MARKET DEVELOPMENTCAPITAL MARKETSCASH FLOWSCASH OUTFLOWSCENTRAL SECURITIES DEPOSITORYCOLLATERALCOMMERCIAL BANKSCONFLICT OF INTERESTCONTINGENT LIABILITIESCORPORATE BONDCORPORATE BOND MARKETCORPORATE BONDSCORPORATE DEBTCORPORATE GOVERNANCECORPORATE SECURITIESCREDIT RATINGCREDITORSCURRENCYCURRENCY MATCHINGCURRENCY RISKCURRENCY RISKSDEBTDEBT INSTRUMENTSDEBT ISSUANCEDEBT ISSUESDEBT MANAGEMENTDEBT MARKET DEVELOPMENTDEFAULTSDEMOGRAPHICDEPOSITSDERIVATIVESDERIVATIVES MARKETDEVELOPING COUNTRIESDOMESTIC BONDDOMESTIC BONDSDOMESTIC CAPITALDOMESTIC CAPITAL MARKETDOMESTIC CAPITAL MARKETSDOMESTIC CORPORATE BONDSDOMESTIC DEBTDOMESTIC DEBT MARKETDOMESTIC DEBT MARKETSDOMESTIC MARKETDOMESTIC MARKETSDOMESTIC SECURITIESDOMESTIC STOCKECONOMIC DEVELOPMENTEMERGING ECONOMIESENFORCEABILITYEQUITIESEXCESS LIQUIDITYEXCHANGE RATEFINANCIAL FLOWSFINANCIAL INFLOWSFINANCIAL INSTRUMENTSFINANCIAL MARKETFINANCIAL MARKETSFINANCIAL SECTORFINANCIAL STATEMENTSFINANCIAL SYSTEMSFOREIGN COMPANYFOREIGN CURRENCYFOREIGN EXCHANGEFOREIGN EXCHANGE RISKFOREIGN INVESTMENTFOREIGN INVESTMENTSFOREIGN MARKETSFUND MANAGEMENTFUND MANAGERSGOVERNMENT BONDGOVERNMENT BOND YIELDSGOVERNMENT BONDSGOVERNMENT DEBTGOVERNMENT POLICIESGOVERNMENT SECURITIESHOLDINGHOLDINGSHOSTILE TAKEOVERSILLIQUIDITYINCOMEINCOME FLOWSINCOME SECURITIESINDIVIDUAL SECURITIESINFLATIONINFRASTRUCTURE INVESTMENTSINSTITUTIONAL INVESTORSINSTRUMENTINSURANCEINSURANCE COMPANIESINSURANCE INDUSTRYINTEREST RATESINTERNATIONAL BANKINTERNATIONAL BANKSINTERNATIONAL FINANCIAL INSTITUTIONSINTERNATIONAL MARKETSINVESTINGINVESTMENT ALTERNATIVESINVESTMENT ASSETSINVESTMENT CHOICESINVESTMENT DECISIONSINVESTMENT FUNDINVESTMENT FUNDSINVESTMENT HORIZONINVESTMENT IN SECURITIESINVESTMENT MANAGEMENTINVESTMENT OPPORTUNITIESINVESTMENT OPTIONSINVESTMENT POLICYINVESTMENT PORTFOLIOINVESTMENT PORTFOLIOSINVESTMENT REGULATIONSINVESTMENT RESTRICTIONSINVESTMENT STRATEGIESINVESTMENT VEHICLESINVESTMENTS IN GOVERNMENT SECURITIESINVESTOR BASEISSUANCEJOINT STOCK COMPANIESLEVEL PLAYING FIELDLIABILITYLIFE INSURANCELIFE INSURANCE COMPANIESLIQUID ASSETSLIQUIDITYLIQUIDITY MANAGEMENTLOCAL GOVERNMENTLONG-TERM INSTRUMENTSLONG-TERM INVESTMENTMARKET CAPITALIZATIONMARKET DEVELOPMENTSMARKET ECONOMYMARKET PARTICIPANTSMARKET PRICINGMARKET SHAREMARKET VOLATILITYMATURITIESMATURITYMATURITY MATCHINGMONETARY FUNDMORTGAGEMORTGAGE-BACKED SECURITIESMORTGAGESPENSIONPENSION ASSETPENSION ASSETSPENSION FUNDPENSION FUND ASSETSPENSION FUND INVESTMENTPENSION FUND INVESTMENTSPENSION FUNDSPENSION LIABILITIESPENSION REFORMPENSION SYSTEMPENSION SYSTEMSPENSIONSPORTFOLIOPORTFOLIOSPRICE VOLATILITYPRIVATE PENSIONPROVIDENT FUNDSPUBLIC PENSIONRATES OF RETURNREGULATORREGULATORSREGULATORY FRAMEWORKREGULATORY SYSTEMREINVESTMENTREINVESTMENT RISKREINVESTMENT RISKSRESERVESRETURNRETURNSRISK FACTORSAFETY NETSAVINGSSECONDARY MARKETSECURITIES MARKETSHARE OF INVESTMENTSSHAREHOLDERSSOCIAL DEVELOPMENTSSOCIAL SAFETY NETSOLVENCYSTOCK MARKETSTOCK MARKETSTAXTAX BENEFITSTAX INCENTIVESTELECOMMUNICATIONSTRANSITION ECONOMIESTRANSPARENCYUNEMPLOYMENT RATESVALUATIONYIELD CURVEWorld Bank10.1596/16063