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Pension Funds, Capital Controls and Macroeconomic Stability


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  • Helmut Reisen
  • John Williamson


The paper discusses the pros and cons of liberalising foreign investment of pension assets in developing countries, with particular reference to Chile. The positive part of the paper examines the impact on macroeconomic policy of a small country's opening its equity market for investment; the investment strategies of, and the restrictions imposed upon, privately-managed pension funds; and the specific British experience with portfolio diversification after the dismantling of capital controls in 1979. The normative part, while finding only a weak case for regulating foreign pension investment (loss of savings, domestic capital markets), discusses various techniques of such regulation ... Ce Document technique pèse le pour et le contre de la libéralisation de l'investissement des caisses de retraite étrangères dans les pays en développement, en s'intéressant surtout au cas du Chili. Dans une première partie, ce document analyse : a) les conséquences, pour un petit pays, de l'ouverture à l'investissement de son marché des capitaux sur sa politique macro-économique ; b) les stratégies d'investissement des caisses de retraite privées et les contraintes qui leur sont imposées ; c) l'expérience du Royaume-Uni de la diversification des investissements après l'abolition, en 1979, des contrôles sur les mouvements de capitaux. Dans une seconde partie, normative, les auteurs, bien que n'ayant trouvé que de faibles arguments en faveur de la réglementation de l'investissement des caisses de retraite sur les marchés étrangers (perte des fonds destinés à l'épargne nationale, effet général sur les marchés intérieurs des capitaux) passent cependant en revue les différentes ...

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Bibliographic Info

Paper provided by OECD Publishing in its series OECD Development Centre Working Papers with number 98.

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Date of creation: Aug 1994
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Handle: RePEc:oec:devaaa:98-en

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Cited by:
  1. Reisen, Helmut, 1997. "Liberalizing foreign investments by pension funds: Positive and normative aspects," World Development, Elsevier, vol. 25(7), pages 1173-1182, July.
  2. Impavido, Gregorio & Musalem, Alberto R. & Vittas, Dimitri, 2002. "Contractual savings in countries with a small financial sector," Policy Research Working Paper Series 2841, The World Bank.
  3. Chinn, Menzie-D & Dooley, Michael-P, 1997. "Financial Repression and Capital Mobility: Why Capital Flows and Covered Interest Rate Differentials Fail to Measure Capital Market Integration," Monetary and Economic Studies, Institute for Monetary and Economic Studies, Bank of Japan, Institute for Monetary and Economic Studies, Bank of Japan, vol. 15(2), pages 81-103, December.
  4. Eduardo Siandra, 1998. "Sistemas de pensiones, sus reformas y los mercados de capitales," Documentos de Trabajo (working papers) 0299, Department of Economics - dECON.
  5. Grech, Aaron George, 1999. "Funded pension schemes: Economic effects and policy implications," MPRA Paper 33615, University Library of Munich, Germany.


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