592 research outputs found
The National Pensions Reserve Fund: Pitfalls and Opportunities
This paper analyses some key issues concerning the new National Pensions Reserve Fund. We briefly review the basic demographic and economic trends that motivate the establishment of the Fund. We consider the pitfalls facing the operation of the Fund and argue that a complete ban on domestic investment would minimise the politicisation problem. At least initially, the Fund should adopt an aggressive investment strategy, with a large equity allocation. We further argue that asset allocation should take into account the co-variation of returns with domestic macroeconomic and fiscal variables. Finally, we discuss the organisational structure of the Fund and its implications for optimal performance.
Surfing the Waves of Globalization: Asia and Financial Globalization in the Context of the Trilemma
Financial Liberalization, Growth, Productivity and Capital Accumulation: The Case of European Integration
The Persistence of Current Account Balances and its Determinants: The Implications for Global Rebalancing
Do Budgetary Institutions Mitigate the Common Pool Problem? New Empirical Evidence for the EU
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