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Contractual savings in countries with a small financial sector

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Author Info

  • Impavido, Gregorio
  • Musalem, Alberto R.
  • Vittas, Dimitri

Abstract

Countries with small financial systems are generally small economies with a reduced dimension of institutional relationships, a greater concentration of wealth, and a relatively less independent civil service. These characteristics facilitate concentration of functions and, more generally, weak governance. Only small economies with a relatively high level of per capita income, minimum core of sound banks and insurance companies, sound and credible macroeconomic policies, and open capital accounts can benefit from the development of contractual savings. This can increase the options to obtain sound coverage against contingencies, increase the supply of long term savings, promote financial deepening, and improve financial risk management.

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Bibliographic Info

Paper provided by The World Bank in its series Policy Research Working Paper Series with number 2841.

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Date of creation: 31 May 2002
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Handle: RePEc:wbk:wbrwps:2841

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Related research

Keywords: Payment Systems&Infrastructure; Environmental Economics&Policies; Banks&Banking Reform; Economic Theory&Research; Insurance&Risk Mitigation; Economic Theory&Research; Banks&Banking Reform; Insurance&Risk Mitigation; Environmental Economics&Policies; Insurance Law;

References

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  17. Impavido, Gregorio & Musalem, Alberto R., 2000. "Contractual savings, stock, and asset markets," Policy Research Working Paper Series 2490, The World Bank.
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  21. Impavido, Gregorio & Musalem, Alberto R. & Tressel, Thierry, 2001. "Contractual savings institutions and banks'stability and efficiency," Policy Research Working Paper Series 2751, The World Bank.
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Citations

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Cited by:
  1. Impavido, Gregorio, 2002. "On the governance of public pension fund management," Policy Research Working Paper Series 2878, The World Bank.
  2. de Menil, Georges, 2005. "Why should the portfolios of mandatory, private pension funds be captive? (The foreign investment question)," Journal of Banking & Finance, Elsevier, vol. 29(1), pages 123-141, January.
  3. Impavido, Gregorio & Musalem, Alberto R. & Tressel, Thierry, 2003. "The impact of contractual savings institutions on securities markets," Policy Research Working Paper Series 2948, The World Bank.

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