Regulating private pension funds'structure, performance, and investments : cross-country evidence

Abstract

Because defined-contribution systems expose pensions to a number of risks, reforming governments have often strictly regulated the pension fund industry's structure, performance, and investments. This paper compares the rules in the new systems of Latin America and Eastern Europe with richer OECD countries. The authors argue that the benefits of competing pension funds and individual choice can only be achieved if regulations are loosened in the medium term.Pensions&Retirement Systems,Non Bank Financial Institutions,Insurance&Risk Mitigation,Banks&Banking Reform,Environmental Economics&Policies