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The National Pensions Reserve Fund: Pitfalls and Opportunities

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  • P. R. Lane

Abstract

This paper analyses some key issues concerning the new National Pensions Reserve Fund. We briefly review the basic demographic and economic trends that motivate the establishment of the Fund. We consider the pitfalls facing the operation of the Fund and argue that a complete ban on domestic investment would minimise the politicisation problem. At least initially, the Fund should adopt an aggressive investment strategy, with a large equity allocation. We further argue that asset allocation should take into account the co-variation of returns with domestic macroeconomic and fiscal variables. Finally, we discuss the organisational structure of the Fund and its implications for optimal performance.

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File URL: http://www.tcd.ie/Economics/TEP/2001_papers/tepno7PL21.PDF
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Bibliographic Info

Paper provided by Trinity College Dublin, Department of Economics in its series Trinity Economics Papers with number 20017.

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Date of creation: 2001
Date of revision:
Handle: RePEc:tcd:tcduee:20017

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Postal: Trinity College, Dublin 2
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Web page: http://www.tcd.ie/Economics/
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  1. John Y. Campbell & Luis M. Viceira, 1998. "Who Should Buy Long-Term Bonds?," NBER Working Papers 6801, National Bureau of Economic Research, Inc.
  2. Nicholas Barberis, 2000. "Investing for the Long Run when Returns Are Predictable," Journal of Finance, American Finance Association, vol. 55(1), pages 225-264, 02.
  3. Ignazio Visco, 2001. "Paying for pensions: how important is economic growth?," Banca Nazionale del Lavoro Quarterly Review, Banca Nazionale del Lavoro, vol. 54(216), pages 73-102.
  4. Gerard Caprio, Jr. and Patrick Honohan, 2008. "Banking Crises," The Institute for International Integration Studies Discussion Paper Series iiisdp242, IIIS.
  5. H. Lloyd-Ellis & Xiaodong Zhu, 1998. "Fiscal Shocks and Fiscal Risk Management," Working Papers lloydell-98-01, University of Toronto, Department of Economics.
  6. Luis M. Viceira, 1999. "Optimal Portfolio Choice for Long-Horizon Investors with Nontradable Labor Income," NBER Working Papers 7409, National Bureau of Economic Research, Inc.
  7. Martin Feldstein & Jeffrey B. Liebman, 2001. "Social Security," NBER Working Papers 8451, National Bureau of Economic Research, Inc.
    • Feldstein, Martin & Liebman, Jeffrey B., 2002. "Social security," Handbook of Public Economics, in: A. J. Auerbach & M. Feldstein (ed.), Handbook of Public Economics, edition 1, volume 4, chapter 32, pages 2245-2324 Elsevier.
  8. Steven J. Davis & Jeremy Nalewaik & Paul Willen, 2000. "On the Gains to International Trade in Risky Financial Assets," NBER Working Papers 7796, National Bureau of Economic Research, Inc.
  9. Paul Mylonas & Sebastian Schich & Thorsteinn Thorgeirsson & Gert Wehinger, 2000. "New Issues in Public Debt Management: Government Surpluses in Several OECD Countries, the Common Currency in Europe and Rapidly Rising Debt in Japan," OECD Economics Department Working Papers 239, OECD Publishing.
  10. Iglesias, Augusto & Palacios, Robert J., 2000. "Managing public pension reserves - Part I : evidence from the international experience," Social Protection Discussion Papers 21311, The World Bank.
  11. Ignazio Visco, 2001. "Paying for pensions: how important is economic growth?," BNL Quarterly Review, Banca Nazionale del Lavoro, vol. 54(216), pages 73-102.
  12. Steven J. Davis & Paul Willen, 2000. "Occupation-Level Income Shocks and Asset Returns: Their Covariance and Implications for Portfolio Choice," NBER Working Papers 7905, National Bureau of Economic Research, Inc.
  13. Holzmann, Robert, 2000. "Can investments in emerging markets help to solve the aging problem ?," Social Protection Discussion Papers 23070, The World Bank.
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Cited by:
  1. Honohan, Patrick & McCoy, Daniel, 2001. "European and International Constraints on Irish Fiscal Policy," Book Chapters, in: Callan, Tim (ed.), Budget Perspectives - Proceedings of a Conference held on 9 October 2001 Economic and Social Research Institute (ESRI).

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