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Pension funds and the financing productive investment: an analysis based on Brazil's recent experience

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  • Studart, Rogério

Abstract

This paper analyzes the recent development of pension funds in Brazil in the 1990s (and especially in the second half of this decade). It draws lessons from Brazil's recent experience to assess the potential of these institutions as suppliers of funds to productive investment and to discuss policies that could possibly enhance and make effective this potential.It concludes that pension fund reforms are important potential suppliers of long-term non-inflationary financing to productive investment. Low inflation and sustained macroeconomic stability are important (even necessary conditions) for the enhancement of this. But they do not seem to be a sufficient condition. In economies where capital markets are shallow and/or inherently volatile, additional institutional and regulatory arrangements need be created in order to stimulate the channeling of long-term funds of pension funds towards the acquisition of newly issued corporate securities. There seems to be a wide variety of possible regulatory and institutional arrangements, and in this paper we explore one of them.

Suggested Citation

  • Studart, Rogério, 2000. "Pension funds and the financing productive investment: an analysis based on Brazil's recent experience," Financiamiento para el Desarrollo 102, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL).
  • Handle: RePEc:ecr:col035:5079
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    File URL: http://repositorio.cepal.org/handle/11362/5079
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    1. Bertranou, Fabio & Grushka, Carlos O. & Shulthess, Walter, 2000. "Proyección de responsabilidades fiscales asociadas a la reforma previsional en Argentina," Financiamiento para el Desarrollo 94, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL).
    2. Noya, Nelson & Laens, Silvia, 2000. "Efectos fiscales de la reforma de la seguridad social en Uruguay," Financiamiento para el Desarrollo 101, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL).
    3. Ocampo, José Antonio & Tovar, Camilo Ernesto, 1999. "Price-based capital account regulations: the Colombian experience," Financiamiento para el Desarrollo 87, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL).
    4. Vargas, Juan Rafael, 1995. "Flujos financieros internacionales privados de capital a Costa Rica," Financiamiento para el Desarrollo 35, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL).
    5. Chisari, Omar & Ferro, Gustavo & González, Mariano & León, Sonia & Maquieryra, Javier & Mastronardi, Leonardo & Roitman, Mauricio & Romero, Carlos & Theller, Ricardo, 2010. "Modelo de Equilibrio General Computado para la Argentina 2006," UADE Textos de Discusión 63_2010, Instituto de Economía, Universidad Argentina de la Empresa.
    6. -, 1991. "Regulación y supervisión de la banca e instituciones financieras: estudios de caso de América Latina y el Caribe: conclusiones y recomendaciones, Santiago 3-5 diciembre 1990 y 22-23 agosto 1991 = Regu," Financiamiento para el Desarrollo 8, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL).
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