Enabling Conditions for Second Pillars of Pension Systems

Rudolph, Heinz; Rocha, Roberto

dc.creator	Rudolph, Heinz
dc.creator	Rocha, Roberto
dc.date	2012-03-19T19:09:43Z
dc.date	2012-03-19T19:09:43Z
dc.date	2009-04-01
dc.date.accessioned	2023-02-17T21:08:53Z
dc.date.available	2023-02-17T21:08:53Z
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=000158349_20090401083803
dc.identifier	http://hdl.handle.net/10986/4084
dc.identifier.uri	http://localhost:8080/xmlui/handle/CUHPOERS/245110
dc.description	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.
dc.language	English
dc.relation	Policy Research working paper ; no. WPS 4890
dc.rights	CC BY 3.0 IGO
dc.rights	http://creativecommons.org/licenses/by/3.0/igo/
dc.rights	World Bank
dc.subject	ACCOUNTING
dc.subject	ACCOUNTING FRAMEWORK
dc.subject	ACCOUNTING STANDARDS
dc.subject	ASSET BACKED SECURITIES
dc.subject	ASSET PRICE
dc.subject	ASSET PRICES
dc.subject	ASSET-BACKED SECURITIES
dc.subject	AUCTIONS
dc.subject	BANK DEPOSITS
dc.subject	BANKING LAW
dc.subject	BANKRUPTCY
dc.subject	BENCHMARK YIELD
dc.subject	BENCHMARK YIELD CURVE
dc.subject	BOND
dc.subject	BOND ISSUANCE
dc.subject	BOOK ENTRY
dc.subject	CAPACITY BUILDING
dc.subject	CAPITAL MARKET DEVELOPMENT
dc.subject	CAPITAL MARKET REFORM
dc.subject	CAPITAL MARKET REGULATION
dc.subject	CAPITAL MARKETS
dc.subject	CDS
dc.subject	CENTRAL BANK
dc.subject	CENTRAL DEPOSITORY
dc.subject	CENTRAL DEPOSITORY SYSTEM
dc.subject	CHECKS
dc.subject	COLLATERAL
dc.subject	COMMERCIAL CODE
dc.subject	COMMERCIAL LAW
dc.subject	COMMODITY PRICES
dc.subject	CONFLICTS OF INTEREST
dc.subject	CONSUMER PROTECTION
dc.subject	CONTINGENT LIABILITIES
dc.subject	CONTRACTUAL SAVINGS
dc.subject	CORPORATE BONDS
dc.subject	CORPORATE LAW
dc.subject	COUNTRY CREDIT
dc.subject	COUPON
dc.subject	COUPON BONDS
dc.subject	CREDIT RATINGS
dc.subject	CREDITOR
dc.subject	CREDITOR RIGHTS
dc.subject	CREDITORS
dc.subject	CURRENCY
dc.subject	CUSTODY
dc.subject	DEBT FINANCING
dc.subject	DEBT INSTRUMENTS
dc.subject	DEBT ISSUES
dc.subject	DEBT MANAGEMENT
dc.subject	DEBT MATURITY
dc.subject	DEBT RATIO
dc.subject	DEBT RATIOS
dc.subject	DEBT SERVICE
dc.subject	DEFAULTS
dc.subject	DEFICITS
dc.subject	DEPOSITORY INSTITUTION
dc.subject	DEPOSITORY INSTITUTIONS
dc.subject	DERIVATIVES
dc.subject	DEVELOPING COUNTRIES
dc.subject	DISCOUNT RATES
dc.subject	DOMESTIC BANKS
dc.subject	DOMESTIC CAPITAL
dc.subject	DOMESTIC CAPITAL MARKET
dc.subject	DOMESTIC CURRENCY
dc.subject	DOMESTIC MARKET
dc.subject	EMERGING ECONOMIES
dc.subject	EMERGING MARKET
dc.subject	EMERGING MARKET COUNTRIES
dc.subject	EMERGING MARKETS
dc.subject	ENFORCEABILITY
dc.subject	EQUITY FUNDS
dc.subject	EXPENDITURE
dc.subject	EXPENDITURES
dc.subject	EXPORTERS
dc.subject	EXTERNAL DEBT
dc.subject	FAIR VALUATION
dc.subject	FEDERAL RESERVE
dc.subject	FEDERAL RESERVE BANK
dc.subject	FINANCIAL CRISES
dc.subject	FINANCIAL INFRASTRUCTURE
dc.subject	FINANCIAL INSTITUTIONS
dc.subject	FINANCIAL INSTRUMENTS
dc.subject	FINANCIAL MARKET
dc.subject	FINANCIAL RISKS
dc.subject	FINANCIAL STATEMENTS
dc.subject	FINANCIAL SYSTEMS
dc.subject	FISCAL DEFICITS
dc.subject	FISCAL DISCIPLINE
dc.subject	FISCAL POLICIES
dc.subject	FISCAL POLICY
dc.subject	FIXED INCOME
dc.subject	FIXED INCOME PORTFOLIO
dc.subject	FOREIGN BANKS
dc.subject	FOREIGN EXCHANGE
dc.subject	FRAUD
dc.subject	FUND MANAGER
dc.subject	FUND MANAGERS
dc.subject	FUTURES
dc.subject	GOVERNMENT BONDS
dc.subject	GOVERNMENT DEBT
dc.subject	GOVERNMENT DEBT MARKET
dc.subject	GOVERNMENT DEBT MARKETS
dc.subject	GOVERNMENT REVENUES
dc.subject	GOVERNMENT SECURITIES
dc.subject	GRACE PERIOD
dc.subject	HEDGES
dc.subject	HOST COUNTRY
dc.subject	HOUSING FINANCE
dc.subject	IMPLICIT INTEREST
dc.subject	INCOME INSTRUMENTS
dc.subject	INDEPENDENT JUDICIARY
dc.subject	INFLATION
dc.subject	INSTITUTIONAL INVESTOR
dc.subject	INSTITUTIONAL INVESTORS
dc.subject	INSURANCE
dc.subject	INSURANCE COMPANIES
dc.subject	INSURANCE PRODUCTS
dc.subject	INTEREST RATE
dc.subject	INTEREST RATES
dc.subject	INTERNATIONAL BANK
dc.subject	INTERNATIONAL ECONOMICS
dc.subject	INTERNATIONAL SETTLEMENTS
dc.subject	INTERNATIONAL STANDARDS
dc.subject	INVESTING
dc.subject	INVESTMENT REGIME
dc.subject	INVESTOR BASE
dc.subject	ISSUANCE
dc.subject	LEGAL FRAMEWORK
dc.subject	LIEN
dc.subject	LIENS
dc.subject	LIFE INSURANCE
dc.subject	LIFE INSURANCE COMPANIES
dc.subject	LIQUIDATION
dc.subject	LIQUIDITY
dc.subject	LOAN
dc.subject	LONG-TERM CAPITAL
dc.subject	LOSS OF REVENUES
dc.subject	MACROECONOMIC STABILITY
dc.subject	MACROECONOMIC UNCERTAINTY
dc.subject	MARK-TO-MARKET
dc.subject	MARKET ECONOMY
dc.subject	MARKET FAILURE
dc.subject	MARKET INFRASTRUCTURE
dc.subject	MARKET INSTRUMENTS
dc.subject	MARKET PARTICIPANTS
dc.subject	MARKET PLAYERS
dc.subject	MARKET PRACTICES
dc.subject	MARKET PRICES
dc.subject	MATURITIES
dc.subject	MATURITY STRUCTURE
dc.subject	MINORITY SHAREHOLDER
dc.subject	MINORITY SHAREHOLDER PROTECTION
dc.subject	MINORITY SHAREHOLDERS
dc.subject	MONETARY FUND
dc.subject	MONETARY POLICY
dc.subject	MORTGAGE
dc.subject	MORTGAGE BONDS
dc.subject	MORTGAGE-BACKED SECURITIES
dc.subject	NATIONAL SAVINGS
dc.subject	OPERATIONAL INDEPENDENCE
dc.subject	PAYMENT SYSTEM
dc.subject	PAYMENT SYSTEMS
dc.subject	PENSION
dc.subject	PENSION ASSETS
dc.subject	PENSION FUND
dc.subject	PENSION FUND ASSETS
dc.subject	PENSION FUNDS
dc.subject	PENSION REFORM
dc.subject	PENSION REFORMS
dc.subject	PENSION SYSTEM
dc.subject	PENSION SYSTEMS
dc.subject	PENSIONS
dc.subject	POLITICAL ECONOMY
dc.subject	PORTFOLIO
dc.subject	PORTFOLIO DIVERSIFICATION
dc.subject	PORTFOLIOS
dc.subject	PORTFOLIOS OF PENSION FUNDS
dc.subject	PRIVATE EQUITY
dc.subject	PROPERTY RIGHTS
dc.subject	PROTECTION OF INVESTORS
dc.subject	PUBLIC DEBT
dc.subject	PUBLIC DEBT MANAGEMENT
dc.subject	PUBLIC DEBT MARKET
dc.subject	PURE DEBT
dc.subject	RATES OF RETURN
dc.subject	REAL EXCHANGE RATE
dc.subject	REGULATORY FRAMEWORK
dc.subject	RETURN
dc.subject	RETURNS
dc.subject	RISK MANAGEMENT
dc.subject	RISK MANAGEMENT SYSTEMS
dc.subject	RULE OF LAW
dc.subject	SAVINGS RATIOS
dc.subject	SECONDARY MARKET
dc.subject	SECONDARY MARKET TRANSACTIONS
dc.subject	SECURITIES
dc.subject	SECURITIES LAW
dc.subject	SECURITIES MARKETS
dc.subject	SECURITIES TRANSACTIONS
dc.subject	SECURITY INTEREST
dc.subject	SETTLEMENT
dc.subject	SETTLEMENT DATE
dc.subject	SETTLEMENT RISK
dc.subject	SETTLEMENT SYSTEM
dc.subject	SETTLEMENT SYSTEMS
dc.subject	SINGLE ASSET
dc.subject	SOLVENCY
dc.subject	STOCK EXCHANGES
dc.subject	SUPERVISORY AGENCIES
dc.subject	SUPERVISORY AGENCY
dc.subject	SWAP
dc.subject	SWAPS
dc.subject	TAX
dc.subject	TAX REGIME
dc.subject	TAX TREATMENT
dc.subject	TRADE DATE
dc.subject	TRADING
dc.subject	TRANSPARENCY
dc.subject	VALUATION
dc.subject	VALUATION OF PORTFOLIOS
dc.subject	VALUATION SYSTEMS
dc.subject	VALUE PAYMENT SYSTEM
dc.title	Enabling Conditions for Second Pillars of Pension Systems
dc.type	Publications & Research :: Policy Research Working Paper
dc.coverage	The World Region
dc.coverage	The World Region