We study the valuation of a pension fund's obligations in a discrete time and space incomplete market model. The market's incompleteness stems from the non-replicability of the wage process that finances the pension plan through time. The contingent defined-benefit liability of the pension fund...

How to entrench hard-won gains, increase resilience to shocks, and improve growth performance to reduce poverty? As Central America moves forward in regaining macroeconomic stability, these are the challenges. This study analyzes Central America’s real, fiscal, monetary, and financial...

India's planned pension reform will set up a proper regulatory framework for the pension industry and open up the sector to private fund managers. Drawing on international experiences, the paper highlights pre-conditions for the reform to kick-start financial development, including: (i) the...

This Selected Issues paper explores the economic consequences of aging and its impact on long-term fiscal sustainability for Cyprus. The study analyzes the potential macroeconomic impact of different approaches to deal with the fiscal costs of aging. It goes beyond a simple quantification of the...

This paper presents a technical note on Mexico’s Financial Sector Assessment Program update. The Mexican experience displays interesting characteristics that provide lessons for other countries that still need to design the decumulation phase of their newly established second pillars. The...

This technical note examines investment opportunities for pension funds in Kazakhstan. It puts forward policy alternatives that could lead to improved management of pension fund assets in Kazakhstan. The note emphasizes prudence in the management of pension assets, given the social and fiscal...

This Selected Issues and Statistical Appendix paper reviews the path of Papua New Guinea’s external debt over the last decade. It explains the underlying macroeconomic framework to better understand the dynamics behind the external debt profile, and assesses the relative scale of the...

The module is designed based on the guidelines of the Scheme prepared by Ministry of Women and Child Development (MWCD), Government of India as a reference and converts information from the guidelines into specific sessions to provide conceptual understanding on how to implement; monitor and...