Research Catalog
Liberalising Foreign Investments by Pension Funds Positive and Normative Aspects
- Title
- Liberalising Foreign Investments by Pension Funds [electronic resource]: Positive and Normative Aspects / Helmut Reisen
- Author
- Reisen, Helmut.
- Publication
- Paris : OECD Publishing, 1997.
Available Online
Details
- Description
- 23 p.; 21 x 29.7cm.
- Summary
- The paper evaluates the economics of foreign investment regulation for pension funds, with a focus on developing countries, where fully-funded pension systems are being started de novo. The analysis produces three observations. First, the benefits of global portfolio diversification apply particularly to developing-country pension assets because the volatility of asset returns is high while the risk tolerance of pensioners is low. Second, restrictions of foreign investment by domestic pension funds can hardly be justified on grounds of financial-development arguments: cross-country evidence which little support for the claim that the accumulation of pension assets would provide strong externalities for financial development. Moreover, the home bias generally observed in pension fund investment should translate into sufficient potential demand for domestic financial assets so as to deepen markets and develop the institutional infrastructure. Third, a case for initial localisation ...
- Series Statement
- OECD Development Centre Working Papers, 1815-1949 ; no.120
- Uniform Title
- OECD Development Centre Working Papers, no.120.
- Subject
- Development
- LCCN
- 10.1787/030370320363
- OCLC
- oecd-lib
- Author
- Reisen, Helmut.
- Title
- Liberalising Foreign Investments by Pension Funds [electronic resource]: Positive and Normative Aspects / Helmut Reisen
- Imprint
- Paris : OECD Publishing, 1997.
- Series
- OECD Development Centre Working Papers, 1815-1949 ; no.120OECD Development Centre Working Papers, 1815-1949 ; no.120.
- Connect to:
- Indexed Term
- Development
- Other Standard Identifier
- 10.1787/030370320363 doi