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Preface | p. xi |
Acknowledgments | p. xiii |
Abbreviations and Acronyms | p. xv |
Introduction, Main Messages, and Policy Conclusions | p. 1 |
Structure of the Book | p. 2 |
Overview and Key Messages | p. 3 |
Policy Conclusions and Future Priorities | p. 8 |
Note | p. 11 |
Were Financial Systems in CESE Countries Prepared for the Challenges of Multipillar Pension Reform? | p. 13 |
Multipillar Reforms in Transition Economies | p. 14 |
Financial Sector Readiness in the Region | p. 23 |
Current Status of the Financial Sector | p. 29 |
Conclusions | p. 37 |
Notes | p. 38 |
References | p. 38 |
How Can Financial Markets Be Developed to Better Support Funded Systems? | p. 41 |
Is Too Much Money Chasing Too Few Assets? | p. 41 |
Bank-Based and Market-Based Systems | p. 51 |
Alternative Investment Options in Emerging Countries | p. 55 |
Conclusions | p. 57 |
Notes | p. 58 |
References | p. 60 |
Population Aging and the Payout of Benefits | p. 63 |
Lessons for Developing Annuity Markets | p. 64 |
Preparing for the Payout of Benefits: Challenges and Options | p. 73 |
Conclusions | p. 79 |
Notes | p. 80 |
References | p. 80 |
Can the Financial Markets Generate Sustained Returns on a Large Scale? | p. 83 |
Gross Financial Returns and Pension Fund Asset Allocation | p. 84 |
Net Pension Fund Returns | p. 89 |
Conclusions | p. 91 |
Notes | p. 92 |
References | p. 94 |
Does Investing in Emerging Markets Help? | p. 97 |
International Financial Diversification and Domestic Bias | p. 97 |
Return, Risk, and International Diversification | p. 102 |
Investing in Emerging Markets | p. 105 |
Conclusions | p. 112 |
Notes | p. 113 |
References | p. 115 |
Will Population Aging Affect Rates of Return? | p. 119 |
Demographic Developments and Motivation | p. 120 |
Will Aging Cause a Financial Market Meltdown? | p. 123 |
The Impact of Aging on the Implicit Returns of Unfunded Pension Schemes | p. 130 |
Conclusions | p. 134 |
Notes | p. 135 |
References | p. 135 |
Readiness Indicators | p. 139 |
Conceptual Considerations | p. 139 |
Ten Critical Areas of Readiness Assessment | p. 149 |
Applied Methodology for Rating | p. 155 |
References | p. 156 |
Index | p. 157 |
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