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From 1995 to 2001 Russia witnessed an asset market boom, a deep financial crisis, and a surprisingly forceful recovery …. An event study of this episode provides important insights for Emerging Market investment and Russia's medium … conditions. Together with persistent commitment towards international integration this heralds a long-term convergence of Russia …
Persistent link: https://www.econbiz.de/10011689911
The ratio of pension assets to GDP in Denmark is the highest among OECD countries. Danish pension funds invest more than half of the country's pension wealth in foreign assets, giving rise to exchange rate risks that are managed using financial instruments. We study the currency hedging...
Persistent link: https://www.econbiz.de/10014564104
While macroprudential policy has mostly focused on the role of banks, we argue that pension funds are also important for financial stability. Drawing on previous research on pension funds, we explain how their actions can have a vital impact on other financial institutions as well as on...
Persistent link: https://www.econbiz.de/10014334701
The paper provides an overview of the hedge fund industry, mainly from a financial stability and European angle. It is primarily based on an extensive analysis of information from the TASS database. On the positive side of the financial stability assessment, hedge funds have a role as providers...
Persistent link: https://www.econbiz.de/10011606186
The stock market collapse led to political tensions between generations due to the fuzzy definition of the property rights over the pension funds’ wealth. The problem is best resolved by the introduction of generational accounts. Modern consumption and portfolio theory shows that the younger...
Persistent link: https://www.econbiz.de/10010324730
We investigate numerically how indexation of funded pensions for inflation can be differ-entiated across the various groups of fund participants. The pension arrangement is modelledafter the Dutch situation. While the aggregate welfare consequences are small, group-specific consequences are more...
Persistent link: https://www.econbiz.de/10010325857
Explaining the growth of funded pension systems is a major project in political economy. Drawing on the financialization and growth models literatures, this is a case study of recent pension fund growth in the Netherlands. Newly digitized data show almost continuous net fund inflows since their...
Persistent link: https://www.econbiz.de/10013364512
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