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Portfolio Investment in an Intertemporal Setting: Assessment of the Literature and Policy Implications for Latin American Pension Systems

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  • Guillermo Larrain Rios
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    Several countries around the globe have established mandatory pension systems based on personal savings accounts. In contrast to the pay-as-you-go (PAYG) financed pensions that these new systems have partly replaced, retirement benefits are the outcome of an investment process. As a result, the choice of investment instruments and the timing of those decisions are crucial determinants of pension benefits. Focusing on this issue, this paper reviews the literature on optimal long-term investment from an individual investors' perspective, assessing the intertemporal portfolio choice problem in a retirement context. The paper then draws lessons for mandatory personal account systems, focusing on the Latin American experience. Investissement de portefeuille dans un contexte inter-temporel : évaluation de la littérature sur le sujet et implications des politiques pour le système d'Amérique Latine. Plusieurs pays dans le monde ont mis en place des régimes de retraite obligatoires qui reposent sur des comptes d'épargne individuels. Contrairement aux pensions financées par répartition que ces nouveaux régimes ont en partie remplacées, les prestations de retraite sont le produit d'un processus de placement. En conséquence, le choix des instruments de placement et le moment auquel ces décisions d'investissement sont prises revêtent une importance déterminante pour les prestations de retraite. Se plaçant du point de vue de l'investisseur individuel, le présent document se consacre à cette question et procède à une revue des publications consacrées à l'investissement optimal de long terme et analyse le problème du choix intertemporel de constitution d‘un portefeuille appliqué à l'épargne retraite. Le document tire ensuite les leçons des régimes obligatoires reposant sur des comptes individuels et s'attachante à l‘expérience des pays latino-américains

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    Paper provided by OECD Publishing in its series OECD Working Papers on Insurance and Private Pensions with number 10.

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    Date of creation: 01 Jul 2007
    Handle: RePEc:oec:dafaab:10-en
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