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This paper looks at the impact of members' ability to switch pension fund provider and /or portfolio on the allocation of pension funds to long-term investments. The level of annual turnover in pension fund portfolios was compared with the amount of short-term investments (using government treasury bills and bank deposits as proxy). The investment regulations around switching and other market conduct were then considered. The paper finds that greater movements between pension fund providers and between portfolios is linked to increased holdings of short-term and more liquid assets. Switching appears to be driven by competition, market structure, and investment advice, and, unfortunately, frequently results in poor investment returns for members. The paper makes six recommends for regulators. First, use administrative controls to prevent fraudulent switching between pension providers. Second, provide clear performance and cost comparisons to inform members' choice of provider/fund and encourage informed decision making, which is beneficial for members and the system. Third, supervise and control advertising and marketing (including reporting of performance periods) carefully, to avoid switches based on misleading advice. Fourth, control financial incentives for sales agents, so that switching advice is given in members' interest and not for commercial gain. Fifth, concentrate issuance in government securities, to create more liquid instruments. And sixth, conduct further research on the concept of a central liquidity pool to manage unexpected outflows.

Asset Allocation --- Capital Control --- Capital Gain --- Capital Markets --- Financial Instruments --- Pension Funds --- Portfolio --- Regulation

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Critics of globalization claim that economic integration drains political authority from states: devolving authority to newly empowered regions, delegating it to supranational organizations, and transferring it to multinational firms and nongovernmental organizations. Globalization is also attacked for forcing convergence of state institutions and policies and threatening the ability of societies to chart their own democratically determined courses. In Governance in a Global Economy, Miles Kahler and David Lake assemble the contributions of seventeen leading scholars who have systematically investigated how global economic integration produces changes of governance. These authors conclude that globalization has created a new and intricate fabric of governance, but one that fails to match the stark portrait of beleaguered states. Exploring changes in governance across several policy areas (such as tourism, trade, finance, and fiscal and monetary policy), the authors demonstrate that globalization changes the policy preferences of some actors, increases the bargaining power of others, and opens new institutional options for yet others. By reintroducing agency and choice into our understanding of globalization, this book provides important new insights into the complex and contingent effects of globalization on political authority and governance. The introduction and the conclusion are by the editors the contributors are James A. Caporaso, Benjamin J. Cohen, Barry Eichengreen, Zachary Elkins, Geoffrey Garrett, Peter Gourevitch, Virginia Haufler, Michael J. Hiscox, Robert O. Keohane, Lisa L. Martin, Walter Mattli, Kathleen R. McNamara, Joseph S. Nye, Jr., Jonathan Rodden, Ronald Rogowski, Beth A. Simmons, and Peter Van Houten.

International economic relations --- Economic policy and planning (general) --- Corporate governance --- International business enterprises --- -International business enterprises --- -Globalization --- -Business enterprises, International --- Corporations, International --- Global corporations --- International corporations --- MNEs (International business enterprises) --- Multinational corporations --- Multinational enterprises --- Transnational corporations --- Business enterprises --- Corporations --- Joint ventures --- Governance, Corporate --- Industrial management --- Directors of corporations --- Global cities --- Globalisation --- Internationalization --- International relations --- Anti-globalization movement --- Management --- Government policy --- Political aspects --- #A0402PSA --- -Management --- -Governance, Corporate --- Business enterprises, International --- POLITICAL SCIENCE / International Relations / General --- Globalization --- Corporate governance. --- Internationale ondernemingen. --- Politieke aspecten. --- Internationalisatie. --- Weltwirtschaft --- Governance --- Politik --- Globalisierung --- Global Governance --- 83.83 large-scale enterprise. --- Mondialisation --- Entreprises multinationales --- Gouvernement d'entreprise. --- Political aspects. --- Government policy. --- Management. --- Aspect politique. --- Politique gouvernementale. --- Gestion. --- -Global cities --- Internationale Politik --- Weltgesellschaft --- Internationalisierung --- Staatspolitik --- Politische Lage --- Politische Entwicklung --- Politische Situation --- Politische Steuerung --- Internationale Wirtschaft --- Internationale Wirtschaftsbeziehungen --- Internationale Wirtschaftspolitik --- Accountability. --- Bank for International Settlements. --- Business economics. --- Capital control. --- Capital cost. --- Capital gain. --- Capital market. --- Capitalism. --- Central bank. --- Competition (economics). --- Consumer organization. --- Consumption (economics). --- Corporate capitalism. --- Corporate social responsibility. --- Currency. --- Decentralization. --- Developed country. --- Economic Life. --- Economic cost. --- Economic development. --- Economic geography. --- Economic globalization. --- Economic history. --- Economic integration. --- Economic interventionism. --- Economic liberalization. --- Economic model. --- Economic planning. --- Economic policy. --- Economic problem. --- Economics. --- Economy and Society. --- Economy. --- Environmental economics. --- Euromarket. --- Externality. --- Financial World. --- Financial capital. --- Financial market participants. --- Fiscal policy. --- Foreign direct investment. --- Free trade debate. --- Global Exchange. --- Global Finance (magazine). --- Global Policy. --- Global financial system. --- Global governance. --- Global production network. --- Global warming. --- Globalism. --- Globalization. --- Governance. --- Hedge fund. --- Index Of Economic Freedom. --- Industrialisation. --- Industry self-regulation. --- Institute of International Finance. --- Institution. --- Institutional economics. --- International Financial Reporting Standards. --- International Monetary Fund. --- International financial institutions. --- International monetary systems. --- International organization. --- International political economy. --- International relations. --- International trade. --- Internationalism (politics). --- Journal of Economic Perspectives. --- Liberalization. --- Long-Term Capital Management. --- Macroeconomics. --- Market economy. --- Market integration. --- Market portfolio. --- Monetary policy. --- Money market. --- Neoclassical Growth Theory. --- New International Economic Order. --- OECD Development Centre. --- Political economy. --- Political entrepreneur. --- Prospectus (finance). --- Public finance. --- Regulatory competition. --- Shareholder. --- Tourism. --- Trade and development. --- Transition economy. --- Transnational governance. --- United Nations Environment Programme. --- Working Group on Financial Markets. --- World Bank. --- World Business Council for Sustainable Development. --- World Development Indicators. --- World Politics. --- World Trade Organization. --- World Wide Web Consortium. --- World economy.