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Contractual savings in countries with a small financial sector

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  • 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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  1. Michael P. Dooley, 1995. "A Survey of Academic Literatureon Controls Over International Capital Transactions," IMF Working Papers 95/127, International Monetary Fund.
  2. Missale, Alessandro & Blanchard, Olivier Jean, 1994. "The Debt Burden and Debt Maturity," American Economic Review, American Economic Association, vol. 84(1), pages 309-19, March.
  3. Queisser, Monika, 1997. "Pension reform and private pension funds in Peru and Colombia," Policy Research Working Paper Series 1853, The World Bank.
  4. 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.
  5. Helmut Reisen, 1997. "Liberalising Foreign Investments by Pension Funds: Positive and Normative Aspects," OECD Development Centre Working Papers 120, OECD Publishing.
  6. Joshua Aizenman & Pablo E. Guidotti, 1990. "Capital Controls, Collection Costs, and Domestic Public Debt," NBER Working Papers 3443, National Bureau of Economic Research, Inc.
  7. Obstfeld, Maurice, 1986. "Capital controls, the dual exchange rate, and devaluation," Journal of International Economics, Elsevier, vol. 20(1-2), pages 1-20, February.
  8. Olivia S. Mitchell & Ping-Lung Hsin, . "Public Pension Governance and Performance," Pension Research Council Working Papers 94-1, Wharton School Pension Research Council, University of Pennsylvania.
  9. Maurice Obstfeld, 1995. "Models of Currency Crises with Self-Fulfilling Features," NBER Working Papers 5285, National Bureau of Economic Research, Inc.
  10. Queisser, Monika & Vittas, Dimitri, 2000. "The Swiss multi-pillar pension system : triumph of common sense?," Policy Research Working Paper Series 2416, The World Bank.
  11. Impavido, Gregorio & Musalem, Alberto R., 2000. "Contractual savings, stock, and asset markets," Policy Research Working Paper Series 2490, The World Bank.
  12. Leonardo Bartolini & Allan Drazen, 1996. "Capital account liberalization as a signal," Staff Reports 11, Federal Reserve Bank of New York.
  13. Mitchell, Olivia S., 1998. "Building an environment for pension reform in developing countries," Social Protection Discussion Papers 20047, The World Bank.
  14. Obstfeld, Maurice, 1986. "Rational and Self-fulfilling Balance-of-Payments Crises," American Economic Review, American Economic Association, vol. 76(1), pages 72-81, March.
  15. Zvi Bodie, 1989. "Pensions as Retirement Income Insurance," NBER Working Papers 2917, National Bureau of Economic Research, Inc.
  16. Vittas, Dimitri & Skully, Michael, 1991. "Overview of contractual savings institutions," Policy Research Working Paper Series 605, The World Bank.
  17. Helmut Reisen & John Williamson, 1994. "Pension Funds, Capital Controls and Macroeconomic Stability," OECD Development Centre Working Papers 98, OECD Publishing.
  18. 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.
  19. Catalan, Mario & Impavido, Gregorio & Musalem, Alberto R., 2000. "Contractual savings or stock market development - Which leads?," Policy Research Working Paper Series 2421, The World Bank.
  20. Maurice Obstfeld, 1994. "The Logic of Currency Crises," NBER Working Papers 4640, National Bureau of Economic Research, Inc.
  21. Olivia S. Mitchell & Ping Lung Hsin, 1994. "Public Sector Pension Governance and Performance," NBER Working Papers 4632, National Bureau of Economic Research, Inc.
  22. Mauro, Paolo, 1995. "Corruption and Growth," The Quarterly Journal of Economics, MIT Press, vol. 110(3), pages 681-712, August.
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Citations

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Cited by:
  1. Georges de Menil, 2003. "Why should the portfolios of mandatory private pension funds be captive? (the foreign investment question)," DELTA Working Papers 2003-12, DELTA (Ecole normale supérieure).
  2. Laura Raisa MILOS, 2012. "Is the Romanian financial market prepared to support pension system reform?," Anale. Seria Stiinte Economice. Timisoara, Faculty of Economics, Tibiscus University in Timisoara, vol. 0, pages 295-299, May.
  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.
  4. Impavido, Gregorio, 2002. "On the governance of public pension fund management," Policy Research Working Paper Series 2878, The World Bank.

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