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June 1997 Although well-meant, Chilean-style pension reforms distort incentives for competition, raise costs, and reduce desirable investment choices and returns. This proposed departure from a Chilean-style private pension fund system would permit banks and mutual funds to manage retirement savings. It would also require that returns be reported on a net basis, and would charge commissions as a fraction of assets managed. Shah analyzes the typical model for regulating investments in private pension funds. Pension reforms like those pioneered by Chile are being initiated or considered in Argentina, Bolivia, China, Colombia, Costa Rica, Hungary, Mexico, Peru, Uruguay, and elsewhere. Such reforms greatly improve fiscal discipline, make social security benefits and burdens equitable, and deepen financial markets. But they are also typically accompanied by: Tight restrictions on the investments in pension fund portfolios. Restrictions on the management of mandated retirement savings (to newly created legal entities called pension administrators, to the exclusion of such financial intermediaries as banks and mutual funds). Minimum-return guarantees from the state and/or pension funds. Commissions based on salary rather than on the volume of assets managed. Illustrating his conclusions with case studies from Chile and Peru, Shah shows that these restrictions, though well-meant, are poorly justified by financial theory, distort incentives for competition based on product choice and efficiency, increase administrative costs, and seriously reduce the affiliates' appropriate risk-return choices and returns. And the resulting potential losses in retirement income are great. Shah recommends a significant departure from the Chilean-style model of a private pension fund system. He briefly describes implementation and transition issues for the alternative system that he proposes, which would: * Permit diverse intermediaries- banks and mutual funds that meet appropriate prudential standards- manage retirement savings. * Allow a greater choice between investment products. * Require that returns be reported on a net basis. Charge commissions as a fraction of assets managed. This paper-a product of the Advisory Group, Technical Department, Latin America and the Caribbean Regional Office-is part of a larger effort in the Region and the Economic Development Institute to disseminate policy research on social security reforms. An earlier version was presented at an EDI Conference, Pension Systems: From Crisis to Reform, in November 1996.
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Mass communications --- China --- India
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Newspaper Coverage of Interethnic Conflict: Competing Visions of America examines mainstream and ethnic minority news coverage of interethnic conflicts in Miami, Washington, D.C., and Los Angeles. Authors Hemant Shah and Michael C. Thornton investigate the role of news in racial formation, the place of ethnic minority media in the public sphere, and how these competing visions of America are part of ongoing social and political struggles to construct, define, and challenge the meanings of race and nation. The authors suggest that mainstream newspapers reinforce dominant racial ideology while e
Ethnic press --- Minorities --- Press coverage --- Ethnic minorities --- Foreign population --- Minority groups --- Persons --- Assimilation (Sociology) --- Discrimination --- Ethnic relations --- Majorities --- Plebiscite --- Race relations --- Segregation
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Fantasy fiction, Spanish American --- Fantasy fiction, Spanish American. --- Latinamerikansk fantastisk litteratur. --- Literature and society --- Literature and society. --- Metaphysics in literature. --- Metaphysics in literature. --- Phantastische Literatur. --- Phantastische Literatur. --- Spanisch. --- Spanish American fiction --- Spanish American fiction. --- History and criticism. --- History --- History and criticism. --- 1900-1999. --- Hispanoamerika. --- Lateinamerika. --- Latin America.
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This Working Paper brings together three papers prepared as background for discussions at the Second High-Level Conference on Asian Integration cohosted by the Monetary Authority of Singapore and the IMF on May 25, 2006. The first documents recent trends in the intraregional flow of goods and capital and explores linkages between real and financial integration. The second focuses on the institutional and regulatory reforms needed to reap the benefits-and contain the risks-of financial integration in Asia. The third considers the implications of economic integration for the choice of the exchange rate regime and the conduct of macroeconomic policies.
Electronic books. -- local. --- Finance -- Asia. --- International finance. --- Finance --- Business & Economics --- Financial Management & Planning --- International monetary system --- International money --- International economic relations --- Banks and Banking --- Exports and Imports --- Finance: General --- Public Finance --- Industries: Financial Services --- Foreign Exchange --- Money and Monetary Policy --- Economic Integration --- International Finance: General --- International Financial Markets --- Financial Institutions and Services: General --- General Equilibrium and Disequilibrium: Financial Markets --- General Financial Markets: General (includes Measurement and Data) --- Trade: General --- Financial Institutions and Services: Government Policy and Regulation --- Empirical Studies of Trade --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Monetary Systems --- Standards --- Regimes --- Government and the Monetary System --- Payment Systems --- International economics --- Banking --- Public finance & taxation --- Currency --- Foreign exchange --- Monetary economics --- Financial integration --- Financial services --- Trade balance --- Capital markets --- Financial markets --- Exchange rates --- Currencies --- Money --- International finance --- Financial services industry --- Balance of trade --- Banks and banking --- Capital market --- Hong Kong Special Administrative Region, People's Republic of China
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This paper-consisting of a regional study and seven country studies-reviews the state of domestic public debt markets in Costa Rica, Dominican Republic, El Salvador, Guatemala, Honduras, Nicaragua, and Panama as at end-2005. Although they account for the lion's share of capital markets, regional public debt markets remain underdeveloped for a variety of reasons. The problems of small scale, dollarization, and weak public finances in many countries are compounded by poor structure and composition of debt (with sizeable nonstandard and non-tradable components), fragmentation of public debt between central banks and the sovereigns and across instruments, poor debt management practices, weaknesses in securities market, and small investor bases all of which result in high transaction costs and a lack of liquid benchmarks. The paper also briefly discusses efforts towards and impediments to regional integration of public debt markets. The authorities recognize these problems and the paper takes note of the regional efforts to harmonize debt standards and improve issuance practices. It offers several recommendations to improve strategic debt management, issuance mechanics, and secondary trading.
Banks and Banking --- Finance: General --- Investments: General --- Investments: Bonds --- Public Finance --- Fiscal Policy --- International Lending and Debt Problems --- General Financial Markets: Government Policy and Regulation --- Financial Institutions and Services: Government Policy and Regulation --- General Financial Markets: General (includes Measurement and Data) --- Debt --- Debt Management --- Sovereign Debt --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Investment & securities --- Public finance & taxation --- Banking --- Finance --- Public debt --- Securities --- Bonds --- Securities markets --- Financial institutions --- Financial markets --- Government debt management --- Public financial management (PFM) --- Debts, Public --- Financial instruments --- Banks and banking --- Capital market --- United States --- Secondary markets
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This study focuses on equity, private debt, and asset-backed securities markets in Central America. These markets are generally under-developed throughout the region due to several structural problems, economic and political factors, and weaknesses in regulation and in institutional investor base. The paper identifies key country-specific recommendations to strengthen securities laws, regulatory oversight, market infrastructure, investor base, and new products such as asset-backed securities. Despite these efforts, developing seven viable private capital markets is a difficult goal. The paper thus also explores the benefits and difficulties of creating a single capital market in a region still short of full economic integration.
Finance: General --- Investments: General --- Industries: Financial Services --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Pension Funds --- Non-bank Financial Institutions --- Financial Instruments --- Institutional Investors --- Financial Institutions and Services: Government Policy and Regulation --- Corporation and Securities Law --- Economic History: Financial Markets and Institutions: Latin America --- Caribbean --- General Financial Markets: General (includes Measurement and Data) --- Finance --- Investment & securities --- Securities --- Stock markets --- Securities markets --- Capital markets --- Mutual funds --- Financial institutions --- Financial markets --- Financial instruments --- Capital market --- Stock exchanges --- Costa Rica --- Debts, External
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