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International Monetary Fund. Monetary and Capital Markets Department

Abstract

As financial markets develop, a variety of nonbank institutions, such as insurers, pension funds, mutual funds, and hedge funds, have been increasing their exposure to market and credit risks. This chapter is the second in a series on the financial stability implications of this reallocation and transfer of risk, following the chapter, “Risk Transfer and the Insurance Industry,” in the April 2004 GFSR. This chapter focuses on pension funds, as significant institutional investors.

International Monetary Fund. European Dept.
This paper highlights Bulgaria’s state-owned enterprises (SOEs) sector and to assess its performance in a regional perspective. A detailed and rich firm-level dataset of state-owned and private firms was compiled for this note to compare key performance indicators of SOEs to private firms in the same sector and to similar firms in Croatia and Romania for a regional comparison. In some network industries, such as energy, SOEs are heavily loss-making. Large amounts of debt have been piled up notably in the energy and transport sectors which, to the extent that it is classified outside the general government accounts, can pose significant risk to public finances in the form of contingent liabilities if the SOEs run into financial difficulties. SOE profitability and resource allocation efficiency largely lag private firms in the same sectors, even when isolating SOEs engaged in competitive market activities and hence classified outside of general government. Coupled with comparably poor output quality, these challenges have the potential to impair competitiveness and productivity across the economy.
International Monetary Fund

This Selected Issues paper analyzes the developments in the labor market of Peru during the 1990s. The study assesses the relationship between the orientation of economic policy and export performance, in particular, export diversification over the last four decades. The paper describes the two-tier pension system and evaluates the long-term fiscal burden of this system. The study also reviews the design and implementation of monetary policy in Peru over the last decade.

International Monetary Fund. Monetary and Capital Markets Department

Abstract

This paper looks at the longer-term challenges pension funds face as population age and key issues to address to enhance their risk management practices and their role as long-term investors. The paper focuses primarily on Japan, the Netherlands, Switzerland, the United Kingdom, and the United States, where funded pension plans are most developed. The size of pension savings in these countries, their projected growth, and the recent development of funded pension schemes in other countries highlight the fast-growing importance of pension funds for international capital markets and to financial stability.