By Sophie Sirtaine, Hela Cheikhrouhou, Emanuel Salinas, Dimitri Vittas, W. Britt Gwinner, John Pollner
Dependent Finance in Latin the US explores how dependent finance mechanisms can channel pension rate reductions to aid tasks in underserved sectors, deepen capital markets, and give a contribution to funding and monetary development. inner most pension money were amassing resources quickly within the wake of pension procedure reforms in lots of Latin American nations. Strict funding laws to guard employees' discounts have restricted their funding in hugely creditworthy family securities, but pension fund call for for brand spanking new securities has outstripped issuance of eligible conventional company debt tools. This has contributed to a excessive focus of pension fund resources in public debt. cutting edge established finance mechanisms might help deliver to the marketplace a brand new set of creditworthy securities sponsored via swimming pools of loans to small debtors, personal loan loans or the anticipated proceeds of enormous infrastructure tasks. those mechanisms create new funding possibilities for pension money, whereas developing extra resources of investment for underserved industry segments. coverage makers and regulatory professionals have a catalytic function to play within the improvement of based finance securities by way of developing a conducive felony, regulatory, and tax framework. dependent Finance in Latin the US serves as a realistic consultant for improvement practitioners, coverage makers, and others operating in govt, overseas or nongovernmental agencies, and monetary associations, who concentrate on finance and funding; infrastructure, delivery, and concrete improvement; housing finance; small and medium-sized company improvement; and pension reform.
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Extra resources for Structured Finance in Latin America: Channeling Pension Funds to Housing, Infrastructure, and Small Business (Directions in Development)
Example text
The high concentration in public debt among recently reformed pension systems is also explained in part by the reform-financing mechanism. The shift to defined contribution systems implies larger cash deficits in the public pay-as-you-go system, which is typically debt financed by the government. In such cases, whether directly through transition regulations or indirectly through the sheer volume of issues, the new private pension fund industries have been called on to fund government securities.
As the system matures into the payout phase, a full picture of defined contribution pension systems will include a growing role for annuity providers. Typically, pensioners who choose to receive their pension as an annuity will be serviced by life insurance companies. In Chile, when the annuity-related assets of life insurance companies are added to the defined contribution pension system, the total exceeds 80 percent of GDP. More recently reforming countries have yet to see growth in annuities.
While past performance does not necessarily predict future performance, it is a necessary starting point and essential to calibrate any projection model. The absence of well-established domestic capital markets makes it harder for Latin American AFPs to decide on optimal asset allocation. Efforts to develop databases of historical prices of financial assets should be encouraged. Until such data become available, data from international capital markets can be used as a proxy to estimate expected real returns and risk levels for various types of assets and sectors.