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Competition and Performance in the Polish Second Pillar

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  • Heinz Rudolph
  • Roberto Rocha
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    Abstract

    This 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.

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    Bibliographic Info

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    This book is provided by The World Bank in its series World Bank Publications with number 6775 and published in 2007.

    ISBN: 978-0-8213-7119-0
    Handle: RePEc:wbk:wbpubs:6775

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    Related research

    Keywords: Economic Theory and Research Macroeconomics and Economic Growth - Investment and Investment Climate Private Sector Development - Emerging Markets Finance and Financial Sector Development - Debt Markets;

    References

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    1. David Blake & Bruce N. Lehmann & Allan Timmermann, 2002. "Performance clustering and incentives in the UK pension fund industry," LSE Research Online Documents on Economics 24945, London School of Economics and Political Science, LSE Library.
    2. Solange Berstein & Alejandro Micco, 2002. "Turnover and Regulation: The Chilean Pension Fund Industry," Working Papers Central Bank of Chile 180, Central Bank of Chile.
    3. Laurence J. Kotlikoff, 1996. "Simulating the Privatization of Social Security in General Equilibrium," NBER Working Papers 5776, National Bureau of Economic Research, Inc.
    4. Palacios, Robert & Rocha, Roberto, 1998. "The Hungarian pension system in transition," Social Protection Discussion Papers 20048, The World Bank.
    5. Chlon, Agnieszka & Gora, Marek & Rutkowski, Michal, 1999. "Shaping pension reform in Poland : security through diversity," Social Protection Discussion Papers 20852, The World Bank.
    6. Solange Berstein & José Luis Ruiz V, 2005. "Sensibilidad de la Demanda con Consumidores Desinformados: El Caso de las AFP en Chile," Working Papers 4, Superintendencia de Pensiones, revised Apr 2005.
    7. Eduardo Walker, 2004. "Portafolios ÓPtimos Para Los Nuevos Sistemas De Pensiones De Paãses Emergentes," Econometric Society 2004 Latin American Meetings 234, Econometric Society.
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