Portfolio Investment in an Intertemporal Setting Assessment of the Literature and Policy Implications for Latin American Pension Systems

Several countries around the globe have established mandatory pension systems based on personal savings accounts. In contrast to the pay-as-you-go (PAYG) financed pensions that these new systems have partly replaced, retirement benefits are the outcome of an investment process. As a result, the choi...

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Detalles Bibliográficos
Autor principal: Larrain Rios, Guillermo (-)
Formato: Capítulo de libro electrónico
Idioma:Inglés
Publicado: Paris : OECD Publishing 2007.
Colección:OECD Working Papers on Insurance and Private Pensions, no.10.
Materias:
Ver en Biblioteca Universitat Ramon Llull:https://discovery.url.edu/permalink/34CSUC_URL/1im36ta/alma991009706739606719
Descripción
Sumario:Several countries around the globe have established mandatory pension systems based on personal savings accounts. In contrast to the pay-as-you-go (PAYG) financed pensions that these new systems have partly replaced, retirement benefits are the outcome of an investment process. As a result, the choice of investment instruments and the timing of those decisions are crucial determinants of pension benefits. Focusing on this issue, this paper reviews the literature on optimal long-term investment from an individual investors' perspective, assessing the intertemporal portfolio choice problem in a retirement context. The paper then draws lessons for mandatory personal account systems, focusing on the Latin American experience.
Descripción Física:1 online resource (26 p. )