Enabling Conditions for Second Pillars of Pension Systems

27 Pages Posted: 20 Apr 2016

See all articles by Heinz P. Rudolph

Heinz P. Rudolph

The World Bank

Roberto de Rezende Rocha

World Bank - Middle East & North Africa Region; National Bureau of Economic Research (NBER)

Date Written: April 1, 2009

Abstract

This note adds to the existing literature by examining the enabling conditions for the creation of mandatory funded pension funds, and identifying additional factors that are important to consider in the early stages of the reform. The note stresses the importance of some factors that had already been identified in previous literature but not fully observed by reforming countries, including the strong and lasting commitment of the authorities with the reform, the fiscal commitment with the reform, and some basic financial infrastructure. The analysis is also extended to analyze the role of supervision in the early stages of the reform and the role of the government in fostering the development of the domestic capital market.

Keywords: Debt Markets, Emerging Markets, Access to Finance, Banks & Banking Reform

Suggested Citation

Rudolph, Heinz P. and Rocha, Roberto de Rezende, Enabling Conditions for Second Pillars of Pension Systems (April 1, 2009). World Bank Policy Research Working Paper No. 4890. Available at SSRN: https://ssrn.com/abstract=1372006

Heinz P. Rudolph (Contact Author)

The World Bank ( email )

1818 H Street, NW
Washington, DC 20433
United States

Roberto de Rezende Rocha

World Bank - Middle East & North Africa Region ( email )

1818 H Street N.W
Washington, DC 20433
United States

National Bureau of Economic Research (NBER) ( email )

1050 Massachusetts Avenue
Cambridge, MA 02138
United States

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