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Pension Funds, Capital Controls and Macroeconomic Stability

Listed author(s):
  • Helmut Reisen
  • John Williamson

The paper discusses the pros and cons of liberalising foreign investment of pension assets in developing countries, with particular reference to Chile. The positive part of the paper examines the impact on macroeconomic policy of a small country's opening its equity market for investment; the investment strategies of, and the restrictions imposed upon, privately-managed pension funds; and the specific British experience with portfolio diversification after the dismantling of capital controls in 1979. The normative part, while finding only a weak case for regulating foreign pension investment (loss of savings, domestic capital markets), discusses various techniques of such regulation ... Ce Document technique pèse le pour et le contre de la libéralisation de l'investissement des caisses de retraite étrangères dans les pays en développement, en s'intéressant surtout au cas du Chili. Dans une première partie, ce document analyse : a) les conséquences, pour un petit pays, de l'ouverture à l'investissement de son marché des capitaux sur sa politique macro-économique ; b) les stratégies d'investissement des caisses de retraite privées et les contraintes qui leur sont imposées ; c) l'expérience du Royaume-Uni de la diversification des investissements après l'abolition, en 1979, des contrôles sur les mouvements de capitaux. Dans une seconde partie, normative, les auteurs, bien que n'ayant trouvé que de faibles arguments en faveur de la réglementation de l'investissement des caisses de retraite sur les marchés étrangers (perte des fonds destinés à l'épargne nationale, effet général sur les marchés intérieurs des capitaux) passent cependant en revue les différentes ...

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Paper provided by OECD Publishing in its series OECD Development Centre Working Papers with number 98.

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Date of creation: 01 Aug 1994
Handle: RePEc:oec:devaaa:98-en
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