This study compares the performance of various fixed and lifecycle portfolio strategies for the accumulation phase of retirement planning in emerging market countries. With an expected utility framework and a bootstrapped Monte Carlo procedure, we find that the majority of emerging market...

Pakistan’s pension system is in the process of increasing funding in anticipation of providing for a growing elderly population. The pension assets are mainly invested domestically, as it was just in January 2007 that regulations changed to allow the purchase of international assets. In this...

Dierences in key features of the development process across rich and poor countries can provide clues to the sources of the large variation of cross- country income. Kuznets included structural transformation as one of six stylized facts of economic development, nding that developed countries...