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Financial markets trend: ageing and pension system reform

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  • Panetta, Ida Claudia

Abstract

Ageing have prompted important changes in the structure of pension system with substantial differences across the most developed countries. Given that ageing populations are driving a growing need for private form of saving for retirement, the pension fund industry is like to exert an increasing influence in the financial markets. Much of the additional retirement related flows to capital markets will be intermediated by pension funds although their importance varies considerably across country. This work reviews recent change in the pension funds industry (updated at 2006) originated from pension system reform across countries as well as risk management practices, such as ALM; the paper also focus the potential implication of pension funds investments strategies on financial markets identifying the main gaps in the availability of financial instruments needed for pension funds.

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Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 18391.

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Date of creation: 20 Oct 2006
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Handle: RePEc:pra:mprapa:18391

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Keywords: pension system; financial markets; pension fund industry;

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  1. Agar Brugiavini, 1997. "Social Security and Retirement in Italy," NBER Working Papers 6155, National Bureau of Economic Research, Inc.
  2. Davis, E. Philip, 2003. "Institutional investors, financial market efficiency, and financial stability," EIB Papers 4/2003, European Investment Bank, Economics Department.
  3. Levine, Ross, 1999. "Law, Finance, and Economic Growth," Journal of Financial Intermediation, Elsevier, Elsevier, vol. 8(1-2), pages 8-35, January.
  4. Modigliani, Franco, 1985. "Life Cycle, Individual Thrift and the Wealth of Nations," Nobel Prize in Economics documents, Nobel Prize Committee 1985-1, Nobel Prize Committee.
  5. Ross Levine, 2002. "Bank-Based or Market-Based Financial Systems: Which is Better?," William Davidson Institute Working Papers Series 442, William Davidson Institute at the University of Michigan.
  6. James M. Poterba, 2004. "The impact of population aging on financial markets," Proceedings - Economic Policy Symposium - Jackson Hole, Federal Reserve Bank of Kansas City, Federal Reserve Bank of Kansas City, issue Aug, pages 163-216.
  7. Oecd, 2005. "Global Pension Statistics Project: Data Update," Financial Market Trends, OECD Publishing, OECD Publishing, vol. 2005(1), pages 191-194.
  8. James M. Poterba, 1998. "Population Age Structure and Asset Returns: An Empirical Investigation," NBER Working Papers 6774, National Bureau of Economic Research, Inc.
  9. Ray C. Fair & Kathryn M. Dominguez, 1987. "Effects of the Changing U.S. Age Distribution on Macroeconomic Equations," NBER Working Papers 2280, National Bureau of Economic Research, Inc.
  10. Dave Turner & Claude Giorno & Alain de Serres & Ann Vourc'h & Pete Richardson, 1998. "The Macroeconomic Implications of Ageing in a Global Context," OECD Economics Department Working Papers 193, OECD Publishing.
  11. Kieran Mc Morrow & Werner R�ger, 2003. "Economic and financial market consequences of ageing populations," European Economy - Economic Papers, Directorate General Economic and Monetary Affairs (DG ECFIN), European Commission 182, Directorate General Economic and Monetary Affairs (DG ECFIN), European Commission.
  12. Clifford L.F. Attfield & Edmund Cannon, 2003. "The Impact of Age Distribution Variables on the Long Run Consumption Function," Bristol Economics Discussion Papers 03/546, Department of Economics, University of Bristol, UK.
  13. Paul R. Masson & Tamim Bayoumi & Hossein Samiei, 1995. "International Evidenceon the Determinants of Private Saving," IMF Working Papers 95/51, International Monetary Fund.
  14. Goyal, Amit, 2004. "Demographics, Stock Market Flows, and Stock Returns," Journal of Financial and Quantitative Analysis, Cambridge University Press, Cambridge University Press, vol. 39(01), pages 115-142, March.
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