IDEAS home Printed from https://ideas.repec.org/
MyIDEAS: Login to save this paper or follow this series

Overview of contractual savings institutions

  • Vittas, Dimitri
  • Skully, Michael

Contractual savings institutions include national provident funds, life insurance companies, private pension funds, and funded social pension insurance systems. They have long-term liabilities and stable cash flows and are therefore ideal providers of term finance, not only to government and industry, but also to municipal authorities and the housing sector. Except for Singapore, Malaysia, and a few other countries, most developing countries have small and insignificant contractual savings industries that have been undermined by high inflation and inhibited by oppressive regulations and pay-as-you-go social pension insurance systems. Contractual savings institutions play a much bigger role in the financial systems of developed countries. In some countries, such as Switzerland, the Netherlands, and the United Kingdom, the resources mobilized by life insurance companies and pension funds correspond to well over 100 percent of annual GDP. The authors provide an overview of the structure and the state of development of contractual savings institutions in both high- and low-income countries. They also identify a number of operating characteristics that define the social, economic, financial and regulatory implications of different types of contractual savings institutions. The authors emphasize the fundamental objectives for reforming the contractual savings and pension systems.

If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.

File URL: http://www-wds.worldbank.org/servlet/WDSContentServer/WDSP/IB/1991/03/01/000009265_3960930221313/Rendered/PDF/multi_page.pdf
Download Restriction: no

Paper provided by The World Bank in its series Policy Research Working Paper Series with number 605.

as
in new window

Length:
Date of creation: 31 Mar 1991
Date of revision:
Handle: RePEc:wbk:wbrwps:605
Contact details of provider: Postal: 1818 H Street, N.W., Washington, DC 20433
Phone: (202) 477-1234
Web page: http://www.worldbank.org/
Email:


More information through EDIRC

No references listed on IDEAS
You can help add them by filling out this form.

This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.

When requesting a correction, please mention this item's handle: RePEc:wbk:wbrwps:605. 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: (Roula I. Yazigi)

If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

If references are entirely missing, you can add them using this form.

If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.

If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.

Please note that corrections may take a couple of weeks to filter through the various RePEc services.

This information is provided to you by IDEAS at the Research Division of the Federal Reserve Bank of St. Louis using RePEc data.