Portfolio Investment in an Intertemporal Setting : Assessment of the Literature and Policy Implications for Latin American Pension Systems

Guillermo Larrain Rios

Organisation for Economic Co-operation and Development

关键词: pension fund;    investment limits;    intertemporal choice;    investment alternative;    portfolio preferences;   

DOI  :  https://doi.org/10.1787/104700065441

学科分类：社会科学、人文和艺术（综合）

来源: OECD iLibrary

【 摘 要 】

Several countries around the globe have established mandatory pension systems based on personal savings accounts. In contrast to the pay-as-you-go (PAYG) financed pensions that these new systems have partly replaced, retirement benefits are the outcome of an investment process. As a result, the choice of investment instruments and the timing of those decisions are crucial determinants of pension benefits. Focusing on this issue, this paper reviews the literature on optimal long-term investment from an individual investors' perspective, assessing the intertemporal portfolio choice problem in a retirement context. The paper then draws lessons for mandatory personal account systems, focusing on the Latin American experience.