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  • 1
    Online Resource
    Online Resource
    Pension Funds, Capital Markets, and the Power of Diversification (2017)
    Washington, D.C : The World Bank
    Details
    UID:
    gbv_1724865455
    Format: 1 Online-Ressource (27 p)
    Series Statement: World Bank E-Library Archive
    Content: The potential for pension funds to contribute to capital markets and thereby economic growth has been argued on a theoretical basis and demonstrated empirically. However, reforms fostering the development of funded pension systems have not had the economic impact hoped for in some countries. Pension fund portfolios in some cases have remained highly exposed to shorter-term assets, such as bank deposits and shorter-term government bonds. This, in turn, has led to relatively low investment returns, thereby potentially affecting income adequacy in retirement. This paper looks at the potential regulatory hurdles to long-term investment by pension funds, while also proposing international diversification and the creation of domestic investment opportunities to help portfolio diversification and ultimately improve the delivery of secure, adequate pensions
    Additional Edition: Erscheint auch als Druck-Ausgabe Stewart, Fiona Pension Funds, Capital Markets, and the Power of Diversification Washington, D.C : The World Bank, 2017
    Language: English
    DOI: 10.1596/1813-9450-8136
    URL: Volltext  (Deutschlandweit zugänglich)
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    Stabi Berlin
    UB Potsdam
    MPI Bildungsforschung
  • 2
    Online Resource
    Online Resource
    Proving Incentives for Long-Term Investment by Pension Funds : The Use of Outcome-Based Benchmarks (2014)
    Washington, D.C : The World Bank
    Details
    UID:
    b3kat_BV048266318
    Format: 1 Online-Ressource (26 p)
    Content: A fundamental goal of any pension system is to ensure that members receive an adequate income when they retire. Although traditional defined benefit pension plans set out how pension income will be determined in advance and then strive to deliver this, the growing number of defined contribution plans accumulate a sum of assets which can then be turned into a pension income on retirement. However, the amount of this retirement income is not predefined This frequently leads to a focus by not only most pension providers, but also regulators and pension plan members themselves on the short-term accumulation of pension assets rather than the longer-term goal of securing an adequate retirement income. This paper discusses a possible solution to this challenge: the use of benchmarks to encourage pension funds to invest with the longer-term goal of delivering adequate retirement income in mind. Examples are provided of leading pension funds that already work with long-term, outcome-based benchmarks. The paper suggests a methodology for pension regulators to use in order to incentivize pension funds in their jurisdictions to adopt a similar approach
    Additional Edition: Stewart, Fiona Proving Incentives for Long-Term Investment by Pension Funds
    Language: English
    DOI: 10.1596/1813-9450-6885
    URL: Volltext  (URL des Erstveröffentlichers)
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    FU Berlin
    EUV Frankfurt
    HTW Berlin
  • 3
    Online Resource
    Online Resource
    Pension Funds, Capital Markets, and the Power of Diversification (2017)
    Washington, D.C : The World Bank
    Details
    UID:
    b3kat_BV048269729
    Format: 1 Online-Ressource (27 p)
    Series Statement: World Bank E-Library Archive
    Content: The potential for pension funds to contribute to capital markets and thereby economic growth has been argued on a theoretical basis and demonstrated empirically. However, reforms fostering the development of funded pension systems have not had the economic impact hoped for in some countries. Pension fund portfolios in some cases have remained highly exposed to shorter-term assets, such as bank deposits and shorter-term government bonds. This, in turn, has led to relatively low investment returns, thereby potentially affecting income adequacy in retirement. This paper looks at the potential regulatory hurdles to long-term investment by pension funds, while also proposing international diversification and the creation of domestic investment opportunities to help portfolio diversification and ultimately improve the delivery of secure, adequate pensions
    Additional Edition: Erscheint auch als Druck-Ausgabe Stewart, Fiona Pension Funds, Capital Markets, and the Power of Diversification Washington, D.C : The World Bank, 2017
    Language: English
    DOI: 10.1596/1813-9450-8136
    URL: Volltext  (URL des Erstveröffentlichers)
    Library Location Call Number Volume/Issue/Year Availability
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    Online Resource
    Online Access
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    FU Berlin
    EUV Frankfurt
    HTW Berlin
  • 4
    Online Resource
    Online Resource
    Proving Incentives for Long-Term Investment by Pension Funds : The Use of Outcome-Based Benchmarks (2014)
    Washington, D.C : The World Bank
    Details
    UID:
    gbv_834982692
    Format: Online-Ressource (26 p)
    Edition: 2014 World Bank eLibrary
    Content: A fundamental goal of any pension system is to ensure that members receive an adequate income when they retire. Although traditional defined benefit pension plans set out how pension income will be determined in advance and then strive to deliver this, the growing number of defined contribution plans accumulate a sum of assets which can then be turned into a pension income on retirement. However, the amount of this retirement income is not predefined This frequently leads to a focus by not only most pension providers, but also regulators and pension plan members themselves on the short-term accumulation of pension assets rather than the longer-term goal of securing an adequate retirement income. This paper discusses a possible solution to this challenge: the use of benchmarks to encourage pension funds to invest with the longer-term goal of delivering adequate retirement income in mind. Examples are provided of leading pension funds that already work with long-term, outcome-based benchmarks. The paper suggests a methodology for pension regulators to use in order to incentivize pension funds in their jurisdictions to adopt a similar approach
    Additional Edition: Stewart, Fiona Proving Incentives for Long-Term Investment by Pension Funds
    Language: English
    DOI: 10.1596/1813-9450-6885
    URL: Volltext  (Deutschlandweit zugänglich)
    Library Location Call Number Volume/Issue/Year Availability
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    Online Resource
    Online Access
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    Stabi Berlin
    UB Potsdam
    MPI Bildungsforschung
  • 5
    Online Resource
    Online Resource
    Reverse mortgages, financial inclusion, and economic development potential benefit and risks (2020)
    [Washington, DC, USA] : World Bank Group, Finance, Competitiveness and Innovation Global Practice
    Details
    UID:
    gbv_1700637231
    Format: 1 Online-Ressource (circa 29 Seiten) , Illustrationen
    Series Statement: Policy research working paper 9134
    Content: This paper examines the state of reverse mortgage markets in selected countries around the world and considers the potential benefits and risks of these products from a financial inclusion and economic benefit standpoint. Despite potentially increasing demand from aging societies - combined with limited pension income - a series of market failures constrain supply and demand. The paper discusses a series of market failures on the supply side, such as adverse selection, moral hazard, and the costly regulation established to address these problems, leading to only a small number of providers, even in developed markets. Demand-side constraints are equally relevant, in particular high non-interest costs, abuse concerns, and the inability of reverse mortgages to cover key risks facing the elderly, particularly health and elder care. In developing countries, constraints are likely to be even higher than in advanced economies, due to high transaction costs and lack of consumer knowledge and protection. The enabling conditions for such markets to develop are outlined, along with examples of regulatory oversight. The paper concludes that these still seem to be largely products of last resort rather than well-considered purchases as part of good retirement planning
    Additional Edition: Erscheint auch als Druck-Ausgabe Peter Knaack Reverse Mortgages, Financial Inclusion, and Economic Development: Potential Benefit and Risks Washington, D.C : The World Bank, 2020
    Language: English
    Keywords: Graue Literatur
    DOI: 10.1596/1813-9450-9134
    URL: lizenzpflichtig
    URL: Deutschlandweit zugänglich
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    Stabi Berlin
    UB Potsdam
    MPI Bildungsforschung
  • 6
    Online Resource
    Online Resource
    Pension Funds and the Impact of Switching Regulation on Long-term Investment (2017)
    Washington, D.C : The World Bank
    Details
    UID:
    gbv_1724865382
    Format: 1 Online-Ressource (34 p)
    Series Statement: World Bank E-Library Archive
    Content: This paper looks at the impact of members' ability to switch pension fund provider and /or portfolio on the allocation of pension funds to long-term investments. The level of annual turnover in pension fund portfolios was compared with the amount of short-term investments (using government treasury bills and bank deposits as proxy). The investment regulations around switching and other market conduct were then considered. The paper finds that greater movements between pension fund providers and between portfolios is linked to increased holdings of short-term and more liquid assets. Switching appears to be driven by competition, market structure, and investment advice, and, unfortunately, frequently results in poor investment returns for members. The paper makes six recommends for regulators. First, use administrative controls to prevent fraudulent switching between pension providers. Second, provide clear performance and cost comparisons to inform members' choice of provider/fund and encourage informed decision making, which is beneficial for members and the system. Third, supervise and control advertising and marketing (including reporting of performance periods) carefully, to avoid switches based on misleading advice. Fourth, control financial incentives for sales agents, so that switching advice is given in members' interest and not for commercial gain. Fifth, concentrate issuance in government securities, to create more liquid instruments. And sixth, conduct further research on the concept of a central liquidity pool to manage unexpected outflows
    Additional Edition: Erscheint auch als Druck-Ausgabe Morales, Alvaro Enrique Pedraza Pension Funds and the Impact of Switching Regulation on Long-term Investment Washington, D.C : The World Bank, 2017
    Language: English
    DOI: 10.1596/1813-9450-8143
    URL: Volltext  (Deutschlandweit zugänglich)
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    Stabi Berlin
    UB Potsdam
    MPI Bildungsforschung
  • 7
    Online Resource
    Online Resource
    Striking the Right Note : Key Performance Indicators for Sovereign Sustainability-Linked Bonds (2021)
    Washington, D.C : The World Bank
    Details
    UID:
    gbv_1788683226
    Format: 1 Online-Ressource
    Series Statement: Other Financial Sector Study
    Content: The framework presented in the report is intended to bridge the gap between what sovereign investors will view as appropriately ambitious actions and what issuing countries see as achievable targets. The framework is intended to help investors with their decision-making and can inform Ministries of Finance and their debt management offices (DMOs) about what investors want to know regarding their country's sustainability performance. The report findings may also inform creation of financial instruments and market analyses beyond sovereign sustainability-linked bonds (SLBs) and are relevant for a broad range of stakeholders. These include regulators, credit rating agencies, academics, as well as nongovernmental organizations (NGOs), and civil society groups which can be affected by the types of indicators selected and outcomes of government policies
    Language: English
    DOI: 10.1596/36805
    URL: Deutschlandweit zugänglich
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    Stabi Berlin
    UB Potsdam
    MPI Bildungsforschung
  • 8
    Online Resource
    Online Resource
    Credit Worthy : ESG Factors and Sovereign Credit Ratings (2022)
    Washington, D.C : The World Bank
    Details
    UID:
    gbv_1795277416
    Format: 1 Online-Ressource
    Series Statement: Other papers
    Content: The increasing role of the financial sector in the move toward a more sustainable economic model continues apace. The Coronavirus (COVID-19) shock shone a light on the need for all society to correct course, and the financial sector is responding. The pace of environmental, social, and governance (ESG) integration into investment decisions, which has become the prevalent form of sustainable finance, continues to accelerate. These developments reflect changing societal perspectives that challenge the traditionally ingrained investment approaches that have evolved over many decades. Against this backdrop, various financial sector stakeholders continue to evaluate how their role, products, and tools should adapt to this evolving landscape. This paper focuses on sovereign credit ratings and empirically assesses how broad sovereign ESG factors as well as the ESG factors specific to a country's national wealth and management of risks and opportunities related to so-called stranded assets like fossil fuel resources are manifested in sovereign credit rating assessments
    Language: English
    DOI: 10.1596/36866
    URL: Deutschlandweit zugänglich
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    Stabi Berlin
    UB Potsdam
    MPI Bildungsforschung
  • 9
    Online Resource
    Online Resource
    Enabling Private Investment in Climate Adaptation and Resilience : Current Status, Barriers to Investment and Blueprint for Action (2021)
    Washington, D.C : The World Bank
    Details
    UID:
    gbv_1757488766
    Format: 1 Online-Ressource
    Series Statement: Other Environmental Study
    Content: This report identifies ways to overcome key barriers to private sector investment in adaptation and resilience, laying out a coordinated and data-driven Blueprint for Action to help governments and their development partners to close the adaptation finance gap. Although climate adaptation finance flows have increased by 35% in recent years, they still fall short of what is needed to avoid severe economic and human impacts from climate change. The urgent need for boosting investment in climate adaptation and resilience cannot be overstated. Much remains to be learned about how to unlock and enable private capital to help finance national and local adaptation priorities, and how to build the business case for adaptation. The report offers a snapshot of current levels of private financing for climate adaptation and how they fit into global efforts to finance climate resilience-building around the world. It documents the main barriers that have stymied private investment in adaptation to date. The report proposes a blueprint for action--a concrete, stepped approach for governments to address barriers to private investment in adaptation and resilience--so private capital can actively contribute to financing national and local priorities. The blueprint provides five entry points to enable private investment. The Blueprint for action we propose in the report represents a novel coordinated framework for action for governments to develop, finance, and implement priority adaptation and resilience investments - driven by countries' goals and national investment plans that can help accelerate and scale up investment to address the climate resilience needs of the world's most climate-vulnerable communities and economies
    Language: English
    DOI: 10.1596/35203
    URL: Deutschlandweit zugänglich
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    Stabi Berlin
    UB Potsdam
    MPI Bildungsforschung
  • 10
    Online Resource
    Online Resource
    The Role of Green Financial Sector Initiatives in the Low-Carbon Transition : A Theory of Change (2022)
    Washington, D.C : The World Bank
    Details
    UID:
    gbv_1820256359
    Format: 1 Online-Ressource (51 pages)
    Content: Green financial sector initiatives, including financial policies, regulations, and instruments, could play an important role in the low-carbon transition by supporting countries in the implementation of economic policies aimed to decarbonize their economy. Thus, it is fundamental to understand the conditions under which and the extent to which green financial sector initiatives could enable the scaling up of green investments and the achievement of national climate mitigation objectives, while, at the same time, avoiding unintended effects on macroeconomic and financial stability. However, this understanding is currently limited, in particular in the context of emerging markets and developing economies. This paper contributes to filling this knowledge gap by analyzing opportunities and challenges associated with the implementation of green financial sector initiatives. It also considers the specificities of green financial sector initiatives in emerging markets and developing economies, which are often characterized by budget constraints, debt sustainability concerns, and limited access to finance. The analysis focuses on green macroprudential policies, green monetary policies, and green public co-funding. For each green financial sector initiative, the paper qualitatively investigates the transmission channels through which it affects the availability and cost of capital for high- and low-carbon goods, but also investments, output, and greenhouse gas emissions, considering the design and implementation of the green financial sector initiative. For each green financial sector initiative, the paper further identifies its entry point in the economy and its direct and indirect impacts. Building on these insights, the paper develops a theory of change about the role of green financial sector initiatives in climate mitigation and in the low-carbon transition, identifying the criteria for applicability and conditions to maximize impact
    Additional Edition: Erscheint auch als Druck-Ausgabe Monasterolo, Irene The Role of Green Financial Sector Initiatives in the Low-Carbon Transition: A Theory of Change Washington, D.C. : The World Bank, 2022
    Language: English
    DOI: 10.1596/1813-9450-10181
    URL: lizenzpflichtig
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    Stabi Berlin
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    MPI Bildungsforschung
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