Currently, the Indonesian pension fund is prohibited from investing in international assets. In this paper, I quantitatively investigate the benefit and/or the cost, if any, caused by this constraint. Standard mean-variance techniques will be used along with Monte Carlo simulation to check the...

Reforms have begun in Pakistan to sustain the funded pension scheme for government-operated pension schemes such as the Employees Old Age Benefit Institution (EOBI). Presently, the EOBI operates its own fund and invests most of its assets in government-backed securities which are basically...

Savers, including pension savers, convert savings into assets: homes,government bonds and shares.The conversion of savings is for the very long term. Once monies are turned into assets, the reverse process of turning assets into cash cannot be achieved by all savers together. Unavoidably some...

Mid-long term projections of the Stability Programs (SP) are elaborated to simulate the burden each active citizen or each worker will have to bear for financing, via pay-as-you-go, public health care provisions and public pensions. It is worth mentioning that projections in the (SP) are those...

This paper is aimed at examining the theoretical determinants and empirical evidence on the use of derivatives in Latin America for risk management. The contingent claims, the development of their market, and their use, is undoubtedly one of the most powerful financial innovations available to...

This study investigates the existence of day of the week effects on stock returns in the Colombian Stock Exchange (CSE) for the period between June 2001 and March 2005. The Bogotá Stock Exchange was established in 1928. However, the two other main bourses in the country merged with this in 2001...

The issue of institutional support for innovations in Latin American countries has been examined in this paper. We use aprirori theoretical knowledge on this issue in order to derive one econometric model out of a theoretical framework. The influence on human capital variable on innovations...

The purpose of this paper is to analyze the effect of remittances on Latin America`s economic growth thorough 1976-2007 controlling the potential endogeneity of the regressors through system GMM estimators for dynamic data panel model. The main conclusion is that remittances had a negative and...

Given the importance of financial intermediation and financial infrastructures such as payment systems for the economy, countries have established entities to supervise or oversee the well functioning of instutions, systems and networks. This paper is based on a presentaion made at XI...

Annotated presentation made at the conference “Hacia una Mayor Competitividad e Integración de América Latina y el Caribe: la contribución de la banca de desarrollo”,on the occasion of the ALIDE Annual Meeting, Asunción, Paraguay, 19-20 May 2011. The paper describes first how regional...