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Financial Market Implications of India's Pension Reform

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  • Hélène Poirson
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    Abstract

    India''s planned pension reform will set up a proper regulatory framework for the pension industry and open up the sector to private fund managers. Drawing on international experiences, the paper highlights pre-conditions for the reform to kick-start financial development, including: (i) the buildup of critical mass; (ii) sufficiently flexible investment guidelines and regulations, including on investments abroad; and (iii) concurrent reforms in capital markets. Given the limited scale of the planned reform, the key challenge for India is to achieve sufficient critical mass early on. Options to address this challenge include granting permission for existing workers to switch to the new system or outsourcing all or part of the reserves of private sector provident funds to the new pension fund managers.

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    Bibliographic Info

    Paper provided by International Monetary Fund in its series IMF Working Papers with number 07/85.

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    Length: 21
    Date of creation: 01 Apr 2007
    Date of revision:
    Handle: RePEc:imf:imfwpa:07/85

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    Keywords: Emerging markets; Pension reforms; Pension regulations; Economic reforms; Investment policy; pension; bonds; pension funds; pension fund; pension reform; pension assets; corporate bonds; bond; retirement; replacement rates; corporate bond; government bonds; bond market; pension system; financial market; mutual funds; pensions; replacement rate; pension sector; contribution rate; corporate bond market; pension schemes; pension plan; financial market development; pension fund managers; bond markets; investment options; pension fund assets; private pension funds; private pension; corporate bond markets; pension systems; financial markets; defined benefit; labor force; pension plans; private savings; bond market capitalization; investment guidelines; financial sector; global pension; equity markets; individual pension; outstanding bonds; benefit scheme; government bond; individual pension account; defined benefit scheme; asset markets; indexed bonds; pension account; individual accounts; annual returns; pension fund portfolio; financial institutions; pension wealth; mortgage bonds; gross returns; derivative; price-indexed annuities; employees ? pension; contribution rates; minimum pension; private pensions; pension fund portfolios; life insurance; employee pension; retirement age; pension law; investment risk; public pension system; stock market; gross wage; equity shares; competitive bidding; indexed annuities; informal sector; provident fund; investment performance; local corporate bond market; demand for bonds; funded schemes; high yield bonds; provident funds; local stock exchange; legal framework; pension debt; national pension; bond issue; pension asset; derivative products; collective investment scheme; monthly contributions; individual account; personal pension; tax treatment; national pension fund; pension accounts; pension scheme; wage growth; retirement savings; pension contributions; defined contribution plan; pension income; investment in corporate bonds; public pension; interest rate derivatives; level playing field; stock exchange; net returns; implicit pension debt; pension liabilities; normal retirement age; government pension; financial innovation; two-tier structure; mandatory pension funds; pension programs; corporate pension; pillar system; hedge;

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    1. Impavido, Gregorio & Rocha, Roberto, 2006. "Competition and performance in the Hungarian second pillar," Policy Research Working Paper Series 3876, The World Bank.
    2. Pipat Luengnaruemitchai & Li L. Ong, 2005. "An Anatomy of Corporate Bond Markets," IMF Working Papers 05/152, International Monetary Fund.
    3. Charles Frederick Kramer & Catriona Purfield & Hiroko Oura & Andreas Jobst, 2006. "Asian Equity Markets," IMF Working Papers 06/266, International Monetary Fund.
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    Cited by:
    1. James Ang & Kunal Sen, 2011. "Private saving in India and Malaysia compared: the roles of financial liberalization and expected pension benefits," Empirical Economics, Springer, vol. 41(2), pages 247-267, October.

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