The value of funded pensions can depend critically on the funds' investment performance. To try and protect people's savings, governments often regulate pension funds strictly, particularly when contributions are mandatory. For example, the new funded pension systems in Latin America and Eastern...

The scope of this report is twofold. First, it documents skills gaps and mismatches and attempts to understand the reasons for them. Second, it provides a framework for thinking about skills development, drawing on international best practices, with the intent of stimulating further discussion....

"The current account can be understood as the outcome of investment decisions made by domestic and foreign investors. These decisions can be decomposed into a portfolio rebalancing and a portfolio growth component. This paper provides empirical evidence of the importance of portfolio rebalancing...

Immunization deserves high priority, especially in developing countries, for three reasons: vaccine-preventable diseases, disproportionately affect the poorest fifth of the population; immunization is among the most cost-effective interventions, and has a major impact in reducing the burden of...

"Following Chile's pension reform in 1981, a wave of multi-pillar pension reforms took place in Latin America (LAC). Their implementation has revealed new policy challenges. To shed light on these issues, this paper reviews the structure and performance of mandatory DC pillars in LAC. The review...

"For a foreign "issuer," the benefits of cross-listing in the United States are extensively documented in the literature. However it is not clear what motivates "investors" to hold American Depositary Receipts (ADRs) rather than the underlying stock of these issuers. The authors address the...