Aging Population, Pension Funds, andFinancial Markets : Regional Perspectives and GlobalChallenges for Central, Eastern, and Southern Europe

Holzmann, Robert

World Bank

关键词: ADMINISTRATIVE CHARGES;    ADMINISTRATIVE COSTS;    ALLOCATION OF CAPITAL;    ALTERNATIVE INVESTMENT;    ANNUAL RETURNS;   

DOI  :  10.1596/978-0-8213-7732-1
RP-ID  :  47687

学科分类：社会科学、人文和艺术（综合）

来源: World Bank Open Knowledge Repository

【 摘 要 】

Population aging is a worldwidephenomenon, but it is particularly advanced in highlydeveloped northern countries. The retirement of thebaby-boom generation in these rich countries will imposeadditional, albeit temporary, pressure on their pensionsystems. To cope with this pressure, reforms have beenintroduced that have lessened the generosity of publiclyprovided pension benefits. By design and by implication,this change increases the importance of mandatory andvoluntary funded retirement schemes in smoothing consumptionacross the life cycle. The first three chapters of this bookinvestigate questions germane to pension systems in theCentral, Eastern, and Southern Europe (CESE) economies: theextent to which pension systems were prepared to deal withmulti pillar pension reform, how to foster the developmentof financial systems so that they can better support fundedsystems, and how ready the systems are for the approachingpayout of benefits as the first participants in the fundedpillar approach retirement age. The remaining three chaptersinvestigate broader questions facing pension systems in bothdeveloped and emerging countries: the capacity of thefinancial markets to deliver sufficiently high net rates ofreturn, the benefits and disadvantages of investment inemerging markets, and the effect of aging on the rates ofreturn afforded by funded and unfunded schemes.