Do investment regulations compromise pension fund performance?: Evidence from Latin America
Do investment regulations compromise pension fund performance?: Evidence from Latin America
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投资法规是否会损害养老基金的业绩？：来自拉丁美洲的证据
DOI：
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发表时间：
1999
期刊：
影响因子：
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通讯作者：
Juan Yermo
中科院分区：
文献类型：
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作者：
P. Srinivas;Juan Yermo
该文件评估了监管制度对拉丁美洲已进行养老金制度改革的私人养老基金的市场表现的影响。它特别关注“严厉”监管的影响，这是一套针对行业结构、投资制度和业绩的规则。结论是，尽管这些规则可能实现了保护工人退休储蓄不受缺乏透明度和稳定性的金融体系影响的基本目标，但它们并非没有成本。这些规则限制了多元化的机会，结果是阻碍了养老基金的业绩。
The paper assesses the impact of regulatory regimes on the market performance of private pension funds in Latin American countries that have undertaken reforms of their pension systems. It focuses in particular on the effects of "draconian" regulation, a set of rules on the industry's structure, investment regime, and performance. The conclusion is that while such rules may have achieved their basic objective of safeguarding workers' retirement savings from financial systems that lack transparency and solidity, they are not without costs. These rules limit opportunities for diversification, and, as a consequence, hamper the performance of pension funds.