This 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...
The book has a comprehensive introduction and two main parts. Part I presents the conceptual underpinnings for the Bank's thinking on pension systems and reforms, including structure of Bank lending in...
This is the first comprehensive assessment of pension systems in the Middle East and North Africa. While other regions-Central Asia, Eastern Europe, and Latin America, in particular-have been actively...
The book has a comprehensive introduction and two main parts. Part I presents the conceptual underpinnings for the Bank's thinking on pension systems and reforms, including structure of Bank lending in...
The book has a comprehensive introduction and two main parts. Part I presents the conceptual underpinnings for the Bank's thinking on pension systems and reforms, including structure of Bank lending in...
The book has a comprehensive introduction and two main parts. Part I presents the conceptual underpinnings for the Bank's thinking on pension systems and reforms, including structure of Bank lending in...
The book has a comprehensive introduction and two main parts. Part I presents the conceptual underpinnings for the Bank's thinking on pension systems and reforms, including structure of Bank lending in...
This report highlights the key themes and findings of the Second Public Pension Fund Management Conference that was organized by the Bank and took place in May 2003. This book addresses issues of governance...
Impavido、Musalem和Tressel对约定储蓄机构(养老基金和人寿保险公司)的投资对证券市场的影响进行了经验性评估,例如,它们在国内股票市场中的深度和流动性以及在国内债券市场中的深度。作者讨论了储蓄的制度化是怎样通过延长证券的到期日来改变金融市场的。 结果如下: 一般来说,约定储蓄机构的资产相对于国内金融资产的增加对股票和债券市场的深度具有积极影响。 对股票市场深度和流动性的影响是非线性的:它对公司信息较透明的国家影响较大。...
本论文认为合约储蓄 (养老金资金和人寿保险公司资产)对改善银行的效率、信贷和减少流动性风险作出了贡献。作者使用来自银行的跨国追踪(固定抽样)数据评估合约储蓄对银行效率与贷款行为的影响。他们集中于盈利能力措施,贷款期限变化和信贷风险指标。 Impavido、Musalem 和 Tressel 分析发展合约储蓄体系与银行效率、信贷和流动性风险之间的关系。他们讨论通过发展合约储蓄体系可能影响银行业的潜在机制。他们说明发展合约储蓄制度对银行利差和贷款期限有很大影响。...
约定储蓄机构(如养老金基金和人寿保险公司)有为企业提供长期融资的比较优势。在以市场为基础的经济中,约定储蓄资产比重的上升会引起企业杠杆作用的下降。而在以银行为基础的经济中,前者比重的上升反而与企业杠杆的作用提高和债务到期日的推迟有关。 Impavido、Musalem和Tressel分析了约定储蓄机构(如养老金基金和人寿保险公司)的发展和资产分配的关系,以及企业的融资模式。 约定储蓄机构有为企业提供长期融资的比较优势。在以市场为基础的经济中,约定储蓄资产比重的上升会引起企业杠杆作用的下降。而在以银行为基础的经济中,前者比重的上升反而与企业杠杆作用的提高和债务到期日的推迟有关。...
To maximize the efficiency gains from the North American Free Trade Agreement (NAFTA), the regulatory environment for Mexican banking, insurance, and securities markets should be further harmonized with...
In 1985, Mexico shifted to a growth strategy based on private investment and exports rather than on import substitution and public sector investment. The policy implications of this study, are that to...