Portfolio Investment in an Intertemporal Setting [E-Book]: Assessment of the Literature and Policy Implications for Latin American Pension Systems / Guillermo Larrain Rios
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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Personal Name(s): | Larrain Rios, Guillermo. |
Imprint: |
Paris :
OECD Publishing,
2007
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Physical Description: |
27 p. ; 21 x 29.7cm. |
Note: |
englisch |
DOI: |
10.1787/104700065441 |
Series Title: |
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OECD Working Papers on Insurance and Private Pensions ;
10 |
Keywords: |
Finance and Investment |
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. |