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Risk Based Supervision of Pension Funds

Risk Based Supervision of Pension Funds Author Greg Brunner
ISBN-10 082137494X
Release 2008-04-01
Pages 236
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'Risk-Based Supervision of Pension Funds' provides a review of the design and experience of risk-based pension fund supervision in countries that have been leaders in the development of these methods. The utilization of risk-based methods originates primarily in the supervision of banks. In recent years it has increasingly been extended to other types of financial intermediaries, including pension funds and insurers. The trend toward risk-based supervision of pensions reflects an increasing focus on risk management in both banking and insurance based on three key elements: capital requirements, supervisory review, and market discipline. Although similar in concept to the techniques developed in banking, its application to pension funds has required modifications, particularly for defined contribution funds that transfer investment risk to fund members. The countries examined–Australia, Denmark, Mexico, and the Netherlands–provide a range of experience that illustrates both the diversity of pension systems and the approaches to risk-based supervision, and also presents a commonality of focus on sound risk management and effective supervisory outcomes.

Aging Population Pension Funds and Financial Markets

Aging Population  Pension Funds  and Financial Markets Author Robert Holzmann
ISBN-10 9780821377321
Release 2009
Pages 162
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Population aging will affect the performance of pension funds and financial markets in the former transition economies and require determined policy actions to complete financial market development and to promote financial literacy through education.

Risk Based Tax Audits

Risk Based Tax Audits Author Munawer Sultan Khwaja
ISBN-10 9780821387559
Release 2011-06-08
Pages 152
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The book examines the fundamental principles of risk-based audits, the institutional challenges, and analytical techniques used in risk-based audit strategies. It discusses development of databases and IT infrastructure critical for effective use of risk management techniques.

Evaluating the Financial Performance of Pension Funds

Evaluating the Financial Performance of Pension Funds Author Richard Hinz
ISBN-10 0821381601
Release 2010-01-14
Pages 296
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Countries around the world are increasingly relying on individual pension savings accounts to provide income in old age for their citizens. Although these funds have now been in place for several decades, their performance is usually measured using methods that are not meaningful in relation to this long-term objective. The recent global financial crisis has highlighted the need to develop better performance evaluation methods that are consistent with the retirement income objective of pension funds. Compiling research derived from a partnership among the World Bank, the Organisation for Economic Co-operation and Development (OECD), and three private partners, 'Evaluating the Financial Performance of Pension Funds' discusses the theoretical basis and key implementation issues related to the design of performance benchmarks based on life-cycle savings and investment principles. The book begins with an evaluation of the financial performance of funded pension systems using the standard mean variance framework. It then provides a discussion of the limitations inherent to applying these methods to pension funds and outlines the many other issues that should be addressed in developing more useful and meaningful performance measures through the formulation of pension-specific benchmark portfolios. Practical implementation issues are addressed through empirical examples of how such benchmarks could be developed. The book concludes with commentary and observations from several noted pension experts about the need for a new approach to performance measurement and the impact of the recent global financial crisis on pension funds.

The Development and Regulation of Non bank Financial Institutions

The Development and Regulation of Non bank Financial Institutions Author Jeffrey Carmichael
ISBN-10 0821348396
Release 2002-01-01
Pages 230
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This book aims to create an awareness of the potential of non-bank financial institutions (NBFIs) for developing countries, and to assist policy makers in the creation of coherent policy structures and effective regulatory systems for the development of these institutions. It considers the essential functions and characteristics of non-bank financial institutions and includes chapters on insurance companies, mutual funds and pension schemes, securities markets, and leasing and real estate companies.

OECD Reviews of Regulatory Reform Risk and Regulatory Policy Improving the Governance of Risk

OECD Reviews of Regulatory Reform Risk and Regulatory Policy Improving the Governance of Risk Author OECD
ISBN-10 9789264082939
Release 2010-04-09
Pages 248
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This publication presents recent OECD papers on risk and regulatory policy. They offer measures for developing, or improving, coherent risk governance policies.

The Stationery Office Agency Catalogue

The Stationery Office Agency Catalogue Author Stationery Office (Great Britain)
ISBN-10 STANFORD:36105134484976
Release 2008
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The Stationery Office Agency Catalogue has been writing in one form or another for most of life. You can find so many inspiration from The Stationery Office Agency Catalogue also informative, and entertaining. Click DOWNLOAD or Read Online button to get full The Stationery Office Agency Catalogue book for free.

Financial Market Regulation and Reforms in Emerging Markets

Financial Market Regulation and Reforms in Emerging Markets Author Masahiro Kawai
ISBN-10 0815704909
Release 2011-05-01
Pages 423
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The rapid spread and far-reaching impact of the global financial crisis have highlighted the need for strengthening financial systems in advanced economies and emerging markets. Emerging markets face particular challenges in developing their nascent financial systems and making them resilient to domestic and external shocks. Financial reforms are critical to these economies as they pursue programs of high and sustainable growth. In this timely volume Masahiro Kawai, Eswar Prasad, and their contributors offer a systematic overview of recent developments in—and the latest thinking about—regulatory frameworks in both advanced countries and emerging markets. Their analyses and observations clearly point out the challenges to improving regulation, efficiency of markets, and access to the fi nancial system. Policymakers and financial managers in emerging markets are struggling to learn from the crisis and will need to grapple with some key questions as they restructure and reform their financial markets: • What lessons does the global financial crisis of 2007–09 offer for the establishment of efficient and flexible regulatory structures? • How can policymakers develop broader financial markets while managing the associated risks? • How—or should—they make the formal financial system more accessible to more people? • How might they best contend with multinational financial institutions? This book is an important step in getting a better grasp of these issues and making progress toward solutions that strike a balance between promoting financial market development and efficiency on the one hand, and ensuring financial stability on the other.

Do Investment Regulations Compromise Pension Fund Performance

Do Investment Regulations Compromise Pension Fund Performance Author Pulle Subrahmanya Srinivas
ISBN-10 0821344889
Release 1999-01-01
Pages 50
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" "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.

Financing Africa

Financing Africa Author Samuel Munzele Maimbo
ISBN-10 9780821387979
Release 2011-09-07
Pages 301
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Financing Africa takes stock of Africa's financial systems in light of recent changes in the global financial system --including the greater risk aversion of international investors, a shift in economic and financial powers towards emerging markets and the regulatory reform debate - and the increasing role of technology. Using a wider and more detailed array of data than previous publications, we observe a trend towards financial deepening, more stability and more inclusion leading up to the crisis; serious challenges, however, continue, including limited access to financial services, focus on short-term contracts and hidden fragility, related to weak regulatory frameworks, undue government interference and governance deficiencies. Our policy analysis therefore focuses on (i) expanding outreach, (ii) fostering long-term finance and (iii) improving regulation and supervision. We identify the positive role of innovation and competition, a stronger focus on non-traditional financial service providers, and more emphasis on demand-side constraints as priority areas for policy actions. Specifically, competition from new players outside the banking system, including telecomm companies can increase outreach with technological innovation that changes the economics of retail finance. Moving beyond national stock exchanges that are not sustainable in most African countries towards regional solutions and over-the-counter trades can help foster long-term finance, as can addressing governance challenges in contractual savings institutions, including life insurance companies and pension funds. Finally, there is a need to look beyond supply-side constraints towards users of financial services, focusing more on financial literacy of households and firms, but also consumer protection. In formulating policy messages, we carefully distinguish between different country groupings, differentiating -- among others -- between low- and middle-income and small and larger economies, with a special focus on resource-based economies and post-conflict countries. This book reaches out to both policy makers concerned about a more inclusive and effective financial system and other stakeholders, including practitioners and development partners. With this book we aim to contribute to the on-going financial sector debate on Africa, with the ultimate goal of faster economic development and poverty reduction.

Financial Supervision in the 21st Century

Financial Supervision in the 21st Century Author Joanne A. Kellermann
ISBN-10 9783642367335
Release 2014-07-08
Pages 232
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The financial crisis prompted financial supervisors to take a critical look at their own performance. The "toolkit" available to supervisors is considerably more varied than it was a few years ago. Supervision has become more forward-looking, taking into account also soft controls, such as ‘conduct and culture’, corporate governance, and business models of financial institutions. This collection of essays discusses several significant changes in supervision methods and supervisory organisations and examines what methods contribute to ‘good supervision’ and what can reasonably be expected of supervisors. The authors are experts in the field and most of them are affiliated to organisations responsible for financial supervision.

Financial Sector Development in Africa

Financial Sector Development in Africa Author Thorsten Beck
ISBN-10 9780821396292
Release 2012-12-03
Pages 252
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This edited volume contains eight studies of financial sector challenges in Africa. They discuss expanding access, lengthening contracts, safeguarding finance and implementing financial sector reform in politically difficult environment.

Private Voluntary Health Insurance

Private Voluntary Health Insurance Author Greg Brunner
ISBN-10 9780821387573
Release 2012-05-14
Pages 130
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This book aims to help countries design and implement a legal framework for a viable private health insurance market, with rationale for insurance regulation, institutions involved, and standards and protections used in regulating private health insurance.

Structured Finance in Latin America

Structured Finance in Latin America Author Hela Cheikhrouhou
ISBN-10 9780821371404
Release 2007
Pages 149
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Structured Finance in Latin America explores how structured finance mechanisms can channel pension savings to support projects in underserved sectors, deepen capital markets, and contribute to investment and economic growth. Private pension funds have been accumulating assets rapidly in the wake of pension system reforms in many Latin American countries. Strict investment regulations to protect workers' savings have limited their investment in highly creditworthy domestic securities, yet pension fund demand for new securities has outstripped issuance of eligible traditional corporate debt instruments. This has contributed to a high concentration of pension fund assets in public debt. Innovative structured finance mechanisms can help bring to the market a new set of creditworthy securities backed by pools of loans to small borrowers, mortgage loans or the expected proceeds of large infrastructure projects. These mechanisms create new investment opportunities for pension funds, while establishing additional sources of funding for underserved market segments. Policy makers and regulatory authorities have a catalytic role to play in the development of structured finance securities by establishing a conducive legal, regulatory, and tax framework. Structured Finance in Latin America serves as a practical guide for development practitioners, policy makers, and others working in government, international or nongovernmental organizations, and financial institutions, who focus on finance and investment; infrastructure, transport, and urban development; housing finance; small and medium-sized enterprise development; and pension reform.

Complementary and Private Pensions throughout the World 2008

Complementary and Private Pensions throughout the World 2008 Author OECD
ISBN-10 9789264048829
Release 2008-09-22
Pages 540
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Complementary and Private Pensions Throughout the World 2008 provides in-depth information on the regulation and supervision of voluntary and mandatory occupational pension plans as well as mandatory private pension schemes in 58 countries worldwide.

The Regulatory Responses to the Global Financial Crisis Some Uncomfortable Questions

The Regulatory Responses to the Global Financial Crisis  Some Uncomfortable Questions Author Stijn Claessens
ISBN-10 9781484336656
Release 2014-03-14
Pages 39
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We identify current challenges for creating stable, yet efficient financial systems using lessons from recent and past crises. Reforms need to start from three tenets: adopting a system-wide perspective explicitly aimed at addressing market failures; understanding and incorporating into regulations agents’ incentives so as to align them better with societies’ goals; and acknowledging that risks of crises will always remain, in part due to (unknown) unknowns – be they tipping points, fault lines, or spillovers. Corresponding to these three tenets, specific areas for further reforms are identified. Policy makers need to resist, however, fine-tuning regulations: a “do not harm” approach is often preferable. And as risks will remain, crisis management needs to be made an integral part of system design, not relegated to improvisation after the fact.

Emerging Capital Markets and Globalization

Emerging Capital Markets and Globalization Author Augusto de la Torre
ISBN-10 0821365444
Release 2006-10-20
Pages 228
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Back in the early 1990s, economists and policy makers had high expectations about the prospects for domestic capital market development in emerging economies, particularly in Latin America. Unfortunately, they are now faced with disheartening results. Stock and bond markets remain illiquid and segmented. Debt is concentrated at the short end of the maturity spectrum and denominated in foreign currency, exposing countries to maturity and currency risk. Capital markets in Latin America look particularly underdeveloped when considering the many efforts undertaken to improve the macroeconomic environment and to reform the institutions believed to foster capital market development. The disappointing performance has made conventional policy recommendations questionable, at best. 'Emerging Capital Markets and Globalization' analyzes where we stand and where we are heading on capital market development. First, it takes stock of the state and evolution of Latin American capital markets and related reforms over time and relative to other countries. Second, it analyzes the factors related to the development of capital markets, with particular interest on measuring the impact of reforms. And third, in light of this analysis, it discusses the prospects for capital market development in Latin America and emerging economies and the implications for the reform agenda.