Enabling Conditions for Second Pillars of Pension Systems

This note adds to the existing literature by examining the enabling conditions for the creation of mandatory funded pension funds, and identifying additional factors that are important to consider in the early stages of the reform. The note stresse...

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Bibliographic Details
Main Authors:	Rudolph, Heinz, Rocha, Roberto
Format:	Policy Research Working Paper
Language:	English
Published:	2012
Subjects:	ACCOUNTING ACCOUNTING FRAMEWORK ACCOUNTING STANDARDS ASSET BACKED SECURITIES ASSET PRICE ASSET PRICES ASSET-BACKED SECURITIES AUCTIONS BANK DEPOSITS BANKING LAW BANKRUPTCY BENCHMARK YIELD BENCHMARK YIELD CURVE BOND BOND ISSUANCE BOOK ENTRY CAPACITY BUILDING CAPITAL MARKET DEVELOPMENT CAPITAL MARKET REFORM CAPITAL MARKET REGULATION CAPITAL MARKETS CDS CENTRAL BANK CENTRAL DEPOSITORY CENTRAL DEPOSITORY SYSTEM CHECKS COLLATERAL COMMERCIAL CODE COMMERCIAL LAW COMMODITY PRICES CONFLICTS OF INTEREST CONSUMER PROTECTION CONTINGENT LIABILITIES CONTRACTUAL SAVINGS CORPORATE BONDS CORPORATE LAW COUNTRY CREDIT COUPON COUPON BONDS CREDIT RATINGS CREDITOR CREDITOR RIGHTS CREDITORS CURRENCY CUSTODY DEBT FINANCING DEBT INSTRUMENTS DEBT ISSUES DEBT MANAGEMENT DEBT MATURITY DEBT RATIO DEBT RATIOS DEBT SERVICE DEFAULTS DEFICITS DEPOSITORY INSTITUTION DEPOSITORY INSTITUTIONS DERIVATIVES DEVELOPING COUNTRIES DISCOUNT RATES DOMESTIC BANKS DOMESTIC CAPITAL DOMESTIC CAPITAL MARKET DOMESTIC CURRENCY DOMESTIC MARKET EMERGING ECONOMIES EMERGING MARKET EMERGING MARKET COUNTRIES EMERGING MARKETS ENFORCEABILITY EQUITY FUNDS EXPENDITURE EXPENDITURES EXPORTERS EXTERNAL DEBT FAIR VALUATION FEDERAL RESERVE FEDERAL RESERVE BANK FINANCIAL CRISES FINANCIAL INFRASTRUCTURE FINANCIAL INSTITUTIONS FINANCIAL INSTRUMENTS FINANCIAL MARKET FINANCIAL RISKS FINANCIAL STATEMENTS FINANCIAL SYSTEMS FISCAL DEFICITS FISCAL DISCIPLINE FISCAL POLICIES FISCAL POLICY FIXED INCOME FIXED INCOME PORTFOLIO FOREIGN BANKS FOREIGN EXCHANGE FRAUD FUND MANAGER FUND MANAGERS FUTURES GOVERNMENT BONDS GOVERNMENT DEBT GOVERNMENT DEBT MARKET GOVERNMENT DEBT MARKETS GOVERNMENT REVENUES GOVERNMENT SECURITIES GRACE PERIOD HEDGES HOST COUNTRY HOUSING FINANCE IMPLICIT INTEREST INCOME INSTRUMENTS INDEPENDENT JUDICIARY INFLATION INSTITUTIONAL INVESTOR INSTITUTIONAL INVESTORS INSURANCE INSURANCE COMPANIES INSURANCE PRODUCTS INTEREST RATE INTEREST RATES INTERNATIONAL BANK INTERNATIONAL ECONOMICS INTERNATIONAL SETTLEMENTS INTERNATIONAL STANDARDS INVESTING INVESTMENT REGIME INVESTOR BASE ISSUANCE LEGAL FRAMEWORK LIEN LIENS LIFE INSURANCE LIFE INSURANCE COMPANIES LIQUIDATION LIQUIDITY LOAN LONG-TERM CAPITAL LOSS OF REVENUES MACROECONOMIC STABILITY MACROECONOMIC UNCERTAINTY MARK-TO-MARKET MARKET ECONOMY MARKET FAILURE MARKET INFRASTRUCTURE MARKET INSTRUMENTS MARKET PARTICIPANTS MARKET PLAYERS MARKET PRACTICES MARKET PRICES MATURITIES MATURITY STRUCTURE MINORITY SHAREHOLDER MINORITY SHAREHOLDER PROTECTION MINORITY SHAREHOLDERS MONETARY FUND MONETARY POLICY MORTGAGE MORTGAGE BONDS MORTGAGE-BACKED SECURITIES NATIONAL SAVINGS OPERATIONAL INDEPENDENCE PAYMENT SYSTEM PAYMENT SYSTEMS PENSION PENSION ASSETS PENSION FUND PENSION FUND ASSETS PENSION FUNDS PENSION REFORM PENSION REFORMS PENSION SYSTEM PENSION SYSTEMS PENSIONS POLITICAL ECONOMY PORTFOLIO PORTFOLIO DIVERSIFICATION PORTFOLIOS PORTFOLIOS OF PENSION FUNDS PRIVATE EQUITY PROPERTY RIGHTS PROTECTION OF INVESTORS PUBLIC DEBT PUBLIC DEBT MANAGEMENT PUBLIC DEBT MARKET PURE DEBT RATES OF RETURN REAL EXCHANGE RATE REGULATORY FRAMEWORK RETURN RETURNS RISK MANAGEMENT RISK MANAGEMENT SYSTEMS RULE OF LAW SAVINGS RATIOS SECONDARY MARKET SECONDARY MARKET TRANSACTIONS SECURITIES SECURITIES LAW SECURITIES MARKETS SECURITIES TRANSACTIONS SECURITY INTEREST SETTLEMENT SETTLEMENT DATE SETTLEMENT RISK SETTLEMENT SYSTEM SETTLEMENT SYSTEMS SINGLE ASSET SOLVENCY STOCK EXCHANGES SUPERVISORY AGENCIES SUPERVISORY AGENCY SWAP SWAPS TAX TAX REGIME TAX TREATMENT TRADE DATE TRADING TRANSPARENCY VALUATION VALUATION OF PORTFOLIOS VALUATION SYSTEMS VALUE PAYMENT SYSTEM
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=000158349_20090401083803 http://hdl.handle.net/10986/4084

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Summary:	This note adds to the existing literature by examining the enabling conditions for the creation of mandatory funded pension funds, and identifying additional factors that are important to consider in the early stages of the reform. The note stresses the importance of some factors that had already been identified in previous literature but not fully observed by reforming countries, including the strong and lasting commitment of the authorities with the reform, the fiscal commitment with the reform, and some basic financial infrastructure. The analysis is also extended to analyze the role of supervision in the early stages of the reform and the role of the government in fostering the development of the domestic capital market.

Enabling Conditions for Second Pillars of Pension Systems

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