• The rapid ageing of populations in the rich economies can be expected to stimulate strong growth in private funded pensions, providing a massive potential of foreign finance for developing countries. • Pension managers can reap big diversification benefits by investing on the emerging stock markets of the younger economies, benefits which are largely unexploited so far. • The authorities in OECD countries should consider removing regulatory constraints imposed on pension assets that deprive retirees from the pension-improving benefits of global diversification. • Policy makers in developing countries should design policies that reassure institutional investors on default risk and stock market illiquidity, if they want to tap a higher share of OECD pension assets.
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Jeffrey A. Frankel & Nouriel Roubini & Mervyn King & Robert Rubin & George Soros, 2003.
"Industrial Country Policies,"
NBER Chapters,
in: Economic and Financial Crises in Emerging Market Economies, pages 155-296
National Bureau of Economic Research, Inc.
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