Private Pension Systems : Cross-Country Investment Performance

Musalem, Alberto R. ; Pasquini, Ricardo

World Bank, Washington, DC

关键词: ABSOLUTE VALUE;    ADMINISTRATIVE COSTS;    AGGREGATE VALUE;    ALLOCATION OF CAPITAL;    AMOUNT OF CREDIT;   

RP-ID  :  68937

学科分类：社会科学、人文和艺术（综合）

来源: World Bank Open Knowledge Repository

【 摘 要 】

This study investigates the performanceof private pensions systems across countries a topic whichhas yet to be adequately addressed in the literature.Specifically, this study examines the relationship betweenpension fund performance (as captured by gross real rates ofreturn and the three year standard deviation of thosereturns) and the structure of a country's privatepension industry and the design of its pension schemes. Adatabase covering 27 countries over the period 1990-2007 wascreated for this research. The study's key findingsinclude: (i) higher returns are associated with size(systems with more assets under management tend to generatehigher returns), type (occupational schemes tend to generatehigher returns than do personal pension schemes and closedschemes tend to generate higher returns than do openschemes), and number (systems with multiple funds tend togenerate higher returns than those with a single fund); and(ii) lower volatility in pension system returns isassociated with older systems, voluntary (rather thanmandatory) systems, systems with restrictions on foreigninvesting, and systems with minimum return guarantees.