Aging Population, Pension Funds, and Financial Markets : Regional Perspectives and Global Challenges for Central, Eastern, and Southern Europe
Population aging is a worldwide phenomenon, but it is particularly advanced in highly developed northern countries. The retirement of the baby-boom generation in these rich countries will impose additional, albeit temporary, pressure on their pensi...
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| Format: | Publication |
| Language: | English |
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World Bank
2012
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| Online Access: | http://www-wds.worldbank.org/external/default/main?menuPK=64187510&pagePK=64193027&piPK=64187937&theSitePK=523679&menuPK=64187510&searchMenuPK=64187283&siteName=WDS&entityID=000333038_20090317001500 http://hdl.handle.net/10986/2606 |
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okr-10986-2606 |
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| 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 |
| topic |
ADMINISTRATIVE CHARGES ADMINISTRATIVE COSTS ALLOCATION OF CAPITAL ALTERNATIVE INVESTMENT ANNUAL RETURNS ARBITRAGE ASSET ACCUMULATION ASSET ALLOCATION ASSET LIMITS ASSET PRICES AVERAGE WAGE BANK ASSETS BANK DEPOSITS BANK POLICY BANKING SECTOR BANKING SECTORS BANKING SYSTEM BANKING SYSTEMS BASIS POINTS BENEFICIARIES BENEFIT FORMULAS BOND BOND CATEGORIES BOND CATEGORY BOND INDEX BOND MARKETS CAPITAL ACCOUNTS CAPITAL ASSET PRICING CAPITAL FLOWS CAPITAL MARKET CAPITAL MARKET DEVELOPMENT CAPITAL MARKETS CAPITAL STOCKS CONSUMER PROTECTION CONTRACTUAL SAVINGS CONTRIBUTION CONTRIBUTION PAYMENTS CONTRIBUTION RATES CONTRIBUTIONS CORPORATE BONDS CORPORATE STOCKS CREDIBILITY CURRENCY CURRENCY BOARDS DEMOGRAPHIC PROFILE DEVELOPING COUNTRIES DOMESTIC CAPITAL DOMESTIC CAPITAL MARKET DOMESTIC CREDIT DOMESTIC FINANCIAL MARKET DOMESTIC FINANCIAL MARKETS DOMESTIC MARKET EDUCATIONAL PROGRAMS EMERGING ECONOMIES EMERGING MARKET EMERGING MARKET ECONOMIES EMERGING MARKETS EQUITIES EQUITY INDEXES EXPENDITURE EXPENDITURES FACE VALUE FINANCIAL ASSET FINANCIAL ASSETS FINANCIAL CRISES FINANCIAL EDUCATION FINANCIAL INFRASTRUCTURE FINANCIAL INSTITUTION FINANCIAL INSTITUTIONS FINANCIAL INSTRUMENTS FINANCIAL LITERACY FINANCIAL MARKET FINANCIAL MARKET DEVELOPMENT FINANCIAL MARKET PARTICIPANTS FINANCIAL MARKETS FINANCIAL PORTFOLIOS FINANCIAL PRODUCTS FINANCIAL SECTOR FINANCIAL SECTOR DEVELOPMENT FINANCIAL SECTORS FINANCIAL STABILITY FINANCIAL STRUCTURE FINANCIAL SUPPORT FINANCIAL SYSTEMS FISCAL POLICY FISCAL SUSTAINABILITY FIXED INVESTMENTS FOREIGN BANKS FOREIGN CURRENCIES FOREIGN CURRENCY FOREIGN INVESTMENT FOREIGN MARKETS FORMS OF CREDIT FUND MANAGERS GLOBAL ECONOMY GOVERNMENT DEBT GROSS DOMESTIC PRODUCT HOLDING HOLDINGS INCOME INSTRUMENTS INCOME LEVELS INCOME SECURITY INCOME TAXES INDEXED BONDS INFLATION INSTITUTIONAL INVESTORS INTEREST RATE INTERNAL FINANCING INTERNAL RATE OF RETURN INTERNATIONAL BANK INTERNATIONAL DIVERSIFICATION INTERNATIONAL FINANCIAL MARKETS INTERNATIONAL INVESTMENT INVESTING INVESTMENT ASSETS INVESTMENT CAPITAL INVESTMENT CHOICES INVESTMENT POLICIES INVESTMENT RETURNS LABOR FORCE LABOR MARKETS LEVEL OF PENSION EXPENDITURE LEVELS OF RISK LEVIES LEVY LIFE EXPECTANCY LIFE INSURANCE LIFE INSURANCE COMPANIES LIFETIME LIQUIDITY LONG-TERM INSTRUMENTS LOW COST LOW-INCOME MACROECONOMIC STABILITY MARKET DEVELOPMENT MARKET ECONOMY MARKET INFORMATION MARKET SIZE MARKET TRADING MARKETS DEVELOPMENT MONETARY FUND OLD-AGE INCOME PENSION PENSION ASSETS PENSION BENEFITS PENSION FUND PENSION FUND ASSET PENSION FUND ASSETS PENSION FUND RETURNS PENSION FUNDS PENSION POLICY PENSION PROVISIONS PENSION REFORM PENSION REFORMS PENSION SAVINGS PENSION SCHEME PENSION SCHEMES PENSION SYSTEM PENSION SYSTEMS PENSIONS POLITICAL UNCERTAINTY PORTFOLIO PORTFOLIO ALLOCATION PORTFOLIO REGULATIONS PORTFOLIOS PORTFOLIOS OF PENSION FUNDS PRIVATE BOND PRIVATE EQUITY PRIVATE PENSION PRODUCTIVITY PUBLIC DEBT PUBLIC DEBT SECURITIES PUBLIC INFORMATION CAMPAIGNS PUBLIC PENSION RATE OF GROWTH RATES OF INFLATION RATES OF RETURN REMITTANCES RETIREMENT RETIREMENT AGE RETIREMENT AGES RETIREMENT ASSETS RETIREMENT INCOME RETIREMENT PRODUCTS RETIREMENT SAVINGS RETURN RETURNS RISK PREMIUMS SAVERS SECURITIES SECURITIES MARKETS SECURITY MARKETS SECURITY PRICES SENIOR SHAREHOLDER STAKEHOLDERS STOCK EXCHANGES STOCK MARKET STOCK MARKET CAPITALIZATION STOCK MARKETS STOCK RETURN STOCK RETURNS STOCK TRADING TAX TAX COLLECTION TRANSACTION TRANSACTION COSTS TRANSITION COUNTRIES TRANSITION ECONOMIES TRANSPARENCY TURNOVER UNEMPLOYMENT WAGES WORKING CAPITAL YOUNGER COHORTS YOUNGER POPULATIONS |
| spellingShingle |
ADMINISTRATIVE CHARGES ADMINISTRATIVE COSTS ALLOCATION OF CAPITAL ALTERNATIVE INVESTMENT ANNUAL RETURNS ARBITRAGE ASSET ACCUMULATION ASSET ALLOCATION ASSET LIMITS ASSET PRICES AVERAGE WAGE BANK ASSETS BANK DEPOSITS BANK POLICY BANKING SECTOR BANKING SECTORS BANKING SYSTEM BANKING SYSTEMS BASIS POINTS BENEFICIARIES BENEFIT FORMULAS BOND BOND CATEGORIES BOND CATEGORY BOND INDEX BOND MARKETS CAPITAL ACCOUNTS CAPITAL ASSET PRICING CAPITAL FLOWS CAPITAL MARKET CAPITAL MARKET DEVELOPMENT CAPITAL MARKETS CAPITAL STOCKS CONSUMER PROTECTION CONTRACTUAL SAVINGS CONTRIBUTION CONTRIBUTION PAYMENTS CONTRIBUTION RATES CONTRIBUTIONS CORPORATE BONDS CORPORATE STOCKS CREDIBILITY CURRENCY CURRENCY BOARDS DEMOGRAPHIC PROFILE DEVELOPING COUNTRIES DOMESTIC CAPITAL DOMESTIC CAPITAL MARKET DOMESTIC CREDIT DOMESTIC FINANCIAL MARKET DOMESTIC FINANCIAL MARKETS DOMESTIC MARKET EDUCATIONAL PROGRAMS EMERGING ECONOMIES EMERGING MARKET EMERGING MARKET ECONOMIES EMERGING MARKETS EQUITIES EQUITY INDEXES EXPENDITURE EXPENDITURES FACE VALUE FINANCIAL ASSET FINANCIAL ASSETS FINANCIAL CRISES FINANCIAL EDUCATION FINANCIAL INFRASTRUCTURE FINANCIAL INSTITUTION FINANCIAL INSTITUTIONS FINANCIAL INSTRUMENTS FINANCIAL LITERACY FINANCIAL MARKET FINANCIAL MARKET DEVELOPMENT FINANCIAL MARKET PARTICIPANTS FINANCIAL MARKETS FINANCIAL PORTFOLIOS FINANCIAL PRODUCTS FINANCIAL SECTOR FINANCIAL SECTOR DEVELOPMENT FINANCIAL SECTORS FINANCIAL STABILITY FINANCIAL STRUCTURE FINANCIAL SUPPORT FINANCIAL SYSTEMS FISCAL POLICY FISCAL SUSTAINABILITY FIXED INVESTMENTS FOREIGN BANKS FOREIGN CURRENCIES FOREIGN CURRENCY FOREIGN INVESTMENT FOREIGN MARKETS FORMS OF CREDIT FUND MANAGERS GLOBAL ECONOMY GOVERNMENT DEBT GROSS DOMESTIC PRODUCT HOLDING HOLDINGS INCOME INSTRUMENTS INCOME LEVELS INCOME SECURITY INCOME TAXES INDEXED BONDS INFLATION INSTITUTIONAL INVESTORS INTEREST RATE INTERNAL FINANCING INTERNAL RATE OF RETURN INTERNATIONAL BANK INTERNATIONAL DIVERSIFICATION INTERNATIONAL FINANCIAL MARKETS INTERNATIONAL INVESTMENT INVESTING INVESTMENT ASSETS INVESTMENT CAPITAL INVESTMENT CHOICES INVESTMENT POLICIES INVESTMENT RETURNS LABOR FORCE LABOR MARKETS LEVEL OF PENSION EXPENDITURE LEVELS OF RISK LEVIES LEVY LIFE EXPECTANCY LIFE INSURANCE LIFE INSURANCE COMPANIES LIFETIME LIQUIDITY LONG-TERM INSTRUMENTS LOW COST LOW-INCOME MACROECONOMIC STABILITY MARKET DEVELOPMENT MARKET ECONOMY MARKET INFORMATION MARKET SIZE MARKET TRADING MARKETS DEVELOPMENT MONETARY FUND OLD-AGE INCOME PENSION PENSION ASSETS PENSION BENEFITS PENSION FUND PENSION FUND ASSET PENSION FUND ASSETS PENSION FUND RETURNS PENSION FUNDS PENSION POLICY PENSION PROVISIONS PENSION REFORM PENSION REFORMS PENSION SAVINGS PENSION SCHEME PENSION SCHEMES PENSION SYSTEM PENSION SYSTEMS PENSIONS POLITICAL UNCERTAINTY PORTFOLIO PORTFOLIO ALLOCATION PORTFOLIO REGULATIONS PORTFOLIOS PORTFOLIOS OF PENSION FUNDS PRIVATE BOND PRIVATE EQUITY PRIVATE PENSION PRODUCTIVITY PUBLIC DEBT PUBLIC DEBT SECURITIES PUBLIC INFORMATION CAMPAIGNS PUBLIC PENSION RATE OF GROWTH RATES OF INFLATION RATES OF RETURN REMITTANCES RETIREMENT RETIREMENT AGE RETIREMENT AGES RETIREMENT ASSETS RETIREMENT INCOME RETIREMENT PRODUCTS RETIREMENT SAVINGS RETURN RETURNS RISK PREMIUMS SAVERS SECURITIES SECURITIES MARKETS SECURITY MARKETS SECURITY PRICES SENIOR SHAREHOLDER STAKEHOLDERS STOCK EXCHANGES STOCK MARKET STOCK MARKET CAPITALIZATION STOCK MARKETS STOCK RETURN STOCK RETURNS STOCK TRADING TAX TAX COLLECTION TRANSACTION TRANSACTION COSTS TRANSITION COUNTRIES TRANSITION ECONOMIES TRANSPARENCY TURNOVER UNEMPLOYMENT WAGES WORKING CAPITAL YOUNGER COHORTS YOUNGER POPULATIONS Holzmann, Robert Aging Population, Pension Funds, and Financial Markets : Regional Perspectives and Global Challenges for Central, Eastern, and Southern Europe |
| geographic_facet |
Europe and Central Asia Central Europe Southern Europe Eastern Europe |
| relation |
Directions in Development ; finance |
| description |
Population aging is a worldwide
phenomenon, but it is particularly advanced in highly
developed northern countries. The retirement of the
baby-boom generation in these rich countries will impose
additional, albeit temporary, pressure on their pension
systems. To cope with this pressure, reforms have been
introduced that have lessened the generosity of publicly
provided pension benefits. By design and by implication,
this change increases the importance of mandatory and
voluntary funded retirement schemes in smoothing consumption
across the life cycle. The first three chapters of this book
investigate questions germane to pension systems in the
Central, Eastern, and Southern Europe (CESE) economies: the
extent to which pension systems were prepared to deal with
multi pillar pension reform, how to foster the development
of financial systems so that they can better support funded
systems, and how ready the systems are for the approaching
payout of benefits as the first participants in the funded
pillar approach retirement age. The remaining three chapters
investigate broader questions facing pension systems in both
developed and emerging countries: the capacity of the
financial markets to deliver sufficiently high net rates of
return, the benefits and disadvantages of investment in
emerging markets, and the effect of aging on the rates of
return afforded by funded and unfunded schemes. |
| format |
Publications & Research :: Publication |
| author |
Holzmann, Robert |
| author_facet |
Holzmann, Robert |
| author_sort |
Holzmann, Robert |
| title |
Aging Population, Pension Funds, and
Financial Markets : Regional Perspectives and Global
Challenges for Central, Eastern, and Southern Europe |
| title_short |
Aging Population, Pension Funds, and
Financial Markets : Regional Perspectives and Global
Challenges for Central, Eastern, and Southern Europe |
| title_full |
Aging Population, Pension Funds, and
Financial Markets : Regional Perspectives and Global
Challenges for Central, Eastern, and Southern Europe |
| title_fullStr |
Aging Population, Pension Funds, and
Financial Markets : Regional Perspectives and Global
Challenges for Central, Eastern, and Southern Europe |
| title_full_unstemmed |
Aging Population, Pension Funds, and
Financial Markets : Regional Perspectives and Global
Challenges for Central, Eastern, and Southern Europe |
| title_sort |
aging population, pension funds, and
financial markets : regional perspectives and global
challenges for central, eastern, and southern europe |
| publisher |
World Bank |
| publishDate |
2012 |
| url |
http://www-wds.worldbank.org/external/default/main?menuPK=64187510&pagePK=64193027&piPK=64187937&theSitePK=523679&menuPK=64187510&searchMenuPK=64187283&siteName=WDS&entityID=000333038_20090317001500 http://hdl.handle.net/10986/2606 |
| _version_ |
1764385689217007616 |
| spelling |
okr-10986-26062021-04-23T14:02:03Z Aging Population, Pension Funds, and Financial Markets : Regional Perspectives and Global Challenges for Central, Eastern, and Southern Europe Holzmann, Robert ADMINISTRATIVE CHARGES ADMINISTRATIVE COSTS ALLOCATION OF CAPITAL ALTERNATIVE INVESTMENT ANNUAL RETURNS ARBITRAGE ASSET ACCUMULATION ASSET ALLOCATION ASSET LIMITS ASSET PRICES AVERAGE WAGE BANK ASSETS BANK DEPOSITS BANK POLICY BANKING SECTOR BANKING SECTORS BANKING SYSTEM BANKING SYSTEMS BASIS POINTS BENEFICIARIES BENEFIT FORMULAS BOND BOND CATEGORIES BOND CATEGORY BOND INDEX BOND MARKETS CAPITAL ACCOUNTS CAPITAL ASSET PRICING CAPITAL FLOWS CAPITAL MARKET CAPITAL MARKET DEVELOPMENT CAPITAL MARKETS CAPITAL STOCKS CONSUMER PROTECTION CONTRACTUAL SAVINGS CONTRIBUTION CONTRIBUTION PAYMENTS CONTRIBUTION RATES CONTRIBUTIONS CORPORATE BONDS CORPORATE STOCKS CREDIBILITY CURRENCY CURRENCY BOARDS DEMOGRAPHIC PROFILE DEVELOPING COUNTRIES DOMESTIC CAPITAL DOMESTIC CAPITAL MARKET DOMESTIC CREDIT DOMESTIC FINANCIAL MARKET DOMESTIC FINANCIAL MARKETS DOMESTIC MARKET EDUCATIONAL PROGRAMS EMERGING ECONOMIES EMERGING MARKET EMERGING MARKET ECONOMIES EMERGING MARKETS EQUITIES EQUITY INDEXES EXPENDITURE EXPENDITURES FACE VALUE FINANCIAL ASSET FINANCIAL ASSETS FINANCIAL CRISES FINANCIAL EDUCATION FINANCIAL INFRASTRUCTURE FINANCIAL INSTITUTION FINANCIAL INSTITUTIONS FINANCIAL INSTRUMENTS FINANCIAL LITERACY FINANCIAL MARKET FINANCIAL MARKET DEVELOPMENT FINANCIAL MARKET PARTICIPANTS FINANCIAL MARKETS FINANCIAL PORTFOLIOS FINANCIAL PRODUCTS FINANCIAL SECTOR FINANCIAL SECTOR DEVELOPMENT FINANCIAL SECTORS FINANCIAL STABILITY FINANCIAL STRUCTURE FINANCIAL SUPPORT FINANCIAL SYSTEMS FISCAL POLICY FISCAL SUSTAINABILITY FIXED INVESTMENTS FOREIGN BANKS FOREIGN CURRENCIES FOREIGN CURRENCY FOREIGN INVESTMENT FOREIGN MARKETS FORMS OF CREDIT FUND MANAGERS GLOBAL ECONOMY GOVERNMENT DEBT GROSS DOMESTIC PRODUCT HOLDING HOLDINGS INCOME INSTRUMENTS INCOME LEVELS INCOME SECURITY INCOME TAXES INDEXED BONDS INFLATION INSTITUTIONAL INVESTORS INTEREST RATE INTERNAL FINANCING INTERNAL RATE OF RETURN INTERNATIONAL BANK INTERNATIONAL DIVERSIFICATION INTERNATIONAL FINANCIAL MARKETS INTERNATIONAL INVESTMENT INVESTING INVESTMENT ASSETS INVESTMENT CAPITAL INVESTMENT CHOICES INVESTMENT POLICIES INVESTMENT RETURNS LABOR FORCE LABOR MARKETS LEVEL OF PENSION EXPENDITURE LEVELS OF RISK LEVIES LEVY LIFE EXPECTANCY LIFE INSURANCE LIFE INSURANCE COMPANIES LIFETIME LIQUIDITY LONG-TERM INSTRUMENTS LOW COST LOW-INCOME MACROECONOMIC STABILITY MARKET DEVELOPMENT MARKET ECONOMY MARKET INFORMATION MARKET SIZE MARKET TRADING MARKETS DEVELOPMENT MONETARY FUND OLD-AGE INCOME PENSION PENSION ASSETS PENSION BENEFITS PENSION FUND PENSION FUND ASSET PENSION FUND ASSETS PENSION FUND RETURNS PENSION FUNDS PENSION POLICY PENSION PROVISIONS PENSION REFORM PENSION REFORMS PENSION SAVINGS PENSION SCHEME PENSION SCHEMES PENSION SYSTEM PENSION SYSTEMS PENSIONS POLITICAL UNCERTAINTY PORTFOLIO PORTFOLIO ALLOCATION PORTFOLIO REGULATIONS PORTFOLIOS PORTFOLIOS OF PENSION FUNDS PRIVATE BOND PRIVATE EQUITY PRIVATE PENSION PRODUCTIVITY PUBLIC DEBT PUBLIC DEBT SECURITIES PUBLIC INFORMATION CAMPAIGNS PUBLIC PENSION RATE OF GROWTH RATES OF INFLATION RATES OF RETURN REMITTANCES RETIREMENT RETIREMENT AGE RETIREMENT AGES RETIREMENT ASSETS RETIREMENT INCOME RETIREMENT PRODUCTS RETIREMENT SAVINGS RETURN RETURNS RISK PREMIUMS SAVERS SECURITIES SECURITIES MARKETS SECURITY MARKETS SECURITY PRICES SENIOR SHAREHOLDER STAKEHOLDERS STOCK EXCHANGES STOCK MARKET STOCK MARKET CAPITALIZATION STOCK MARKETS STOCK RETURN STOCK RETURNS STOCK TRADING TAX TAX COLLECTION TRANSACTION TRANSACTION COSTS TRANSITION COUNTRIES TRANSITION ECONOMIES TRANSPARENCY TURNOVER UNEMPLOYMENT WAGES WORKING CAPITAL YOUNGER COHORTS YOUNGER POPULATIONS Population aging is a worldwide phenomenon, but it is particularly advanced in highly developed northern countries. The retirement of the baby-boom generation in these rich countries will impose additional, albeit temporary, pressure on their pension systems. To cope with this pressure, reforms have been introduced that have lessened the generosity of publicly provided pension benefits. By design and by implication, this change increases the importance of mandatory and voluntary funded retirement schemes in smoothing consumption across the life cycle. The first three chapters of this book investigate questions germane to pension systems in the Central, Eastern, and Southern Europe (CESE) economies: the extent to which pension systems were prepared to deal with multi pillar pension reform, how to foster the development of financial systems so that they can better support funded systems, and how ready the systems are for the approaching payout of benefits as the first participants in the funded pillar approach retirement age. The remaining three chapters investigate broader questions facing pension systems in both developed and emerging countries: the capacity of the financial markets to deliver sufficiently high net rates of return, the benefits and disadvantages of investment in emerging markets, and the effect of aging on the rates of return afforded by funded and unfunded schemes. 2012-03-19T10:02:54Z 2012-03-19T10:02:54Z 2009 http://www-wds.worldbank.org/external/default/main?menuPK=64187510&pagePK=64193027&piPK=64187937&theSitePK=523679&menuPK=64187510&searchMenuPK=64187283&siteName=WDS&entityID=000333038_20090317001500 978-0-8213-7732-1 http://hdl.handle.net/10986/2606 English Directions in Development ; finance CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo World Bank World Bank Publications & Research :: Publication Publications & Research :: Publication Europe and Central Asia Central Europe Southern Europe Eastern Europe |