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Contractual savings and emerging securities markets

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  • Vittas, Dimitri

Abstract

Contractual savings institutions - pension funds and life insurance companies - have long been important institutions in several developing countries. But, with notable exceptions, they have been weak and underdeveloped. Some of this is attributable to low levels of income in developing countries and some of it to the negative impact of repressive regulations and the existence of pay-as-you-go social security systems. The author briefly reviews the size of contractual savings institutions in selected developed and developing countries and assesses their role in the development of the financial sector - especially in the development of securities markets. He stresses five points : 1) the structure of a country's financial system depends on the organization of the country's pension system; 2) contractual savings do not increase the rate of saving but shift the composition of total savings toward long-term financial assets; 3) the role of contractual savings institutions in securities markets reflects historical traditions and differences in regulation; 4) investment regulations mustaim at ensuring the safety and profitability of contractual savings; encouraging investment prudence and developing effective supervision should be basic objectives of public policy; and 5) contractual savings institutions can have a great impact on securities markets.

Suggested Citation

  • Vittas, Dimitri, 1992. "Contractual savings and emerging securities markets," Policy Research Working Paper Series 858, The World Bank.
    • Handle: RePEc:wbk:wbrwps:858
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    References listed on IDEAS

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    1. Long, Millard & Vittas, Dimitri, 1991. "Financial regulation : changing the rules of the game," Policy Research Working Paper Series 803, The World Bank.
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    Citations

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    Cited by:

    1. Ercan Balaban, 1995. "Informational Efficiency of the Istanbul Securities Exchange and Some Rationale for Public Regulation," Discussion Papers 9502, Research and Monetary Policy Department, Central Bank of the Republic of Turkey.
    2. Roger Charlton & Roddy McKinnon & Lukasz Konopielko, 1998. "Pensions reform, privatisation and restructuring in the transition: Unfinished business or inappropriate agendas?," Europe-Asia Studies, Taylor & Francis Journals, vol. 50(8), pages 1413-1446.
    3. Nassios, Jason & Giesecke, James A. & Dixon, Peter B. & Rimmer, Maureen T., 2019. "Mandated superannuation contributions and the structure of the financial sector in Australia," Journal of Policy Modeling, Elsevier, vol. 41(5), pages 859-881.
    4. Vittas, Dimitri, 1992. "Policy issues in financial regulation," Policy Research Working Paper Series 910, The World Bank.
    5. Mr. Luc Laeven, 2014. "The Development of Local Capital Markets: Rationale and Challenges," IMF Working Papers 2014/234, International Monetary Fund.
    6. Pardy, Robert, 1992. "Institutional reform in emerging securities markets," Policy Research Working Paper Series 907, The World Bank.
    7. 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.
    8. Vittas, Dimitri, 1995. "Tunisia's insurance sector," Policy Research Working Paper Series 1451, The World Bank.
    9. Vittas, Dimitri, 1993. "Options for pension reform in Tunisia," Policy Research Working Paper Series 1154, The World Bank.
    10. Grech, Aaron George, 1999. "Funded pension schemes: Economic effects and policy implications," MPRA Paper 33615, University Library of Munich, Germany.
    11. Jason Nassios & James A. Giesecke & Peter B. Dixon & Maureen T. Rimmer, 2016. "Superannuation and Macroeconomic Growth and Stability," Centre of Policy Studies/IMPACT Centre Working Papers g-267, Victoria University, Centre of Policy Studies/IMPACT Centre.

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