TY - BOOK ID - 84658133 TI - Pension Reform, Investment Restrictions and Capital Markets PY - 2004 SN - 1455265012 1455239704 145197373X PB - Washington, D.C. : International Monetary Fund, DB - UniCat KW - Finance: General KW - Investments: Stocks KW - Public Finance KW - Pension Funds KW - Non-bank Financial Institutions KW - Financial Instruments KW - Institutional Investors KW - International Financial Markets KW - Financial Institutions and Services: Government Policy and Regulation KW - General Financial Markets: General (includes Measurement and Data) KW - Social Security and Public Pensions KW - Finance KW - Pensions KW - Investment & securities KW - Pension spending KW - Emerging and frontier financial markets KW - Securities markets KW - Stock markets KW - Stocks KW - Expenditure KW - Financial markets KW - Financial institutions KW - Financial services industry KW - Capital market KW - Stock exchanges KW - Chile UR - https://www.unicat.be/uniCat?func=search&query=sysid:84658133 AB - Pension reform in several emerging market countries has been associated with rapid growth in assets under management and a positive impact on the development of local securities markets. However, limitations on such development may lead to asset price distortions, bubbles, and concentration of risks. Regulatory limits on pension fund investments are assessed in light of these risks and developments in modern portfolio theory. A gradual but decisive loosening of restrictions on equity and foreign investments is recommended. Changes in these regulations ought to be coordinated with measures designed to foster the development of local securities markets as well as with macroeconomic policies. ER -