New Policies for Mandatory Defined Contribution Pensions
208 pages
English

New Policies for Mandatory Defined Contribution Pensions

-

YouScribe est heureux de vous offrir cette publication
208 pages
English
YouScribe est heureux de vous offrir cette publication

Description

Mandatory defined contribution pension markets are present in a growing number of countries around the world. But despite their popularity, policymakers continue to struggle with two key policy concerns. On the one hand, a number of design shortcomings encourages pension firms to charge high administrative fees. On the other hand, the global crisis that started in 2007 has reignited the debate on whether pension participants bear excessive investment risk. Both are valid policy concerns as their incidence can imply higher than expected levels of poverty among old age individuals.
Both concerns have the same root problem---the limited capacity of individuals to choose what is best for them. This, in turn, stems from a combination of inadequate financial education, bounded rationality and the use of simplistic 'rules of thumb' that produce systematic biases in the decision making process of individuals. While improving financial education is an obvious avenue to pursue, this book is more concerned with design features that can exploit these systematic biases to protect consumers from themselves.

'New Policies for Mandatory Defined Contribution Pensions: Industrial Organization Models and Investment Products' (i) discusses the main implications for the functioning of mandatory defined contribution pensions of consumers' inability to make rational choices; (ii) describes how jurisdictions have tried to address these problems through ad hoc policy interventions; and (iii) proposes new policy directions in the areas of industrial organization models and investment products to address these concerns more effectively.
Written for practitioners and researchers around the world, this book provides access to new thinking on mandatory defined contribution pension systems and it makes an important contribution to the on-going policy debate on how to best structure mandatory defined contribution pillars.

Sujets

Informations

Publié par
Publié le 04 juin 2010
Nombre de lectures 26
EAN13 9780821383179
Langue English
Poids de l'ouvrage 1 Mo

Exrait

New Policies for
Mandatory Defi ned
Contribution
Pensions
INDUSTRIAL ORGANIZATION
MODELS AND INVESTMENT
PRODUCTS
Gregorio Impavido, Esperanza Lasagabaster,
and Manuel García-HuitrónNew Policies for Mandatory
Defined Contribution PensionsNew Policies
for Mandatory
Defined
Contribution
Pensions
INDUSTRIAL ORGANIZATION
MODELS AND INVESTMENT
PRODUCTS
Gregorio Impavido,
Esperanza Lasagabaster, and
Manuel García-Huitrón© 2010 The International Bank for Reconstruction and Development / The World Bank
1818 H Street NW
Washington DC 20433
Telephone: 202-473-1000
Internet: www.worldbank.org
E-mail: feedback@worldbank.org
All rights reserved
1 2 3 4 13 12 11 10
This volume is a product of the staff of the International Bank for Reconstruction and Development / The
World Bank. The findings, interpretations, and conclusions expressed in this volume do not necessarily
reflect the views of the Executive Directors of The World Bank or the governments they represent.
The World Bank does not guarantee the accuracy of the data included in this work. The boundaries,
colors, denominations, and other information shown on any map in this work do not imply any
judgement on the part of The World Bank concerning the legal status of any territory or the endorse-
ment or acceptance of such boundaries.
Rights and Permissions
The material in this publication is copyrighted. Copying and/or transmitting portions or all of
this work without permission may be a violation of applicable law. The International Bank for
Reconstruction and Development / The World Bank encourages dissemination of its work and will
normally grant permission to reproduce portions of the work promptly.
For permission to photocopy or reprint any part of this work, please send a request with complete
information to the Copyright Clearance Center Inc., 222 Rosewood Drive, Danvers, MA 01923,
USA; telephone: 978-750-8400; fax: 978-750-4470; Internet: www.copyright.com.
All other queries on rights and licenses, including subsidiary rights, should be addressed to the Office
of the Publisher, The World Bank, 1818 H Street NW, Washington, DC 20433, USA; fax: 202-522-
2422; e-mail: pubrights@worldbank.org.
ISBN-13: 978-0-8213-8276-9
eISBN: 978-0-8213-8317-9
DOI: 110.1596/978-0-8213-8276-9
Library of Congress Cataloging-in-Publication Data
Impavido, Gregorio.
New policies for mandatory defined contribution pensions : industrial organization models and
investment products / Gregorio Impavido, Esperanza Lasagabaster, Manuel García-Huitrón.
p. cm.—(Latin American development forum series)
Includes bibliographical references and index.
ISBN 978-0-8213-8276-9—ISBN 978-0-8213-8317-9 (electronic)
1. Defined contribution pension plans. 2. Pensions. 3. Industrial organization. I. Lasagabaster,
Esperanza. II. García-Huitrón, Manuel. III. Title.
HD7105.4.I47 2011
331.25'2—dc22
2010013119
Cover design by ULTRAdesignsLatin American
Development Forum Series
This series was created in 2003 to promote debate, disseminate infor-
mation and analysis, and convey the excitement and complexity of the
most topical issues in economic and social development in Latin America
and the Caribbean. It is sponsored by the Inter-American Development
Bank, the United Nations Economic Commission for Latin America and
the Caribbean, and the World Bank. The manuscripts chosen for publica-
tion represent the highest quality in each institution’s research and activity
output and have been selected for their relevance to the academic com-
munity, policy makers, researchers, and interested readers.
Advisory Committee Members
Alicia Bárcena Ibarra, Executive Secretary, Economic Commission for
Latin America and the Caribbean, United Nations
Inés Bustillo, Director, Washington Office, Economic Commission for
José Luis Guasch, Senior Adviser, Latin America and the Caribbean Region,
World Bank; and Professor of Economics, University of California,
San Diego
Santiago Levy, Vice President for Sectors and Knowledge, Inter-American
Development Bank
Eduardo Lora, Chief Economist (a.i.) and General Manager, Research
Department, Inter-American Development Bank
Luis Servén, Research Manager, Development Economics Vice Presidency,
World Bank
Augusto de la Torre, Chief Economist, Latin America and the Caribbean
Region, World Bank
vTitles in the Latin
American Development
Forum Series
New Policies for Mandatory Defined Contribution Pensions: Indus-
trial Organization Models and Investment Products (2010) by Gregorio
Impavido, Esperanza Lasagabaster, and Manuel García-Huitrón
The Quality of Life in Latin American Cities: Markets and Perception
(2010) by Eduardo Lora, Andrew Powell, Bernard M. S. van Praag, and
Pablo Sanguinetti, editors
Discrimination in Latin America: An Economic Perspective (2010) by
Hugo Ñopo, Alberto Chong, and Andrea Moro, editors
The Promise of Early Childhood Development in Latin America and the
Caribbean (2010) by Emiliana Vegas and Lucrecia Santibáñez
Job Creation in Latin America and the Caribbean: Trends and Policy
Challenges (2009) by Carmen Pagés, Gaëlle Pierre, and Stefano Scarpetta
China’s and India’s Challenge to Latin America: Opportunity or Threat?
(2009) by Daniel Lederman, Marcelo Olarreaga, and Guillermo E. Perry,
editors
Does the Investment Climate Matter? Microeconomic Foundations of
Growth in Latin America (2009) by Pablo Fajnzylber, José Luis Guasch,
and J. Humberto López, editors
Measuring Inequality of Opportunities in Latin America and the Caribbean
(2009) by Ricardo de Paes Barros, Francisco H. G. Ferreira, José R. Molinas
Vega, and Jaime Saavedra Chanduvi
The Impact of Private Sector Participation in Infrastructure: Lights,
Shadows, and the Road Ahead (2008) by Luis Andres, José Luis Guasch,
Thomas Haven, and Vivien Foster
viiviii titles in the series
Remittances and Development: Lessons from Latin America (2008) by
Pablo Fajnzylber and J. Humberto López, editors
Fiscal Policy, Stabilization, and Growth: Prudence or Abstinence? (2007)
by Guillermo Perry, Luis Servén, and Rodrigo Suescún, editors
stRaising Student Learning in Latin America: Challenges for the 21 Century
(2007) by Emiliana Vegas and Jenny Petrow
Investor Protection and Corporate Governance: Firm-Level Evidence
Across Latin America (2007) by Alberto Chong and Florencio López-de-
Silanes, editors
Natural Resources: Neither Curse nor Destiny (2007) by Daniel Lederman
and William F. Maloney, editors
The State of State Reform in Latin America (2006) by Eduardo Lora, editor
Emerging Capital Markets and Globalization: The Latin American Expe-
rience (2006) by Augusto de la Torre and Sergio L. Schmukler
Beyond Survival: Protecting Households from Health Shocks in Latin
America (2006) by Cristian C. Baeza and Truman G. Packard
Beyond Reforms: Structural Dynamics and Macroeconomic Vulnerability
(2005) by José Antonio Ocampo, editor
Privatization in Latin America: Myths and Reality (2005) by Alberto
Chong and Florencio López-de-Silanes, editors
Keeping the Promise of Social Security in Latin America (2004) by
Indermit S. Gill, Truman G. Packard, and Juan Yermo
Lessons from NAFTA: For Latin America and the Caribbean (2004) by
Daniel Lederman, William F. Maloney, and Luis Servén
The Limits of Stabilization: Infrastructure, Public Deficits, and Growth in
Latin America (2003) by William Easterly and Luis Servén, editors
Globalization and Development: A Latin American and Caribbean Per-
spective (2003) by José Antonio Ocampo and Juan Martin, editors
Is Geography Destiny? Lessons from Latin America (2003) by John Luke
Gallup, Alejandro Gaviria, and Eduardo LoraAbout the Contributors
Gregorio Impavido is a Senior Financial Sector Expert at the Interna-
tional Monetary Fund, which he joined in 2007 after nine years at the
World Bank. In his work, he delivers policy advice on financial stability,
regulation, and supervision of private pensions and insurance markets. He
has written on these topics for the several multilaterals and published in
refereed journals and books. He earned a PhD and a MSc in economics
from Warwick University and a BSc in economics from Bocconi Uni-
versity. A partial list of his publications is available at http://ssrn.com/
author=429651.
Esperanza Lasagabaster is a Senior Financial Economist at the Latin
American and Caribbean Region of the World Bank and formerly worked
as an economist in other regional departments of the World Bank, Inter-
American Development Bank, and the Institute of International Finance.
She has researched and advised on pension policy to governments in
Eastern Europe and Central Asia, Latin America, and South Asia. She
earned a PhD in economics from Cornell University.
Manuel García-Huitrón is a Manager of Strategic Planning of Afore XXI,
a Mexican pension fund administrator. He has worked in different capaci-
ties for the World Bank, the International Finance Corporation, the Yale
School of Management, and the Min

  • Accueil Accueil
  • Univers Univers
  • Ebooks Ebooks
  • Livres audio Livres audio
  • Presse Presse
  • BD BD
  • Documents Documents