Financial Sector Assessment Program Update : Republic of Kazakhstan - Investment Opportunities for Pension Funds

The objective of this note is to put forward policy alternatives that could lead to improved management of pension fund assets in Kazakhstan. This note emphasizes prudence in the management of pension assets, given the social and fiscal importance...

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Main Authors:	International Monetary Fund, World Bank
Format:	Financial Sector Assessment Program (FSAP)
Language:	English en_US
Published:	World Bank, Washington, DC 2013
Subjects:	ACCOUNTING ACCOUNTING STANDARDS ACCOUNTS RECEIVABLE AMORTIZATION ASSET MANAGEMENT ASSET MANAGERS ASSET-BACKED SECURITIES AUCTIONS BANK DEPOSITS BENEFICIARIES BLUE CHIP BOND ISSUERS BOND ISSUES BONDS BRANCH NETWORKS CALL OPTIONS CAPITAL ACCOUNT CAPITAL ACCOUNT LIBERALIZATION CAPITAL ALLOCATION CAPITAL FLOW CAPITAL INFLOWS CAPITAL MARKET DEVELOPMENT CAPITAL MARKETS CASH FLOWS CASH OUTFLOWS CENTRAL SECURITIES DEPOSITORY COLLATERAL COMMERCIAL BANKS CONFLICT OF INTEREST CONTINGENT LIABILITIES CORPORATE BOND CORPORATE BOND MARKET CORPORATE BONDS CORPORATE DEBT CORPORATE GOVERNANCE CORPORATE SECURITIES CREDIT RATING CREDITORS CURRENCY CURRENCY MATCHING CURRENCY RISK CURRENCY RISKS DEBT DEBT INSTRUMENTS DEBT ISSUANCE DEBT ISSUES DEBT MANAGEMENT DEBT MARKET DEVELOPMENT DEFAULTS DEMOGRAPHIC DEPOSITS DERIVATIVES DERIVATIVES MARKET DEVELOPING COUNTRIES DOMESTIC BOND DOMESTIC BONDS DOMESTIC CAPITAL DOMESTIC CAPITAL MARKET DOMESTIC CAPITAL MARKETS DOMESTIC CORPORATE BONDS DOMESTIC DEBT DOMESTIC DEBT MARKET DOMESTIC DEBT MARKETS DOMESTIC MARKET DOMESTIC MARKETS DOMESTIC SECURITIES DOMESTIC STOCK ECONOMIC DEVELOPMENT EMERGING ECONOMIES ENFORCEABILITY EQUITIES EXCESS LIQUIDITY EXCHANGE RATE FINANCIAL FLOWS FINANCIAL INFLOWS FINANCIAL INSTRUMENTS FINANCIAL MARKET FINANCIAL MARKETS FINANCIAL SECTOR FINANCIAL STATEMENTS FINANCIAL SYSTEMS FOREIGN COMPANY FOREIGN CURRENCY FOREIGN EXCHANGE FOREIGN EXCHANGE RISK FOREIGN INVESTMENT FOREIGN INVESTMENTS FOREIGN MARKETS FUND MANAGEMENT FUND MANAGERS GOVERNMENT BOND GOVERNMENT BOND YIELDS GOVERNMENT BONDS GOVERNMENT DEBT GOVERNMENT POLICIES GOVERNMENT SECURITIES HOLDING HOLDINGS HOSTILE TAKEOVERS ILLIQUIDITY INCOME INCOME FLOWS INCOME SECURITIES INDIVIDUAL SECURITIES INFLATION INFRASTRUCTURE INVESTMENTS INSTITUTIONAL INVESTORS INSTRUMENT INSURANCE INSURANCE COMPANIES INSURANCE INDUSTRY INTEREST RATES INTERNATIONAL BANK INTERNATIONAL BANKS INTERNATIONAL FINANCIAL INSTITUTIONS INTERNATIONAL MARKETS INVESTING INVESTMENT ALTERNATIVES INVESTMENT ASSETS INVESTMENT CHOICES INVESTMENT DECISIONS INVESTMENT FUND INVESTMENT FUNDS INVESTMENT HORIZON INVESTMENT IN SECURITIES INVESTMENT MANAGEMENT INVESTMENT OPPORTUNITIES INVESTMENT OPTIONS INVESTMENT POLICY INVESTMENT PORTFOLIO INVESTMENT PORTFOLIOS INVESTMENT REGULATIONS INVESTMENT RESTRICTIONS INVESTMENT STRATEGIES INVESTMENT VEHICLES INVESTMENTS IN GOVERNMENT SECURITIES INVESTOR BASE ISSUANCE JOINT STOCK COMPANIES LEVEL PLAYING FIELD LIABILITY LIFE INSURANCE LIFE INSURANCE COMPANIES LIQUID ASSETS LIQUIDITY LIQUIDITY MANAGEMENT LOCAL GOVERNMENT LONG-TERM INSTRUMENTS LONG-TERM INVESTMENT MARKET CAPITALIZATION MARKET DEVELOPMENTS MARKET ECONOMY MARKET PARTICIPANTS MARKET PRICING MARKET SHARE MARKET VOLATILITY MATURITIES MATURITY MATURITY MATCHING MONETARY FUND MORTGAGE MORTGAGE-BACKED SECURITIES MORTGAGES PENSION PENSION ASSET PENSION ASSETS PENSION FUND PENSION FUND ASSETS PENSION FUND INVESTMENT PENSION FUND INVESTMENTS PENSION FUNDS PENSION LIABILITIES PENSION REFORM PENSION SYSTEM PENSION SYSTEMS PENSIONS PORTFOLIO PORTFOLIOS PRICE VOLATILITY PRIVATE PENSION PROVIDENT FUNDS PUBLIC PENSION RATES OF RETURN REGULATOR REGULATORS REGULATORY FRAMEWORK REGULATORY SYSTEM REINVESTMENT REINVESTMENT RISK REINVESTMENT RISKS RESERVES RETURN RETURNS RISK FACTOR SAFETY NET SAVINGS SECONDARY MARKET SECURITIES MARKET SHARE OF INVESTMENTS SHAREHOLDERS SOCIAL DEVELOPMENTS SOCIAL SAFETY NET SOLVENCY STOCK MARKET STOCK MARKETS TAX TAX BENEFITS TAX INCENTIVES TELECOMMUNICATIONS TRANSITION ECONOMIES TRANSPARENCY UNEMPLOYMENT RATES VALUATION YIELD CURVE
Online Access:	http://documents.worldbank.org/curated/en/2004/08/18004688/kazakhstan-investment-opportunities-pension-funds-technical-note http://hdl.handle.net/10986/16063

id	okr-10986-16063
recordtype	oai_dc
repository_type	Digital Repository
institution_category	Foreign Institution
institution	Digital Repositories
building	World Bank Open Knowledge Repository
collection	World Bank
language	English en_US
topic	ACCOUNTING ACCOUNTING STANDARDS ACCOUNTS RECEIVABLE AMORTIZATION ASSET MANAGEMENT ASSET MANAGERS ASSET-BACKED SECURITIES AUCTIONS BANK DEPOSITS BENEFICIARIES BLUE CHIP BOND ISSUERS BOND ISSUES BONDS BRANCH NETWORKS CALL OPTIONS CAPITAL ACCOUNT CAPITAL ACCOUNT LIBERALIZATION CAPITAL ALLOCATION CAPITAL FLOW CAPITAL INFLOWS CAPITAL MARKET DEVELOPMENT CAPITAL MARKETS CASH FLOWS CASH OUTFLOWS CENTRAL SECURITIES DEPOSITORY COLLATERAL COMMERCIAL BANKS CONFLICT OF INTEREST CONTINGENT LIABILITIES CORPORATE BOND CORPORATE BOND MARKET CORPORATE BONDS CORPORATE DEBT CORPORATE GOVERNANCE CORPORATE SECURITIES CREDIT RATING CREDITORS CURRENCY CURRENCY MATCHING CURRENCY RISK CURRENCY RISKS DEBT DEBT INSTRUMENTS DEBT ISSUANCE DEBT ISSUES DEBT MANAGEMENT DEBT MARKET DEVELOPMENT DEFAULTS DEMOGRAPHIC DEPOSITS DERIVATIVES DERIVATIVES MARKET DEVELOPING COUNTRIES DOMESTIC BOND DOMESTIC BONDS DOMESTIC CAPITAL DOMESTIC CAPITAL MARKET DOMESTIC CAPITAL MARKETS DOMESTIC CORPORATE BONDS DOMESTIC DEBT DOMESTIC DEBT MARKET DOMESTIC DEBT MARKETS DOMESTIC MARKET DOMESTIC MARKETS DOMESTIC SECURITIES DOMESTIC STOCK ECONOMIC DEVELOPMENT EMERGING ECONOMIES ENFORCEABILITY EQUITIES EXCESS LIQUIDITY EXCHANGE RATE FINANCIAL FLOWS FINANCIAL INFLOWS FINANCIAL INSTRUMENTS FINANCIAL MARKET FINANCIAL MARKETS FINANCIAL SECTOR FINANCIAL STATEMENTS FINANCIAL SYSTEMS FOREIGN COMPANY FOREIGN CURRENCY FOREIGN EXCHANGE FOREIGN EXCHANGE RISK FOREIGN INVESTMENT FOREIGN INVESTMENTS FOREIGN MARKETS FUND MANAGEMENT FUND MANAGERS GOVERNMENT BOND GOVERNMENT BOND YIELDS GOVERNMENT BONDS GOVERNMENT DEBT GOVERNMENT POLICIES GOVERNMENT SECURITIES HOLDING HOLDINGS HOSTILE TAKEOVERS ILLIQUIDITY INCOME INCOME FLOWS INCOME SECURITIES INDIVIDUAL SECURITIES INFLATION INFRASTRUCTURE INVESTMENTS INSTITUTIONAL INVESTORS INSTRUMENT INSURANCE INSURANCE COMPANIES INSURANCE INDUSTRY INTEREST RATES INTERNATIONAL BANK INTERNATIONAL BANKS INTERNATIONAL FINANCIAL INSTITUTIONS INTERNATIONAL MARKETS INVESTING INVESTMENT ALTERNATIVES INVESTMENT ASSETS INVESTMENT CHOICES INVESTMENT DECISIONS INVESTMENT FUND INVESTMENT FUNDS INVESTMENT HORIZON INVESTMENT IN SECURITIES INVESTMENT MANAGEMENT INVESTMENT OPPORTUNITIES INVESTMENT OPTIONS INVESTMENT POLICY INVESTMENT PORTFOLIO INVESTMENT PORTFOLIOS INVESTMENT REGULATIONS INVESTMENT RESTRICTIONS INVESTMENT STRATEGIES INVESTMENT VEHICLES INVESTMENTS IN GOVERNMENT SECURITIES INVESTOR BASE ISSUANCE JOINT STOCK COMPANIES LEVEL PLAYING FIELD LIABILITY LIFE INSURANCE LIFE INSURANCE COMPANIES LIQUID ASSETS LIQUIDITY LIQUIDITY MANAGEMENT LOCAL GOVERNMENT LONG-TERM INSTRUMENTS LONG-TERM INVESTMENT MARKET CAPITALIZATION MARKET DEVELOPMENTS MARKET ECONOMY MARKET PARTICIPANTS MARKET PRICING MARKET SHARE MARKET VOLATILITY MATURITIES MATURITY MATURITY MATCHING MONETARY FUND MORTGAGE MORTGAGE-BACKED SECURITIES MORTGAGES PENSION PENSION ASSET PENSION ASSETS PENSION FUND PENSION FUND ASSETS PENSION FUND INVESTMENT PENSION FUND INVESTMENTS PENSION FUNDS PENSION LIABILITIES PENSION REFORM PENSION SYSTEM PENSION SYSTEMS PENSIONS PORTFOLIO PORTFOLIOS PRICE VOLATILITY PRIVATE PENSION PROVIDENT FUNDS PUBLIC PENSION RATES OF RETURN REGULATOR REGULATORS REGULATORY FRAMEWORK REGULATORY SYSTEM REINVESTMENT REINVESTMENT RISK REINVESTMENT RISKS RESERVES RETURN RETURNS RISK FACTOR SAFETY NET SAVINGS SECONDARY MARKET SECURITIES MARKET SHARE OF INVESTMENTS SHAREHOLDERS SOCIAL DEVELOPMENTS SOCIAL SAFETY NET SOLVENCY STOCK MARKET STOCK MARKETS TAX TAX BENEFITS TAX INCENTIVES TELECOMMUNICATIONS TRANSITION ECONOMIES TRANSPARENCY UNEMPLOYMENT RATES VALUATION YIELD CURVE
spellingShingle	ACCOUNTING ACCOUNTING STANDARDS ACCOUNTS RECEIVABLE AMORTIZATION ASSET MANAGEMENT ASSET MANAGERS ASSET-BACKED SECURITIES AUCTIONS BANK DEPOSITS BENEFICIARIES BLUE CHIP BOND ISSUERS BOND ISSUES BONDS BRANCH NETWORKS CALL OPTIONS CAPITAL ACCOUNT CAPITAL ACCOUNT LIBERALIZATION CAPITAL ALLOCATION CAPITAL FLOW CAPITAL INFLOWS CAPITAL MARKET DEVELOPMENT CAPITAL MARKETS CASH FLOWS CASH OUTFLOWS CENTRAL SECURITIES DEPOSITORY COLLATERAL COMMERCIAL BANKS CONFLICT OF INTEREST CONTINGENT LIABILITIES CORPORATE BOND CORPORATE BOND MARKET CORPORATE BONDS CORPORATE DEBT CORPORATE GOVERNANCE CORPORATE SECURITIES CREDIT RATING CREDITORS CURRENCY CURRENCY MATCHING CURRENCY RISK CURRENCY RISKS DEBT DEBT INSTRUMENTS DEBT ISSUANCE DEBT ISSUES DEBT MANAGEMENT DEBT MARKET DEVELOPMENT DEFAULTS DEMOGRAPHIC DEPOSITS DERIVATIVES DERIVATIVES MARKET DEVELOPING COUNTRIES DOMESTIC BOND DOMESTIC BONDS DOMESTIC CAPITAL DOMESTIC CAPITAL MARKET DOMESTIC CAPITAL MARKETS DOMESTIC CORPORATE BONDS DOMESTIC DEBT DOMESTIC DEBT MARKET DOMESTIC DEBT MARKETS DOMESTIC MARKET DOMESTIC MARKETS DOMESTIC SECURITIES DOMESTIC STOCK ECONOMIC DEVELOPMENT EMERGING ECONOMIES ENFORCEABILITY EQUITIES EXCESS LIQUIDITY EXCHANGE RATE FINANCIAL FLOWS FINANCIAL INFLOWS FINANCIAL INSTRUMENTS FINANCIAL MARKET FINANCIAL MARKETS FINANCIAL SECTOR FINANCIAL STATEMENTS FINANCIAL SYSTEMS FOREIGN COMPANY FOREIGN CURRENCY FOREIGN EXCHANGE FOREIGN EXCHANGE RISK FOREIGN INVESTMENT FOREIGN INVESTMENTS FOREIGN MARKETS FUND MANAGEMENT FUND MANAGERS GOVERNMENT BOND GOVERNMENT BOND YIELDS GOVERNMENT BONDS GOVERNMENT DEBT GOVERNMENT POLICIES GOVERNMENT SECURITIES HOLDING HOLDINGS HOSTILE TAKEOVERS ILLIQUIDITY INCOME INCOME FLOWS INCOME SECURITIES INDIVIDUAL SECURITIES INFLATION INFRASTRUCTURE INVESTMENTS INSTITUTIONAL INVESTORS INSTRUMENT INSURANCE INSURANCE COMPANIES INSURANCE INDUSTRY INTEREST RATES INTERNATIONAL BANK INTERNATIONAL BANKS INTERNATIONAL FINANCIAL INSTITUTIONS INTERNATIONAL MARKETS INVESTING INVESTMENT ALTERNATIVES INVESTMENT ASSETS INVESTMENT CHOICES INVESTMENT DECISIONS INVESTMENT FUND INVESTMENT FUNDS INVESTMENT HORIZON INVESTMENT IN SECURITIES INVESTMENT MANAGEMENT INVESTMENT OPPORTUNITIES INVESTMENT OPTIONS INVESTMENT POLICY INVESTMENT PORTFOLIO INVESTMENT PORTFOLIOS INVESTMENT REGULATIONS INVESTMENT RESTRICTIONS INVESTMENT STRATEGIES INVESTMENT VEHICLES INVESTMENTS IN GOVERNMENT SECURITIES INVESTOR BASE ISSUANCE JOINT STOCK COMPANIES LEVEL PLAYING FIELD LIABILITY LIFE INSURANCE LIFE INSURANCE COMPANIES LIQUID ASSETS LIQUIDITY LIQUIDITY MANAGEMENT LOCAL GOVERNMENT LONG-TERM INSTRUMENTS LONG-TERM INVESTMENT MARKET CAPITALIZATION MARKET DEVELOPMENTS MARKET ECONOMY MARKET PARTICIPANTS MARKET PRICING MARKET SHARE MARKET VOLATILITY MATURITIES MATURITY MATURITY MATCHING MONETARY FUND MORTGAGE MORTGAGE-BACKED SECURITIES MORTGAGES PENSION PENSION ASSET PENSION ASSETS PENSION FUND PENSION FUND ASSETS PENSION FUND INVESTMENT PENSION FUND INVESTMENTS PENSION FUNDS PENSION LIABILITIES PENSION REFORM PENSION SYSTEM PENSION SYSTEMS PENSIONS PORTFOLIO PORTFOLIOS PRICE VOLATILITY PRIVATE PENSION PROVIDENT FUNDS PUBLIC PENSION RATES OF RETURN REGULATOR REGULATORS REGULATORY FRAMEWORK REGULATORY SYSTEM REINVESTMENT REINVESTMENT RISK REINVESTMENT RISKS RESERVES RETURN RETURNS RISK FACTOR SAFETY NET SAVINGS SECONDARY MARKET SECURITIES MARKET SHARE OF INVESTMENTS SHAREHOLDERS SOCIAL DEVELOPMENTS SOCIAL SAFETY NET SOLVENCY STOCK MARKET STOCK MARKETS TAX TAX BENEFITS TAX INCENTIVES TELECOMMUNICATIONS TRANSITION ECONOMIES TRANSPARENCY UNEMPLOYMENT RATES VALUATION YIELD CURVE International Monetary Fund World Bank Financial Sector Assessment Program Update : Republic of Kazakhstan - Investment Opportunities for Pension Funds
geographic_facet	Europe and Central Asia Kazakhstan
description	The objective of this note is to put forward policy alternatives that could lead to improved management of pension fund assets in Kazakhstan. This note emphasizes prudence in the management of pension assets, given the social and fiscal importance of the pension sector. It also discusses different investment alternatives and development options for the domestic Kazakhstani capital market. The note aims to be realistic and pragmatic, based on the best professional judgment of the author.1 It is concluded that neither the regulators nor industry participants appear to fully appreciate the risks attached to the practice of focusing on short-term and high yield investments, which exposes pensioners to higher reinvestment and issuer risk. The recommendations are summarized in the last section of this note.
format	Economic & Sector Work :: Financial Sector Assessment Program (FSAP)
author	International Monetary Fund World Bank
author_facet	International Monetary Fund World Bank
author_sort	International Monetary Fund
title	Financial Sector Assessment Program Update : Republic of Kazakhstan - Investment Opportunities for Pension Funds
title_short	Financial Sector Assessment Program Update : Republic of Kazakhstan - Investment Opportunities for Pension Funds
title_full	Financial Sector Assessment Program Update : Republic of Kazakhstan - Investment Opportunities for Pension Funds
title_fullStr	Financial Sector Assessment Program Update : Republic of Kazakhstan - Investment Opportunities for Pension Funds
title_full_unstemmed	Financial Sector Assessment Program Update : Republic of Kazakhstan - Investment Opportunities for Pension Funds
title_sort	financial sector assessment program update : republic of kazakhstan - investment opportunities for pension funds
publisher	World Bank, Washington, DC
publishDate	2013
url	http://documents.worldbank.org/curated/en/2004/08/18004688/kazakhstan-investment-opportunities-pension-funds-technical-note http://hdl.handle.net/10986/16063
_version_	1764431411010338816
spelling	okr-10986-160632021-04-23T14:03:22Z Financial Sector Assessment Program Update : Republic of Kazakhstan - Investment Opportunities for Pension Funds International Monetary Fund World Bank ACCOUNTING ACCOUNTING STANDARDS ACCOUNTS RECEIVABLE AMORTIZATION ASSET MANAGEMENT ASSET MANAGERS ASSET-BACKED SECURITIES AUCTIONS BANK DEPOSITS BENEFICIARIES BLUE CHIP BOND ISSUERS BOND ISSUES BONDS BRANCH NETWORKS CALL OPTIONS CAPITAL ACCOUNT CAPITAL ACCOUNT LIBERALIZATION CAPITAL ALLOCATION CAPITAL FLOW CAPITAL INFLOWS CAPITAL MARKET DEVELOPMENT CAPITAL MARKETS CASH FLOWS CASH OUTFLOWS CENTRAL SECURITIES DEPOSITORY COLLATERAL COMMERCIAL BANKS CONFLICT OF INTEREST CONTINGENT LIABILITIES CORPORATE BOND CORPORATE BOND MARKET CORPORATE BONDS CORPORATE DEBT CORPORATE GOVERNANCE CORPORATE SECURITIES CREDIT RATING CREDITORS CURRENCY CURRENCY MATCHING CURRENCY RISK CURRENCY RISKS DEBT DEBT INSTRUMENTS DEBT ISSUANCE DEBT ISSUES DEBT MANAGEMENT DEBT MARKET DEVELOPMENT DEFAULTS DEMOGRAPHIC DEPOSITS DERIVATIVES DERIVATIVES MARKET DEVELOPING COUNTRIES DOMESTIC BOND DOMESTIC BONDS DOMESTIC CAPITAL DOMESTIC CAPITAL MARKET DOMESTIC CAPITAL MARKETS DOMESTIC CORPORATE BONDS DOMESTIC DEBT DOMESTIC DEBT MARKET DOMESTIC DEBT MARKETS DOMESTIC MARKET DOMESTIC MARKETS DOMESTIC SECURITIES DOMESTIC STOCK ECONOMIC DEVELOPMENT EMERGING ECONOMIES ENFORCEABILITY EQUITIES EXCESS LIQUIDITY EXCHANGE RATE FINANCIAL FLOWS FINANCIAL INFLOWS FINANCIAL INSTRUMENTS FINANCIAL MARKET FINANCIAL MARKETS FINANCIAL SECTOR FINANCIAL STATEMENTS FINANCIAL SYSTEMS FOREIGN COMPANY FOREIGN CURRENCY FOREIGN EXCHANGE FOREIGN EXCHANGE RISK FOREIGN INVESTMENT FOREIGN INVESTMENTS FOREIGN MARKETS FUND MANAGEMENT FUND MANAGERS GOVERNMENT BOND GOVERNMENT BOND YIELDS GOVERNMENT BONDS GOVERNMENT DEBT GOVERNMENT POLICIES GOVERNMENT SECURITIES HOLDING HOLDINGS HOSTILE TAKEOVERS ILLIQUIDITY INCOME INCOME FLOWS INCOME SECURITIES INDIVIDUAL SECURITIES INFLATION INFRASTRUCTURE INVESTMENTS INSTITUTIONAL INVESTORS INSTRUMENT INSURANCE INSURANCE COMPANIES INSURANCE INDUSTRY INTEREST RATES INTERNATIONAL BANK INTERNATIONAL BANKS INTERNATIONAL FINANCIAL INSTITUTIONS INTERNATIONAL MARKETS INVESTING INVESTMENT ALTERNATIVES INVESTMENT ASSETS INVESTMENT CHOICES INVESTMENT DECISIONS INVESTMENT FUND INVESTMENT FUNDS INVESTMENT HORIZON INVESTMENT IN SECURITIES INVESTMENT MANAGEMENT INVESTMENT OPPORTUNITIES INVESTMENT OPTIONS INVESTMENT POLICY INVESTMENT PORTFOLIO INVESTMENT PORTFOLIOS INVESTMENT REGULATIONS INVESTMENT RESTRICTIONS INVESTMENT STRATEGIES INVESTMENT VEHICLES INVESTMENTS IN GOVERNMENT SECURITIES INVESTOR BASE ISSUANCE JOINT STOCK COMPANIES LEVEL PLAYING FIELD LIABILITY LIFE INSURANCE LIFE INSURANCE COMPANIES LIQUID ASSETS LIQUIDITY LIQUIDITY MANAGEMENT LOCAL GOVERNMENT LONG-TERM INSTRUMENTS LONG-TERM INVESTMENT MARKET CAPITALIZATION MARKET DEVELOPMENTS MARKET ECONOMY MARKET PARTICIPANTS MARKET PRICING MARKET SHARE MARKET VOLATILITY MATURITIES MATURITY MATURITY MATCHING MONETARY FUND MORTGAGE MORTGAGE-BACKED SECURITIES MORTGAGES PENSION PENSION ASSET PENSION ASSETS PENSION FUND PENSION FUND ASSETS PENSION FUND INVESTMENT PENSION FUND INVESTMENTS PENSION FUNDS PENSION LIABILITIES PENSION REFORM PENSION SYSTEM PENSION SYSTEMS PENSIONS PORTFOLIO PORTFOLIOS PRICE VOLATILITY PRIVATE PENSION PROVIDENT FUNDS PUBLIC PENSION RATES OF RETURN REGULATOR REGULATORS REGULATORY FRAMEWORK REGULATORY SYSTEM REINVESTMENT REINVESTMENT RISK REINVESTMENT RISKS RESERVES RETURN RETURNS RISK FACTOR SAFETY NET SAVINGS SECONDARY MARKET SECURITIES MARKET SHARE OF INVESTMENTS SHAREHOLDERS SOCIAL DEVELOPMENTS SOCIAL SAFETY NET SOLVENCY STOCK MARKET STOCK MARKETS TAX TAX BENEFITS TAX INCENTIVES TELECOMMUNICATIONS TRANSITION ECONOMIES TRANSPARENCY UNEMPLOYMENT RATES VALUATION YIELD CURVE The objective of this note is to put forward policy alternatives that could lead to improved management of pension fund assets in Kazakhstan. This note emphasizes prudence in the management of pension assets, given the social and fiscal importance of the pension sector. It also discusses different investment alternatives and development options for the domestic Kazakhstani capital market. The note aims to be realistic and pragmatic, based on the best professional judgment of the author.1 It is concluded that neither the regulators nor industry participants appear to fully appreciate the risks attached to the practice of focusing on short-term and high yield investments, which exposes pensioners to higher reinvestment and issuer risk. The recommendations are summarized in the last section of this note. 2013-10-03T18:05:32Z 2013-10-03T18:05:32Z 2004-08 http://documents.worldbank.org/curated/en/2004/08/18004688/kazakhstan-investment-opportunities-pension-funds-technical-note http://hdl.handle.net/10986/16063 English en_US CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank World Bank, Washington, DC Economic & Sector Work :: Financial Sector Assessment Program (FSAP) Economic & Sector Work Europe and Central Asia Kazakhstan

Financial Sector Assessment Program Update : Republic of Kazakhstan - Investment Opportunities for Pension Funds

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