Aging Population, Pension Funds, and
            Financial Markets : Regional Perspectives and Global
            Challenges for Central, Eastern, and Southern Europe

Holzmann, Robert

dc.creator	Holzmann, Robert
dc.date	2012-03-19T10:02:54Z
dc.date	2012-03-19T10:02:54Z
dc.date	2009
dc.date.accessioned	2023-02-17T20:38:54Z
dc.date.available	2023-02-17T20:38:54Z
dc.identifier	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
dc.identifier	978-0-8213-7732-1
dc.identifier	http://hdl.handle.net/10986/2606
dc.identifier.uri	http://localhost:8080/xmlui/handle/CUHPOERS/243003
dc.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.
dc.language	English
dc.publisher	World Bank
dc.relation	Directions in Development ; finance
dc.rights	CC BY 3.0 IGO
dc.rights	http://creativecommons.org/licenses/by/3.0/igo
dc.rights	World Bank
dc.subject	ADMINISTRATIVE CHARGES
dc.subject	ADMINISTRATIVE COSTS
dc.subject	ALLOCATION OF CAPITAL
dc.subject	ALTERNATIVE INVESTMENT
dc.subject	ANNUAL RETURNS
dc.subject	ARBITRAGE
dc.subject	ASSET ACCUMULATION
dc.subject	ASSET ALLOCATION
dc.subject	ASSET LIMITS
dc.subject	ASSET PRICES
dc.subject	AVERAGE WAGE
dc.subject	BANK ASSETS
dc.subject	BANK DEPOSITS
dc.subject	BANK POLICY
dc.subject	BANKING SECTOR
dc.subject	BANKING SECTORS
dc.subject	BANKING SYSTEM
dc.subject	BANKING SYSTEMS
dc.subject	BASIS POINTS
dc.subject	BENEFICIARIES
dc.subject	BENEFIT FORMULAS
dc.subject	BOND
dc.subject	BOND CATEGORIES
dc.subject	BOND CATEGORY
dc.subject	BOND INDEX
dc.subject	BOND MARKETS
dc.subject	CAPITAL ACCOUNTS
dc.subject	CAPITAL ASSET PRICING
dc.subject	CAPITAL FLOWS
dc.subject	CAPITAL MARKET
dc.subject	CAPITAL MARKET DEVELOPMENT
dc.subject	CAPITAL MARKETS
dc.subject	CAPITAL STOCKS
dc.subject	CONSUMER PROTECTION
dc.subject	CONTRACTUAL SAVINGS
dc.subject	CONTRIBUTION
dc.subject	CONTRIBUTION PAYMENTS
dc.subject	CONTRIBUTION RATES
dc.subject	CONTRIBUTIONS
dc.subject	CORPORATE BONDS
dc.subject	CORPORATE STOCKS
dc.subject	CREDIBILITY
dc.subject	CURRENCY
dc.subject	CURRENCY BOARDS
dc.subject	DEMOGRAPHIC PROFILE
dc.subject	DEVELOPING COUNTRIES
dc.subject	DOMESTIC CAPITAL
dc.subject	DOMESTIC CAPITAL MARKET
dc.subject	DOMESTIC CREDIT
dc.subject	DOMESTIC FINANCIAL MARKET
dc.subject	DOMESTIC FINANCIAL MARKETS
dc.subject	DOMESTIC MARKET
dc.subject	EDUCATIONAL PROGRAMS
dc.subject	EMERGING ECONOMIES
dc.subject	EMERGING MARKET
dc.subject	EMERGING MARKET ECONOMIES
dc.subject	EMERGING MARKETS
dc.subject	EQUITIES
dc.subject	EQUITY INDEXES
dc.subject	EXPENDITURE
dc.subject	EXPENDITURES
dc.subject	FACE VALUE
dc.subject	FINANCIAL ASSET
dc.subject	FINANCIAL ASSETS
dc.subject	FINANCIAL CRISES
dc.subject	FINANCIAL EDUCATION
dc.subject	FINANCIAL INFRASTRUCTURE
dc.subject	FINANCIAL INSTITUTION
dc.subject	FINANCIAL INSTITUTIONS
dc.subject	FINANCIAL INSTRUMENTS
dc.subject	FINANCIAL LITERACY
dc.subject	FINANCIAL MARKET
dc.subject	FINANCIAL MARKET DEVELOPMENT
dc.subject	FINANCIAL MARKET PARTICIPANTS
dc.subject	FINANCIAL MARKETS
dc.subject	FINANCIAL PORTFOLIOS
dc.subject	FINANCIAL PRODUCTS
dc.subject	FINANCIAL SECTOR
dc.subject	FINANCIAL SECTOR DEVELOPMENT
dc.subject	FINANCIAL SECTORS
dc.subject	FINANCIAL STABILITY
dc.subject	FINANCIAL STRUCTURE
dc.subject	FINANCIAL SUPPORT
dc.subject	FINANCIAL SYSTEMS
dc.subject	FISCAL POLICY
dc.subject	FISCAL SUSTAINABILITY
dc.subject	FIXED INVESTMENTS
dc.subject	FOREIGN BANKS
dc.subject	FOREIGN CURRENCIES
dc.subject	FOREIGN CURRENCY
dc.subject	FOREIGN INVESTMENT
dc.subject	FOREIGN MARKETS
dc.subject	FORMS OF CREDIT
dc.subject	FUND MANAGERS
dc.subject	GLOBAL ECONOMY
dc.subject	GOVERNMENT DEBT
dc.subject	GROSS DOMESTIC PRODUCT
dc.subject	HOLDING
dc.subject	HOLDINGS
dc.subject	INCOME INSTRUMENTS
dc.subject	INCOME LEVELS
dc.subject	INCOME SECURITY
dc.subject	INCOME TAXES
dc.subject	INDEXED BONDS
dc.subject	INFLATION
dc.subject	INSTITUTIONAL INVESTORS
dc.subject	INTEREST RATE
dc.subject	INTERNAL FINANCING
dc.subject	INTERNAL RATE OF RETURN
dc.subject	INTERNATIONAL BANK
dc.subject	INTERNATIONAL DIVERSIFICATION
dc.subject	INTERNATIONAL FINANCIAL MARKETS
dc.subject	INTERNATIONAL INVESTMENT
dc.subject	INVESTING
dc.subject	INVESTMENT ASSETS
dc.subject	INVESTMENT CAPITAL
dc.subject	INVESTMENT CHOICES
dc.subject	INVESTMENT POLICIES
dc.subject	INVESTMENT RETURNS
dc.subject	LABOR FORCE
dc.subject	LABOR MARKETS
dc.subject	LEVEL OF PENSION EXPENDITURE
dc.subject	LEVELS OF RISK
dc.subject	LEVIES
dc.subject	LEVY
dc.subject	LIFE EXPECTANCY
dc.subject	LIFE INSURANCE
dc.subject	LIFE INSURANCE COMPANIES
dc.subject	LIFETIME
dc.subject	LIQUIDITY
dc.subject	LONG-TERM INSTRUMENTS
dc.subject	LOW COST
dc.subject	LOW-INCOME
dc.subject	MACROECONOMIC STABILITY
dc.subject	MARKET DEVELOPMENT
dc.subject	MARKET ECONOMY
dc.subject	MARKET INFORMATION
dc.subject	MARKET SIZE
dc.subject	MARKET TRADING
dc.subject	MARKETS DEVELOPMENT
dc.subject	MONETARY FUND
dc.subject	OLD-AGE INCOME
dc.subject	PENSION
dc.subject	PENSION ASSETS
dc.subject	PENSION BENEFITS
dc.subject	PENSION FUND
dc.subject	PENSION FUND ASSET
dc.subject	PENSION FUND ASSETS
dc.subject	PENSION FUND RETURNS
dc.subject	PENSION FUNDS
dc.subject	PENSION POLICY
dc.subject	PENSION PROVISIONS
dc.subject	PENSION REFORM
dc.subject	PENSION REFORMS
dc.subject	PENSION SAVINGS
dc.subject	PENSION SCHEME
dc.subject	PENSION SCHEMES
dc.subject	PENSION SYSTEM
dc.subject	PENSION SYSTEMS
dc.subject	PENSIONS
dc.subject	POLITICAL UNCERTAINTY
dc.subject	PORTFOLIO
dc.subject	PORTFOLIO ALLOCATION
dc.subject	PORTFOLIO REGULATIONS
dc.subject	PORTFOLIOS
dc.subject	PORTFOLIOS OF PENSION FUNDS
dc.subject	PRIVATE BOND
dc.subject	PRIVATE EQUITY
dc.subject	PRIVATE PENSION
dc.subject	PRODUCTIVITY
dc.subject	PUBLIC DEBT
dc.subject	PUBLIC DEBT SECURITIES
dc.subject	PUBLIC INFORMATION CAMPAIGNS
dc.subject	PUBLIC PENSION
dc.subject	RATE OF GROWTH
dc.subject	RATES OF INFLATION
dc.subject	RATES OF RETURN
dc.subject	REMITTANCES
dc.subject	RETIREMENT
dc.subject	RETIREMENT AGE
dc.subject	RETIREMENT AGES
dc.subject	RETIREMENT ASSETS
dc.subject	RETIREMENT INCOME
dc.subject	RETIREMENT PRODUCTS
dc.subject	RETIREMENT SAVINGS
dc.subject	RETURN
dc.subject	RETURNS
dc.subject	RISK PREMIUMS
dc.subject	SAVERS
dc.subject	SECURITIES
dc.subject	SECURITIES MARKETS
dc.subject	SECURITY MARKETS
dc.subject	SECURITY PRICES
dc.subject	SENIOR
dc.subject	SHAREHOLDER
dc.subject	STAKEHOLDERS
dc.subject	STOCK EXCHANGES
dc.subject	STOCK MARKET
dc.subject	STOCK MARKET CAPITALIZATION
dc.subject	STOCK MARKETS
dc.subject	STOCK RETURN
dc.subject	STOCK RETURNS
dc.subject	STOCK TRADING
dc.subject	TAX
dc.subject	TAX COLLECTION
dc.subject	TRANSACTION
dc.subject	TRANSACTION COSTS
dc.subject	TRANSITION COUNTRIES
dc.subject	TRANSITION ECONOMIES
dc.subject	TRANSPARENCY
dc.subject	TURNOVER
dc.subject	UNEMPLOYMENT
dc.subject	WAGES
dc.subject	WORKING CAPITAL
dc.subject	YOUNGER COHORTS
dc.subject	YOUNGER POPULATIONS
dc.title	Aging Population, Pension Funds, and Financial Markets : Regional Perspectives and Global Challenges for Central, Eastern, and Southern Europe
dc.type	Publications & Research :: Publication
dc.type	Publications & Research :: Publication
dc.coverage	Europe and Central Asia
dc.coverage	Central Europe
dc.coverage	Southern Europe
dc.coverage	Eastern Europe