Canada has developed an extensive private pension system that accounts for more than half the government assisted resources available for retirement incomes. Private plans in Italy account for less than one percent of retirement resources, but it has recently provided pension reforms to...

This paper surveys the evolution of the Canadian pension system to provide possible ideas for pension reform in Russia. Particular emphasis is placed on the Canadian voluntary, tax assisted retirement savings plans. Such plans can be used as an incentive mechanism to draw savings into the...

The Foreign Property Rule (FPR), limiting the holding of foreign property in pension plan assets, is scheduled to be eliminated this year. It has been rationalized on economic grounds by asserting that it improves the value of the dollar and decreases the cost of capital yet, at the time the FPR...

An analysis of the governance policies of the Ontario Securities Commission (OSC) is undertaken in light of that institution's drive to improve governance practices in the private sector. It turns out that the Commission itself does not practice many of the governance practices required and/or...

This paper argues that the Foreign Property Rule, which limits the foreign content of a Registered Savings plan to no more than 20% of book value, should be removed as quickly as possible. Given the globalization of financial markets, the FPR does not protect what it meant to protect - a pool of...

For the period 1976-87 forward rates on U.S. T-bills averaged more than 30 basis points above the comparable futures market rates. Since risk is common to both rates, I argue that this difference can be explained by the substitutability of different maturity T-bills for money. Consistent with...