Governments in many countries are redefining policies and strategies in order to respond to the profound and growing social security needs of their citizens. Good governance in social security administration is indispensable to achieve the desired results because new policies and strategies can...

This report highlights the key themes and findings of the Second Public Pension Fund Management Conference that was organized by the Bank and took place in May 2003. This book addresses issues of governance, accountability, and investment policies and aims to foster ongoing dialogue and exchange...

Impavido, Musalem, and Tressel assess empirically the impact of contractual savings institutions portfolios (pension funds and life insurance companies) on securities markets, for example, depth and liquidity in the domestic stock market, and depth in the domestic bond market. They discuss how...

Countries with small financial systems are generally small economies with a reduced dimension of institutional relationships, a greater concentration of wealth, and a relatively less independent civil service. These characteristics facilitate concentration of functions and, more generally, weak...

This paper argues that contractual savings (assets of pension funds and life insurance companies) contribute to the improvement of banks' efficiency, credit, and liquidity risk. The authors use bank level panel data across countries to assess the impact of contractual savings on bank efficiency...

Murphy and Musalem conduct an empirical study of the effect of the accumulation of pension fund financial assets on national saving using a panel of 43 industrial and developing countries. The authors find evidence suggesting that the accumulation of pension fund financial assets might increase...

Countries with small financial systems are generally small economies with a reduced dimension of institutional relationships, a greater concentration of wealth, and a relatively less independent civil service. These characteristics facilitate concentration of functions and, more generally, weak...