Pension reforms are on the political agenda of many countries. Such reforms imply an increasing responsibility on individuals’ side in building an efficient portfolio for retirement. In this paper we provide a model describing workers’ choices on the allocation of retirement savings in...

The Employees’ Provident Fund (EPF) of Sri Lanka is a defined-contribution pension fund whose pooled asset holdings consist mainly of local government bonds. Regulations prohibit international diversification, and this paper aims to quantify the extent of the potential harms, if any, caused by...

This paper provides an investigation of the impacts of pension funds on capital market development, both for stock markets and bond markets. For the overall sample of countries, we find that pension fund financial assets have positive impacts on stock market depth and liquidity as well as...

Nonostante le modifiche alle prestazioni previdenziali pubbliche e la crescente consapevolezza che in futuro sarà necessario integrare le pensioni statali con risorse aggiuntive accumulate durante la carriera lavorativa, l’attitudine dei lavoratori italiani nei confronti della previdenza...

Pension systems often entail some compulsory saving over which individuals have some degree of choice in terms of the pension plan in which to invest. Our contribution analyses whether the choice between alternative plans is affected by the presence of liquidity constraints during working life....

This study compares the performance of various fixed and lifecycle portfolio strategies for the accumulation phase of retirement planning in emerging market countries. With an expected utility framework and a bootstrapped Monte Carlo procedure, we find that the majority of emerging market...

In recent years, investment portfolio selection is growing in importance for many emerging market pension funds, as pension reforms replace traditional pay-as-you-go systems with advanced funding systems. Various investment regulations are applied to the funded pensions, particularly in the form...

Retirees confront the difficult problem of how to manage their money in retirement so as to not outlive their funds while continuing to invest in capital markets. We posit a dynamic utility maximizer who makes both asset location and allocation decisions when managing her retirement financial...

Retirees confront the difficult problem of how to manage their money in retirement so as to not outlive their funds while continuing to invest in capital markets. We posit a dynamic utility maximizer who makes both asset location and allocation decisions when managing her retirement financial...

The reform of the pension system in Poland took place in 1999, when the one-pillar Pay-As-You-Go system (PAYG) was replaced by the three-pillars system consisting of two mandatory (PAYG and fully funded) pillars and voluntary (funded) one. However problems concerning budget deficit in Poland...