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Overview of contractual savings institutions

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Author Info

  • Vittas, Dimitri
  • Skully, Michael

Abstract

Contractual savings institutions include national provident funds, life insurance companies, private pension funds, and funded social pension insurance systems. They have long-term liabilities and stable cash flows and are therefore ideal providers of term finance, not only to government and industry, but also to municipal authorities and the housing sector. Except for Singapore, Malaysia, and a few other countries, most developing countries have small and insignificant contractual savings industries that have been undermined by high inflation and inhibited by oppressive regulations and pay-as-you-go social pension insurance systems. Contractual savings institutions play a much bigger role in the financial systems of developed countries. In some countries, such as Switzerland, the Netherlands, and the United Kingdom, the resources mobilized by life insurance companies and pension funds correspond to well over 100 percent of annual GDP. The authors provide an overview of the structure and the state of development of contractual savings institutions in both high- and low-income countries. They also identify a number of operating characteristics that define the social, economic, financial and regulatory implications of different types of contractual savings institutions. The authors emphasize the fundamental objectives for reforming the contractual savings and pension systems.

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Bibliographic Info

Paper provided by The World Bank in its series Policy Research Working Paper Series with number 605.

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Date of creation: 31 Mar 1991
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Handle: RePEc:wbk:wbrwps:605

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Related research

Keywords: Insurance&Risk Mitigation; Contractual Savings; Banks&Banking Reform; Insurance Law; Environmental Economics&Policies;

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Cited by:
  1. Demirguc-Kunt, Asli & Schwarz, Anita, 1995. "Costa Rican pension system : options for reform," Policy Research Working Paper Series 1483, The World Bank.
  2. Vittas, Dimitri, 1993. "The simple(r) algebra of pension plans," Policy Research Working Paper Series 1145, The World Bank.
  3. Vittas, Dimitri & Michelitsch, Roland, 1995. "Pension funds in Central Europe and Russia : their prospects and potential role in corporate governance," Policy Research Working Paper Series 1459, The World Bank.
  4. Pardy, Robert, 1992. "Institutional reform in emerging securities markets," Policy Research Working Paper Series 907, The World Bank.
  5. 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.
  6. James, Estelle & Vittas, Dimitri, 2000. "Annuity markets in comparative perspective : do consumers get their money's wotrth?," Policy Research Working Paper Series 2493, The World Bank.
  7. Impavido, Gregorio & Musalem, Alberto R., 2000. "Contractual savings, stock, and asset markets," Policy Research Working Paper Series 2490, The World Bank.
  8. Vittas, Dimitri & Iglesias, Augusto, 1992. "The rationale and performance of personal pension plans in Chile," Policy Research Working Paper Series 867, The World Bank.
  9. Vittas, Dimitri, 1993. "Swiss Chilanpore : the way forward for pension reform?," Policy Research Working Paper Series 1093, The World Bank.
  10. Musalem, Alberto R. & Impavido, Gregorio & Tressel, Thierry, 2001. "Contractual savings, capital markets, and firms'financing choices," Policy Research Working Paper Series 2612, The World Bank.
  11. Vittas, Dimitri, 1993. "Options for pension reform in Tunisia," Policy Research Working Paper Series 1154, The World Bank.
  12. Olivia S. Mitchell, . "Insulating Old-Age Systems from Political Risk," Pension Research Council Working Papers 98-3, Wharton School Pension Research Council, University of Pennsylvania.
  13. Queisser, Monika & Bailey, Clive & Woodall, John, 1997. "Reforming pensions in Zambia : an analysis of existing schemes and options for reform," Policy Research Working Paper Series 1716, The World Bank.
  14. Impavido, Gregorio & Musalem, Alberto R. & Vittas, Dimitri, 2002. "Contractual savings in countries with a small financial sector," Policy Research Working Paper Series 2841, The World Bank.
  15. Wright, Kenneth M., 1992. "The life insurance industry in the United States : an analysis of economic and regulatory issues," Policy Research Working Paper Series 857, The World Bank.
  16. Vittas, Dimitri, 1995. "Tunisia's insurance sector," Policy Research Working Paper Series 1451, The World Bank.
  17. Davis, E.P. & DEC, 1993. "The structure, regulation, and performance of pension funds in nine industrial countries," Policy Research Working Paper Series 1229, The World Bank.

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