Do investment regulations compromise pension fund performance? : evidence from Latin America
Author(s)
Bibliographic Information
Do investment regulations compromise pension fund performance? : evidence from Latin America
（World Bank Latin American and Caribbean studies, . Viewpoints）
World Bank, 1999
- : pbk
Available at 17 libraries
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Research Institute for Economics & Business Administration (RIEB) Library , Kobe University図書
: pbkL-332.6-392081000094492
Note
Includes bibliographical references (p. 41-43)
Description and Table of Contents
Description
'Draconian' regulations have created distortions in asset management, limited opportunities for diversification, and, as a consequence have hampered, the performance of pension funds. This volume shows that the return to retirement assets, expected replacement rates, and, hence, the net welfare gain from pension reform is lower under a draconian regulatory framework than under a more liberal pension fund investment regime. Important policy conclusions of the paper are that existing regulatory regimes should be liberalized as soon as possible to allow pension fund investments in a wider array of financial instruments and that regulations should require evaluation of pension fund performance against market benchmarks as opposed to exclusive focus on comparisons with industry averages. The paper also suggests a review of the current structure of the private pension fund industry in Latin America and an evaluation against alternatives in the light of actual performance experience.
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