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Pension Funds and Emerging Markets

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  • Jorge A. Chan-Lau

Abstract

This paper focuses on the investment behavior of pension funds in developed and emerging market countries. First, it analyzes the main determinants of the emerging market asset allocation of pension funds in developed countries. Second, it assesses how pension funds in emerging markets have contributed to the development of local securities markets. Third, it analyzes the determinants of pension funds'' investment performance. The paper concludes with a discussion of why the emerging market asset allocation of pension funds in developed countries is likely to increase and what the challenges faced by pension funds in emerging markets are.

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Bibliographic Info

Paper provided by International Monetary Fund in its series IMF Working Papers with number 04/181.

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Length: 30
Date of creation: 01 Sep 2004
Date of revision:
Handle: RePEc:imf:imfwpa:04/181

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Keywords: Pension funds; Emerging markets; Financial assets; Pension regulations; pension; pension fund; pension fund managers; pension fund assets; pensions; provident funds; retirement; pension systems; pension plans; mutual funds; pension fund management; pension fund trustees; provident fund; pension reform; asset managers; investment performance; equity markets; pension plan; private pension; pension fund portfolios; public pension; external asset managers; pension system; pay-as-you-go systems; bond markets; investment guidelines; retirement income; asset management; pension fund portfolio; pension assets; capital markets; funded systems; government pension; pension fund investment; pension fund performance; public pension fund; global pensions; private pension systems; investment risk; pension fund reform; risk management; private pension funds; employee pension; insurance companies; guaranteed return; pension fund investment performance; life insurance; corporate pension; retirement plans; pension scheme; pension funds ? investment; pension fund asset; retirement benefits; portfolio management; pensioners; pension fund manager; mutual fund; pensions systems; pension regimes; low liquidity; retirement systems; early retirement; savings plans; contribution pension; guaranteed returns; defined-contribution pension; contribution pension systems; defined-benefit pensions; pension benefits; employee retirement; supervisory authority; provision of pensions; retirement age; national pension; portfolio choice; life insurance companies; individual pension; saving plans; employees ? retirement; retirement income security; contribution system; tax treatment; savings for retirement; national pensions; retirement policies; funded component; benefit pensions; contribution rates; benefit levels; investment management; pension investment; pay-as-you-go system; life expectancies; retirement system;

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References

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  1. Harry Markowitz, 1952. "Portfolio Selection," Journal of Finance, American Finance Association, vol. 7(1), pages 77-91, 03.
  2. Holzmann, Robert & Mac Arthur, Ian W. & Sin, Yvonne, 2000. "Pension systems in East Asia and the Pacific : challenges and opportunities," Social Protection Discussion Papers 23088, The World Bank.
  3. Alfredo Cuevas & G. A. Mackenzie & Philip R. Gerson, 1997. "Pension Regimes and Saving," IMF Occasional Papers 153, International Monetary Fund.
  4. Rother, P.C. & Catenaro, M. & Schwab, G., 2003. "Ageing and pensions in the Euro Area Survey and projection results," Social Protection Discussion Papers 25986, The World Bank.
  5. David Blake, 1999. "Portfolio Choice Models of Pension Funds and Life Assurance Companies: Similarities and Differences," The Geneva Papers on Risk and Insurance - Issues and Practice, Palgrave Macmillan, vol. 24(3), pages 327-357, July.
  6. Brown, Stephen J. & Warner, Jerold B., 1985. "Using daily stock returns : The case of event studies," Journal of Financial Economics, Elsevier, vol. 14(1), pages 3-31, March.
  7. Bodie, Zvi & Merton, Robert C., 2002. "International pension swaps," Journal of Pension Economics and Finance, Cambridge University Press, vol. 1(01), pages 77-83, March.
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Citations

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Cited by:
  1. Bohl, Martin T. & Lischewski, Judith & Voronkova, Svitlana, 2010. "Pension funds' performance in strongly regulated industries in Central Europe: Evidence from Poland and Hungary," ZEW Discussion Papers 10-076, ZEW - Zentrum für Europäische Wirtschaftsforschung / Center for European Economic Research.
  2. Kumara, Ajantha Sisira & Pfau, Wade Donald, 2011. "Would emerging market pension funds benefit from international diversification: investigating wealth accumulations for pension participants," MPRA Paper 31395, University Library of Munich, Germany, revised 10 Jun 2011.
  3. Martin T. Bohl, Judith Lischewski and Svitlana Voronkova, 2008. "Does Regulation Hurt Pension Funds' Performance? Evidence from Strongly Regulated Pension Fund Industries," The Institute for International Integration Studies Discussion Paper Series iiisdp247, IIIS.
  4. Yuwei Hu, 2012. "Growth of Asian Pension Assets: Implications for Financial and Capital Markets," Working Papers id:5025, eSocialSciences.
  5. Hu, Yuwei, 2012. "Growth of Asian Pension Assets: Implications for Financial and Capital Markets," ADBI Working Papers 360, Asian Development Bank Institute.
  6. Ajantha Sisira Kumara & Wade D. Pfau, 2010. "Reforming Pension Funds in Sri Lanka: International Diversification and the Employees’ Provident Fund," GRIPS Discussion Papers 10-13, National Graduate Institute for Policy Studies.
  7. Wade D. Pfau, 2007. "Asset Allocation for the Pakistan Pension System: A Role for International Diversification?," GRIPS Discussion Papers 07-06, National Graduate Institute for Policy Studies.
  8. Bank for International Settlements, 2009. "Capital flows and emerging market economies," CGFS Papers, Bank for International Settlements, number 33, January.
  9. Gaston Gelos, 2011. "International Mutual Funds, Capital Flow Volatility, and Contagion-A Survey," IMF Working Papers 11/92, International Monetary Fund.
  10. Rehman, Fahd, 2010. "Asset Allocation for Government Pension Funds in Pakistan:A Case for International Diversification," MPRA Paper 25060, University Library of Munich, Germany.
  11. Groh, Alexander P. & Liechtenstein, Heinrich & Canela, Miguel A., 2008. "Limited partners' perceptions of the Central Eastern European venture capital and private equity market," IESE Research Papers D/727, IESE Business School.
  12. Fahad Rehman, 2010. "Asset Allocation for Government Pension Funds in Pakistan: A Case for International Diversification," Lahore Journal of Economics, Department of Economics, The Lahore School of Economics, vol. 15(1), pages 127-151, Jan-Jun.
  13. Wade D. Pfau, 2008. "Emerging Market Pension Funds and International Diversification," GRIPS Discussion Papers 08-10, National Graduate Institute for Policy Studies.
  14. Anna Zalewska, 2006. "Is Locking Domestic Funds into the Local Market Beneficial? Evidence from the Polish Pension Reforms," The Centre for Market and Public Organisation 06/153, Department of Economics, University of Bristol, UK.
  15. Musalem, Alberto R. & Pasquini, Ricardo, 2012. "Private pension systems : cross-country investment performance," Social Protection Discussion Papers 68937, The World Bank.

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