This paper analyzes the mechanism whereby accumulation of pension funds leads to development of capital markets and the preconditions for this to take place. The mechanism is in essence posited as a process of internalizing the pecuniary external effects arising from risk taking within...

This books explores the international aspects of pension reform, private savings and volatile capital markets and clarifies how they relate to each other. Building the case for the pension-improving benefits of global asset diversification, analysing the implications of financial reform for...