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Do investment regulations compromise pension fund performance?: Evidence from Latin America (Latin America and Caribbean Studies)
Rok: 1999
ISBN: 9780821344880
OKCZID: 110284935
Citace (dle ČSN ISO 690):
SRINIVAS, Pulle Subrahmanya. Do investment regulations compromise pension fund performance?: evidence from Latin America. Washington: The World Bank, 1999. iv, 50 s. World Bank Latin American and Caribbean studies. Viewpoints.
Anotace
" "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.