Private Pension Systems : Cross-Country Investment Performance
This study investigates the performance of private pensions systems across countries a topic which has yet to be adequately addressed in the literature. Specifically, this study examines the relationship between pension fund performance (as capture...
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| Format: | Working Paper |
| Language: | English en_US |
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World Bank, Washington, DC
2013
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| Online Access: | http://documents.worldbank.org/curated/en/2012/05/16272530/private-pension-systems-cross-country-investment-performance http://hdl.handle.net/10986/13558 |
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okr-10986-13558 |
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oai_dc |
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Digital Repository |
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Foreign Institution |
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Digital Repositories |
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World Bank Open Knowledge Repository |
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World Bank |
| language |
English en_US |
| topic |
ABSOLUTE VALUE ADMINISTRATIVE COSTS AGGREGATE VALUE ALLOCATION OF CAPITAL AMOUNT OF CREDIT ANNUAL GROWTH ANNUAL GROWTH RATE ASSET PRICES ASSETS UNDER MANAGEMENT BENCHMARK BENEFICIARIES BILLS BOND MARKET CAPITALIZATION BONDS CAPITAL ACCOUNT CAPITAL ACCOUNT OPENNESS CAPITAL ALLOCATION CAPITALIZATION CENTRAL BANKS CONSUMER PRICE INDEX CONTRACT ENFORCEMENT CONTROL VARIABLE CONTROL VARIABLES CORPORATE BOND CORPORATE BOND MARKET CORPORATE PROFITS COST OF CAPITAL CREDITOR CREDITOR RIGHTS CURRENCY DATA AVAILABILITY DEBT DEBTORS DEFAULT RISKS DEPENDENT VARIABLE DEPENDENT VARIABLES DEPOSIT DEPOSIT INTEREST DEPOSIT INTEREST RATE DEPOSITS DERIVATIVES DERIVATIVES MARKETS DESCRIPTIVE STATISTICS DEVELOPING COUNTRIES DUMMY VARIABLE DUMMY VARIABLES ECONOMIC INTEGRATION ECONOMIC OUTLOOK ECONOMIES OF SCALE EMERGING ECONOMIES EMERGING MARKETS EQUITIES ERROR TERM EXCHANGE RATE EXCHANGE RATES EXPLANATORY VARIABLE EXPLANATORY VARIABLES FINANCIAL ASSETS FINANCIAL INNOVATION FINANCIAL INSTITUTIONS FINANCIAL MARKET FINANCIAL SECTOR FINANCIAL STABILITY FINANCIAL SYSTEM FINANCIAL VARIABLES FISCAL BALANCE FISCAL POLICIES FOREIGN INVESTMENT FOREIGN INVESTMENTS FUND CHARACTERISTICS FUND INDUSTRY FUND MANAGEMENT FUND MANAGERS FUND PERFORMANCE FUND PORTFOLIOS FUND RETURNS FUTURES GDP GDP PER CAPITA GLOBALIZATION GROWTH RATE INFLATION INFLATION RATE INTERNATIONAL INVESTMENT INTERNATIONAL INVESTMENTS INVESTING INVESTMENT ASSETS INVESTMENT CLIMATE INVESTMENT DECISIONS INVESTMENT HORIZON INVESTMENT MANAGEMENT INVESTMENT MANAGERS INVESTMENT OPPORTUNITIES INVESTMENT PERFORMANCE INVESTMENT RETURNS INVESTMENT RISK INVESTMENT STRATEGIES INVESTOR PROTECTION JURISDICTIONS LARGE FUNDS LEGAL RIGHTS LEGAL RIGHTS OF CREDITORS LIQUIDITY MACROECONOMIC CONTROL MACROECONOMIC CONTROLS MACROECONOMIC INSTABILITY MACROECONOMIC VARIABLES MACROECONOMIC VOLATILITY MANAGEMENT FEES MARKET CONCENTRATION MARKET SHARE MARKET SHARES MARKET SIZE MARKET STRUCTURE MARKET SUPERVISION MATURITIES MATURITY MINORITY SHAREHOLDERS MUTUAL FUNDS NATIONAL CURRENCY NET DEBT NET RETURNS OUTPUT PARTICULAR COUNTRY PENSION PENSION FUND PENSION FUND INVESTMENT PENSION FUND INVESTMENTS PENSION FUND MANAGERS PENSION FUNDS PENSION SYSTEM PENSION SYSTEMS PENSIONS PERFORMANCE MEASURE PERFORMANCE MEASURES PERFORMANCE MODELS PERSONAL PENSION PORTFOLIO PORTFOLIO COMPOSITION PORTFOLIO INVESTMENT PORTFOLIO MANAGERS PORTFOLIOS POSITIVE COEFFICIENTS POWER PARITY PREVIOUS STUDIES PRICE FORMATION PRICE MOVEMENTS PRIVATE CREDIT PRIVATE EQUITY PRIVATE PENSION PRIVATE PENSIONS PROPERTY RIGHTS PUBLIC DEBT PUBLIC POLICY PURCHASING POWER PURCHASING POWER PARITY RATE OF GROWTH RATE OF INFLATION RATE OF RETURN RATE OF RETURN ON CAPITAL RATE OF RETURNS RATES OF RETURN RATES OF RETURNS REAL ASSETS REAL ESTATE REAL GDP REAL INTEREST REAL INTEREST RATE REAL RATE OF RETURN REGULATORY CONSTRAINTS REGULATORY SYSTEM RETURN OBSERVATIONS RETURN VOLATILITY RETURNS RISK OF DEFAULT RISKIER INVESTMENT RISKY ASSET RULE OF LAW SECURITIES STANDARD DEVIATION STANDARD DEVIATIONS STOCK MARKET STOCK MARKET CAPITALIZATION SURPLUS TIME HORIZON TRANSACTIONS COSTS TRUSTEES VALUATION VALUATIONS VALUE OF ASSETS |
| spellingShingle |
ABSOLUTE VALUE ADMINISTRATIVE COSTS AGGREGATE VALUE ALLOCATION OF CAPITAL AMOUNT OF CREDIT ANNUAL GROWTH ANNUAL GROWTH RATE ASSET PRICES ASSETS UNDER MANAGEMENT BENCHMARK BENEFICIARIES BILLS BOND MARKET CAPITALIZATION BONDS CAPITAL ACCOUNT CAPITAL ACCOUNT OPENNESS CAPITAL ALLOCATION CAPITALIZATION CENTRAL BANKS CONSUMER PRICE INDEX CONTRACT ENFORCEMENT CONTROL VARIABLE CONTROL VARIABLES CORPORATE BOND CORPORATE BOND MARKET CORPORATE PROFITS COST OF CAPITAL CREDITOR CREDITOR RIGHTS CURRENCY DATA AVAILABILITY DEBT DEBTORS DEFAULT RISKS DEPENDENT VARIABLE DEPENDENT VARIABLES DEPOSIT DEPOSIT INTEREST DEPOSIT INTEREST RATE DEPOSITS DERIVATIVES DERIVATIVES MARKETS DESCRIPTIVE STATISTICS DEVELOPING COUNTRIES DUMMY VARIABLE DUMMY VARIABLES ECONOMIC INTEGRATION ECONOMIC OUTLOOK ECONOMIES OF SCALE EMERGING ECONOMIES EMERGING MARKETS EQUITIES ERROR TERM EXCHANGE RATE EXCHANGE RATES EXPLANATORY VARIABLE EXPLANATORY VARIABLES FINANCIAL ASSETS FINANCIAL INNOVATION FINANCIAL INSTITUTIONS FINANCIAL MARKET FINANCIAL SECTOR FINANCIAL STABILITY FINANCIAL SYSTEM FINANCIAL VARIABLES FISCAL BALANCE FISCAL POLICIES FOREIGN INVESTMENT FOREIGN INVESTMENTS FUND CHARACTERISTICS FUND INDUSTRY FUND MANAGEMENT FUND MANAGERS FUND PERFORMANCE FUND PORTFOLIOS FUND RETURNS FUTURES GDP GDP PER CAPITA GLOBALIZATION GROWTH RATE INFLATION INFLATION RATE INTERNATIONAL INVESTMENT INTERNATIONAL INVESTMENTS INVESTING INVESTMENT ASSETS INVESTMENT CLIMATE INVESTMENT DECISIONS INVESTMENT HORIZON INVESTMENT MANAGEMENT INVESTMENT MANAGERS INVESTMENT OPPORTUNITIES INVESTMENT PERFORMANCE INVESTMENT RETURNS INVESTMENT RISK INVESTMENT STRATEGIES INVESTOR PROTECTION JURISDICTIONS LARGE FUNDS LEGAL RIGHTS LEGAL RIGHTS OF CREDITORS LIQUIDITY MACROECONOMIC CONTROL MACROECONOMIC CONTROLS MACROECONOMIC INSTABILITY MACROECONOMIC VARIABLES MACROECONOMIC VOLATILITY MANAGEMENT FEES MARKET CONCENTRATION MARKET SHARE MARKET SHARES MARKET SIZE MARKET STRUCTURE MARKET SUPERVISION MATURITIES MATURITY MINORITY SHAREHOLDERS MUTUAL FUNDS NATIONAL CURRENCY NET DEBT NET RETURNS OUTPUT PARTICULAR COUNTRY PENSION PENSION FUND PENSION FUND INVESTMENT PENSION FUND INVESTMENTS PENSION FUND MANAGERS PENSION FUNDS PENSION SYSTEM PENSION SYSTEMS PENSIONS PERFORMANCE MEASURE PERFORMANCE MEASURES PERFORMANCE MODELS PERSONAL PENSION PORTFOLIO PORTFOLIO COMPOSITION PORTFOLIO INVESTMENT PORTFOLIO MANAGERS PORTFOLIOS POSITIVE COEFFICIENTS POWER PARITY PREVIOUS STUDIES PRICE FORMATION PRICE MOVEMENTS PRIVATE CREDIT PRIVATE EQUITY PRIVATE PENSION PRIVATE PENSIONS PROPERTY RIGHTS PUBLIC DEBT PUBLIC POLICY PURCHASING POWER PURCHASING POWER PARITY RATE OF GROWTH RATE OF INFLATION RATE OF RETURN RATE OF RETURN ON CAPITAL RATE OF RETURNS RATES OF RETURN RATES OF RETURNS REAL ASSETS REAL ESTATE REAL GDP REAL INTEREST REAL INTEREST RATE REAL RATE OF RETURN REGULATORY CONSTRAINTS REGULATORY SYSTEM RETURN OBSERVATIONS RETURN VOLATILITY RETURNS RISK OF DEFAULT RISKIER INVESTMENT RISKY ASSET RULE OF LAW SECURITIES STANDARD DEVIATION STANDARD DEVIATIONS STOCK MARKET STOCK MARKET CAPITALIZATION SURPLUS TIME HORIZON TRANSACTIONS COSTS TRUSTEES VALUATION VALUATIONS VALUE OF ASSETS Musalem, Alberto R. Pasquini, Ricardo Private Pension Systems : Cross-Country Investment Performance |
| relation |
Social Protection and Labor Discussion Paper;No. 1214 |
| description |
This study investigates the performance
of private pensions systems across countries a topic which
has yet to be adequately addressed in the literature.
Specifically, this study examines the relationship between
pension fund performance (as captured by gross real rates of
return and the three year standard deviation of those
returns) and the structure of a country's private
pension industry and the design of its pension schemes. A
database covering 27 countries over the period 1990-2007 was
created for this research. The study's key findings
include: (i) higher returns are associated with size
(systems with more assets under management tend to generate
higher returns), type (occupational schemes tend to generate
higher returns than do personal pension schemes and closed
schemes tend to generate higher returns than do open
schemes), and number (systems with multiple funds tend to
generate higher returns than those with a single fund); and
(ii) lower volatility in pension system returns is
associated with older systems, voluntary (rather than
mandatory) systems, systems with restrictions on foreign
investing, and systems with minimum return guarantees. |
| format |
Publications & Research :: Working Paper |
| author |
Musalem, Alberto R. Pasquini, Ricardo |
| author_facet |
Musalem, Alberto R. Pasquini, Ricardo |
| author_sort |
Musalem, Alberto R. |
| title |
Private Pension Systems : Cross-Country Investment Performance |
| title_short |
Private Pension Systems : Cross-Country Investment Performance |
| title_full |
Private Pension Systems : Cross-Country Investment Performance |
| title_fullStr |
Private Pension Systems : Cross-Country Investment Performance |
| title_full_unstemmed |
Private Pension Systems : Cross-Country Investment Performance |
| title_sort |
private pension systems : cross-country investment performance |
| publisher |
World Bank, Washington, DC |
| publishDate |
2013 |
| url |
http://documents.worldbank.org/curated/en/2012/05/16272530/private-pension-systems-cross-country-investment-performance http://hdl.handle.net/10986/13558 |
| _version_ |
1764423724270878720 |
| spelling |
okr-10986-135582021-04-23T14:03:08Z Private Pension Systems : Cross-Country Investment Performance Musalem, Alberto R. Pasquini, Ricardo ABSOLUTE VALUE ADMINISTRATIVE COSTS AGGREGATE VALUE ALLOCATION OF CAPITAL AMOUNT OF CREDIT ANNUAL GROWTH ANNUAL GROWTH RATE ASSET PRICES ASSETS UNDER MANAGEMENT BENCHMARK BENEFICIARIES BILLS BOND MARKET CAPITALIZATION BONDS CAPITAL ACCOUNT CAPITAL ACCOUNT OPENNESS CAPITAL ALLOCATION CAPITALIZATION CENTRAL BANKS CONSUMER PRICE INDEX CONTRACT ENFORCEMENT CONTROL VARIABLE CONTROL VARIABLES CORPORATE BOND CORPORATE BOND MARKET CORPORATE PROFITS COST OF CAPITAL CREDITOR CREDITOR RIGHTS CURRENCY DATA AVAILABILITY DEBT DEBTORS DEFAULT RISKS DEPENDENT VARIABLE DEPENDENT VARIABLES DEPOSIT DEPOSIT INTEREST DEPOSIT INTEREST RATE DEPOSITS DERIVATIVES DERIVATIVES MARKETS DESCRIPTIVE STATISTICS DEVELOPING COUNTRIES DUMMY VARIABLE DUMMY VARIABLES ECONOMIC INTEGRATION ECONOMIC OUTLOOK ECONOMIES OF SCALE EMERGING ECONOMIES EMERGING MARKETS EQUITIES ERROR TERM EXCHANGE RATE EXCHANGE RATES EXPLANATORY VARIABLE EXPLANATORY VARIABLES FINANCIAL ASSETS FINANCIAL INNOVATION FINANCIAL INSTITUTIONS FINANCIAL MARKET FINANCIAL SECTOR FINANCIAL STABILITY FINANCIAL SYSTEM FINANCIAL VARIABLES FISCAL BALANCE FISCAL POLICIES FOREIGN INVESTMENT FOREIGN INVESTMENTS FUND CHARACTERISTICS FUND INDUSTRY FUND MANAGEMENT FUND MANAGERS FUND PERFORMANCE FUND PORTFOLIOS FUND RETURNS FUTURES GDP GDP PER CAPITA GLOBALIZATION GROWTH RATE INFLATION INFLATION RATE INTERNATIONAL INVESTMENT INTERNATIONAL INVESTMENTS INVESTING INVESTMENT ASSETS INVESTMENT CLIMATE INVESTMENT DECISIONS INVESTMENT HORIZON INVESTMENT MANAGEMENT INVESTMENT MANAGERS INVESTMENT OPPORTUNITIES INVESTMENT PERFORMANCE INVESTMENT RETURNS INVESTMENT RISK INVESTMENT STRATEGIES INVESTOR PROTECTION JURISDICTIONS LARGE FUNDS LEGAL RIGHTS LEGAL RIGHTS OF CREDITORS LIQUIDITY MACROECONOMIC CONTROL MACROECONOMIC CONTROLS MACROECONOMIC INSTABILITY MACROECONOMIC VARIABLES MACROECONOMIC VOLATILITY MANAGEMENT FEES MARKET CONCENTRATION MARKET SHARE MARKET SHARES MARKET SIZE MARKET STRUCTURE MARKET SUPERVISION MATURITIES MATURITY MINORITY SHAREHOLDERS MUTUAL FUNDS NATIONAL CURRENCY NET DEBT NET RETURNS OUTPUT PARTICULAR COUNTRY PENSION PENSION FUND PENSION FUND INVESTMENT PENSION FUND INVESTMENTS PENSION FUND MANAGERS PENSION FUNDS PENSION SYSTEM PENSION SYSTEMS PENSIONS PERFORMANCE MEASURE PERFORMANCE MEASURES PERFORMANCE MODELS PERSONAL PENSION PORTFOLIO PORTFOLIO COMPOSITION PORTFOLIO INVESTMENT PORTFOLIO MANAGERS PORTFOLIOS POSITIVE COEFFICIENTS POWER PARITY PREVIOUS STUDIES PRICE FORMATION PRICE MOVEMENTS PRIVATE CREDIT PRIVATE EQUITY PRIVATE PENSION PRIVATE PENSIONS PROPERTY RIGHTS PUBLIC DEBT PUBLIC POLICY PURCHASING POWER PURCHASING POWER PARITY RATE OF GROWTH RATE OF INFLATION RATE OF RETURN RATE OF RETURN ON CAPITAL RATE OF RETURNS RATES OF RETURN RATES OF RETURNS REAL ASSETS REAL ESTATE REAL GDP REAL INTEREST REAL INTEREST RATE REAL RATE OF RETURN REGULATORY CONSTRAINTS REGULATORY SYSTEM RETURN OBSERVATIONS RETURN VOLATILITY RETURNS RISK OF DEFAULT RISKIER INVESTMENT RISKY ASSET RULE OF LAW SECURITIES STANDARD DEVIATION STANDARD DEVIATIONS STOCK MARKET STOCK MARKET CAPITALIZATION SURPLUS TIME HORIZON TRANSACTIONS COSTS TRUSTEES VALUATION VALUATIONS VALUE OF ASSETS This study investigates the performance of private pensions systems across countries a topic which has yet to be adequately addressed in the literature. Specifically, this study examines the relationship between pension fund performance (as captured by gross real rates of return and the three year standard deviation of those returns) and the structure of a country's private pension industry and the design of its pension schemes. A database covering 27 countries over the period 1990-2007 was created for this research. The study's key findings include: (i) higher returns are associated with size (systems with more assets under management tend to generate higher returns), type (occupational schemes tend to generate higher returns than do personal pension schemes and closed schemes tend to generate higher returns than do open schemes), and number (systems with multiple funds tend to generate higher returns than those with a single fund); and (ii) lower volatility in pension system returns is associated with older systems, voluntary (rather than mandatory) systems, systems with restrictions on foreign investing, and systems with minimum return guarantees. 2013-05-28T17:10:54Z 2013-05-28T17:10:54Z 2012-05 http://documents.worldbank.org/curated/en/2012/05/16272530/private-pension-systems-cross-country-investment-performance http://hdl.handle.net/10986/13558 English en_US Social Protection and Labor Discussion Paper;No. 1214 CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo World Bank World Bank, Washington, DC Publications & Research :: Working Paper Publications & Research |