Financial markets trend: ageing and pension system reform
Ageing have prompted important changes in the structure of pension system with substantial differences across the most developed countries. Given that ageing populations are driving a growing need for private form of saving for retirement, the pension fund industry is like to exert an increasing influence in the financial markets. Much of the additional retirement related flows to capital markets will be intermediated by pension funds although their importance varies considerably across country. This work reviews recent change in the pension funds industry (updated at 2006) originated from pension system reform across countries as well as risk management practices, such as ALM; the paper also focus the potential implication of pension funds investments strategies on financial markets identifying the main gaps in the availability of financial instruments needed for pension funds.
|Date of creation:||20 Oct 2006|
|Date of revision:|
|Contact details of provider:|| Postal: |
Web page: http://mpra.ub.uni-muenchen.de
More information through EDIRC
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Agar Brugiavini, 1997.
"Social Security and Retirement in Italy,"
NBER Working Papers
6155, National Bureau of Economic Research, Inc.
- Ray C. Fair & Kathryn M. Dominguez, 1987.
"Effects of the Changing U.S. Age Distribution on Macroeconomic Equations,"
Cowles Foundation Discussion Papers
839, Cowles Foundation for Research in Economics, Yale University.
- Fair, Ray C & Dominguez, Kathryn M, 1991. "Effects of the Changing U.S. Age Distribution on Macroeconomic Equations," American Economic Review, American Economic Association, vol. 81(5), pages 1276-94, December.
- Ray C. Fair & Kathryn M. Dominguez, 1987. "Effects of the Changing U.S. Age Distribution on Macroeconomic Equations," NBER Working Papers 2280, National Bureau of Economic Research, Inc.
- Modigliani, Franco, 1985.
"Life Cycle, Individual Thrift and the Wealth of Nations,"
Nobel Prize in Economics documents
1985-1, Nobel Prize Committee.
- Modigliani, Franco, 1986. "Life Cycle, Individual Thrift, and the Wealth of Nations," American Economic Review, American Economic Association, vol. 76(3), pages 297-313, June.
- Ross Levine, 2002.
"Bank-Based or Market-Based Financial Systems: Which is Better?,"
William Davidson Institute Working Papers Series
442, William Davidson Institute at the University of Michigan.
- Levine, Ross, 2002. "Bank-Based or Market-Based Financial Systems: Which Is Better?," Journal of Financial Intermediation, Elsevier, vol. 11(4), pages 398-428, October.
- Ross Levine, 2002. "Bank-Based or Market-Based Financial Systems: Which is Better?," NBER Working Papers 9138, National Bureau of Economic Research, Inc.
- Davis, E. Philip, 2003. "Institutional investors, financial market efficiency, and financial stability," EIB Papers 4/2003, European Investment Bank, Economics Department.
- Kieran Mc Morrow & Werner R�ger, 2003. "Economic and financial market consequences of ageing populations," European Economy - Economic Papers 182, Directorate General Economic and Financial Affairs (DG ECFIN), European Commission.
- Dave Turner & Claude Giorno & Alain de Serres & Ann Vourc'h & Pete Richardson, 1998. "The Macroeconomic Implications of Ageing in a Global Context," OECD Economics Department Working Papers 193, OECD Publishing.
- Clifford L.F. Attfield & Edmund Cannon, 2003. "The Impact of Age Distribution Variables on the Long Run Consumption Function," Bristol Economics Discussion Papers 03/546, Department of Economics, University of Bristol, UK.
- Goyal, Amit, 2004. "Demographics, Stock Market Flows, and Stock Returns," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 39(01), pages 115-142, March.
- James Poterba, 2004.
"The Impact of Population Aging on Financial Markets,"
NBER Working Papers
10851, National Bureau of Economic Research, Inc.
- James M. Poterba, 2004. "The impact of population aging on financial markets," Proceedings - Economic Policy Symposium - Jackson Hole, Federal Reserve Bank of Kansas City, issue Aug, pages 163-216.
- Masson, Paul R & Bayoumi, Tamim & Samiei, Hossein, 1998.
"International Evidence on the Determinants of Private Saving,"
World Bank Economic Review,
World Bank Group, vol. 12(3), pages 483-501, September.
- Paul R. Masson & Tamim Bayoumi & Hossein Samiei, 1995. "International Evidenceon the Determinants of Private Saving," IMF Working Papers 95/51, International Monetary Fund.
- James M. Poterba, 1998. "Population Age Structure and Asset Returns: An Empirical Investigation," NBER Working Papers 6774, National Bureau of Economic Research, Inc.
- Levine, Ross, 1999. "Law, Finance, and Economic Growth," Journal of Financial Intermediation, Elsevier, vol. 8(1-2), pages 8-35, January.
- Oecd, 2005. "Global Pension Statistics Project: Data Update," Financial Market Trends, OECD Publishing, vol. 2005(1), pages 191-194.
When requesting a correction, please mention this item's handle: RePEc:pra:mprapa:18391. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Ekkehart Schlicht)
If references are entirely missing, you can add them using this form.