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This paper analyzes the performance of the Bulgarian private defined contribution pensions in the second and third pillars of the pension system.

Life insurance -- Bulgaria. --- Old age pensions -- Bulgaria. --- Pensions -- Bulgaria. --- Social security -- Bulgaria. --- Pensions --- Old age pensions --- Employees --- OASI (Old age and survivors insurance) --- Old age and survivors insurance --- Older people --- Retirement pensions --- Survivors' benefits (Old age pensions) --- Compensation --- Pension plans --- Superannuation --- Retirement income --- Annuities --- Social security individual investment accounts --- Vested benefits --- Financial Risk Management --- Insurance --- Labor --- Public Finance --- Social Security and Public Pensions --- Nonwage Labor Costs and Benefits --- Private Pensions --- Governmental Property --- International Financial Markets --- Insurance Companies --- Actuarial Studies --- Public finance & taxation --- Finance --- Insurance & actuarial studies --- Pension spending --- Government asset management --- Asset management --- Finance, Public --- Asset-liability management --- Bulgaria

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Inflation in Barbados is mainly imported. But how are external shocks transmitted to the domestic economy? Shouldn’t there be also a domestic component, albeit very small, given the presence of capital controls? We focus on short term dynamics and contribute to the existing literature in three ways: (i) we identify the process with which inflation expectations are likely to be formed in Barbados; (ii) we add forward looking inflation expectations as one of the main channels through which external monetary shocks are transmitted to the economy; and (iii) we measure the importance of domestic shocks. We find that due to the peg, forward-looking inflation expectations in the reserve currency country are an important component of the inflation expectation process in Barbados and that they are a key channel in the international monetary transmission mechanism. Domestic factors, mainly monetary shocks, also matter given the limited degree of monetary autonomy provided by capital controls.

Exports and Imports --- Inflation --- Macroeconomics --- Price Level --- Deflation --- Central Banks and Their Policies --- International Finance: General --- Open Economy Macroeconomics --- Energy: Demand and Supply --- Prices --- Agriculture: Aggregate Supply and Demand Analysis --- Empirical Studies of Trade --- International economics --- Oil prices --- Import prices --- Food prices --- Terms of trade --- International trade --- Imports --- Economic policy --- nternational cooperation --- Barbados --- Nternational cooperation

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Zonder onderwerpscode: wereldeconomie, ontwikkelingsproblematiek

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This paper analyzes the performance and development of the Mexican pension annuity market established as a consequence of the 1997 pension reform. The Mexican experience displays interesting characteristics providing lessons for other countries that still need to design the decumulation phase of their newly established second pillars. At the same, time it raises some technical and policy concerns that need addressing as they could hamper, in the future, the healthy development of the market. The paper concludes that: 1) general life insurance companies may better hedge longevity risk than specialized annuity companies; 2) competition should be based on prices rather than additional products; 3) better disclosure of options under the 1973 and 1997 social security laws should be given to disability and life annuitants; and 4) various measures should be taken to improve asset liability management including allowing companies to trade over the counter derivatives and substituting over time the regulatory asset liability management framework with an economic asset liability management framework.

Asset liability management --- Bank Policy --- Debt Markets --- Derivatives --- Economic Theory and Research --- Emerging Markets --- Finance and Financial Sector Development --- Financial Sector Development --- Insurance and Risk Mitigation --- Liability --- Life insurance --- Life insurance companies --- Macroeconomics and Economic Growth --- Pension --- Pension reform --- Pension Reforms --- Private Sector Development

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Short Term Inflation Determinants in Barbados.

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