dc.contributorGerman Agency for Technical Cooperation
dc.contributorNU. CEPAL
dc.contributorNU. CEPAL. Unidad de Financiamiento
dc.creatorStudart, Rogério
dc.date.accessioned2014-01-02T15:43:24Z
dc.date.available2014-01-02T15:43:24Z
dc.date.created2014-01-02T15:43:24Z
dc.date.issued2000-08
dc.identifier9211212715
dc.identifierhttps://hdl.handle.net/11362/5079
dc.identifierLC/L.1409-P
dc.description.abstractAbstract This paper analyzes the recent development of pension funds in Brazil in the 1990s (and especially in the second half of this decade). It draws lessons from Brazil's recent experience to assess the potential of these institutions as suppliers of funds to productive investment and to discuss policies that could possibly enhance and make effective this potential.It concludes that pension fund reforms are important potential suppliers of long-term non-inflationary financing to productive investment. Low inflation and sustained macroeconomic stability are important (even necessary conditions) for the enhancement of this. But they do not seem to be a sufficient condition. In economies where capital markets are shallow and/or inherently volatile, additional institutional and regulatory arrangements need be created in order to stimulate the channeling of long-term funds of pension funds towards the acquisition of newly issued corporate securities. There seems to be a wide variety of possible regulatory and institutional arrangements, and in this paper we explore one of them.
dc.languageen
dc.publisherECLAC
dc.relationSerie Financiamiento del Desarrollo
dc.relation102
dc.titlePension funds and the financing productive investment: an analysis based on Brazil's recent experience
dc.typeTexto


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