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The Long and the Short of Emerging Market Debt

Autor: Opazo, Luis; Raddatz, Claudio; Schmukler, Sergio L.
Año: 2009
Resumen: Emerging economies have tried to promote long-term debt because it reduces maturity mismatches and the probability of crises. This paper uses unique evidence from the leading case of Chile to study to what extent there is domestic demand for long-term instruments. The authors analyze monthly asset-level portfolios of Chilean institutional investors (mutual funds, pension funds, and insurance companies) and compare their maturity structure to that of US bond mutual funds. Despite being thought to invest long term, Chilean asset-management institutions (mutual and pension funds) hold large amounts of short-term assets relative to US mutual funds and Chilean insurance companies. Short-termism is not driven by lack of instrument availability or tactical behavior. Instead, it seems to be explained by the desire to minimize inflation risk and, more importantly, by manager incentives that tilt demand toward short-term instruments. Extending the maturity of emerging market debt may require reducing risk and reshaping investor incentives.

Fuente: Banco Mundial
Clasificación: Fondos de Inversión
Tipo de Publicación: Documentos de Trabajo
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Bulgaria: Ensuring Pension System Sustainability

Autor: Banco Mundial
Año: 2009
Resumen: The report, Bulgaria: Ensuring Pension System Sustainability Pension Reform Policy Note was written in September 2009. The report states that the Bulgarian pension system has undergone significant and well designed reform in 2000-2003. However, attempts to restore financial self-sustainability of the pension scheme were not as successful as envisaged. Projections presented in this note suggest that recently introduced government contributions are insufficient to achieve financial sustainability and introduce growing distortions into the financing system. Additional reforms to the system will be needed to meet these challenges. Among the suggested reforms are; ensuring automatic sustainable pension indexation mechanism free of ad hoc interventions; attempting to further increase effective retirement age by reviewing early retirement rules and eliminating gender differences in retirement ages. A continued slow increase of retirement ages for both genders should also be considered; further strengthen disability certification processes to respond to likely increase in disability claims due to the economic downturn; strengthen long term financial planning, including revision of contribution rates which would be more compatible with long-term fiscal sustainability, and consider an exit strategy for formalized Government contribution to the scheme.

Fuente: Banco Mundial
Clasificación: Reformas de Pensiones
Tipo de Publicación: Notas de Pensiones
Idioma:

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Integration and Participation of Older Persons in Society

Autor: Comisión Económica de la Organización de las Naciones Unidas para Europa (UNECE)
Año: 2009
Resumen: Realizing a society for all ages is the declared goal of Governments in member States of the United Nations Economic Commission for Europe. To this end, achieving the integration and participation of older persons in society are important elements. This policy brief outlines the main strategies that may be considered to increase participation of older persons in political and economic life and to improve their access to transport, appropriate housing and cultural activities. It highlights the importance of balanced intergenerational relationships based on mutual respect. Efforts may be made to reduce ageism and to destigmatize old age. The potential of volunteering may also be used – both in support of older generations and by the older generations themselves.

Fuente: Organización de las Naciones Unidas (ONU)
Clasificación: Mercado Laboral
Tipo de Publicación: Informes
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Enabling Conditions for Second Pillars of Pension Systems

Autor: Rudolph, Heinz; Rocha, Roberto
Año: 2009
Resumen: 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.

Fuente: Rudolph, Heinz; Rocha, Roberto
Clasificación: Ahorro Previsional
Tipo de Publicación: Documentos de Trabajo
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Gender Equality, Work and Old Age

Autor: Comisión Económica de la Organización de las Naciones Unidas para Europa (UNECE)
Año: 2009
Resumen: To respond to demographic and societal changes, the effects of policies on men and women and on all generations have to be considered. Gender mainstreaming is the process of assessing the implications for women and men of any planned action, for instance legislation, policies and programmes, prior to implementation. This allows the development of strategies in which concerns and experiences specific to women and men are an integral dimension of the design, implementation, monitoring and evaluation of policies and programmes.

Fuente: Organización de las Naciones Unidas (ONU)
Clasificación: Mercado Laboral
Tipo de Publicación: Artículo Académico
Idioma:

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