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Business and Economics > Investments: Stocks

You are looking at 1 - 8 of 8 items for :

  • Type: Journal Issue x
  • Nonwage Labor Costs and Benefits; Private Pensions x
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Cover IMF Staff Country Reports
The Kingdom of the Netherlands—Netherlands: Selected Issues
International Monetary Fund. European Dept.
This Selected Issues papers provide details of the sources and uses of the non-financial corporation saving and highlights the role of multinational corporations (MNCs). The paper also discusses the implications to the external sector assessment and policy recommendations. The large Dutch international investment position reflects its status as an international corporate center. The study shows that large trade surpluses and small primary income balances are consistent with the dominance of MNCs in the Netherlands’ external positions. Separating MNCs’ activities from the Dutch current account for the external sector assessment is expected to help identify underlying policy distortions. Separating MNCs’ activities would help identify imbalances of other economic sectors. The small and medium enterprises are stagnant and remain financially constrained. Small household net saving hides the fact that households are still highly leveraged, and their consumption constrained by a stagnating disposable income. Therefore, improving statistics and separating MNCs’ activities from both internal and external accounts would help identify domestic policy distortions and address imbalances effectively.
Keywords:
ISCR; CR; Netherlands; saving; firm; GDP; pension scheme; gross saving; investment-saving ratio; NFCS' saving-investment balance; dividend payout; pillar pension schemes; government net; Self-employment; Pension spending; Pensions; Pension reform; Income; Global; Europe
Cover IMF Staff Country Reports
Republic of Poland: Financial Sector Assessment Program-Technical Note-Competition and Performance in the Polish Second Pillar
International Monetary Fund
This technical note for the Republic of Poland on competition and performance explains the Polish pension system and domestic capital market. Competition policies may need to be reviewed, in particular the combination of measures to maintain small pension funds operating while imposing strict caps on fees. If the government decides to continue pursuing policy of promoting competition in returns while reducing fees further, it may need to consider more structural changes in the second pillar, along the lines of the Swedish model.
Keywords:
ISCR; CR; private equity; government bond; management fee; coverage ratio; equity portfolio; variable annuity; pension fund portfolio; Pension spending; Stocks; Mutual funds; Insurance; Pensions; Europe
Cover IMF Staff Country Reports
Switzerland: Selected Issues
International Monetary Fund
This paper reviews the trade-offs in Switzerland, focusing on challenges for fiscal policy coordination. It reviews the benefits and costs of a highly decentralized government, describes the Swiss institutional architecture, and analyzes Switzerland’s fiscal performance. It also discusses the specific policy challenges related to population aging, reviews the Swiss National Bank works on government financial assets and liabilities, describes the Swiss, Dutch, and the U.K. pension systems, respectively, on the regulation and supervision of the occupational pension pillar, recent reforms, and policy implications.
Keywords:
ISCR; CR; balance sheet; public sector balance sheet; balance sheet data; government; proceeds; General government financial assets; government level; output gap; funding ratio; equity holding; General government expenditure; public goods; Pension spending; Pensions; Fiscal stance; Global; Baltics
Cover IMF Staff Country Reports
Australia: Selected Issues
International Monetary Fund
This Selected Issues paper reviews how Australia’s economy has adapted to a flexible Australian Dollar. The paper provides a background on the float and the initial policy challenges. It discusses the main elements of the Future Fund proposal, and estimates how much Australia and other countries in the Asia-Pacific region would gain from greater financial integration. The results suggest that these welfare gains are large, giving an argument in favor of a progressive capital account liberalization across the region, once the needed supporting measures are in place.
Keywords:
ISCR; CR; Australia; investor; gain; stock index; diversification; FF proposal; FF investment; diversification increase; FF portfolio; Asia index; gains from diversification; asset price; certainty-equivalent wealth; Financial integration; Exchange rates; Pension spending; Stocks; Pensions; Asia and Pacific; Global
Cover Risk Management and the Pension Fund industry
Risk Management and the Pension Fund industry
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.

Keywords:
GFSR; investment strategy; asset allocation; pension assets; fixed income; fair value; liability matching; sponsor company; Pension spending; Pensions; Stocks; Aging; Bonds; Global; Europe; North America
Cover IMF Staff Country Reports
New Zealand: Selected Issues
International Monetary Fund
This Selected Issues paper examines the external linkages of the New Zealand economy. Empirical results from vector autoregressive models suggest that economic activity in Australia tends to have more of a significant direct impact on New Zealand than does activity in the United States. Fluctuations in the U.S. GDP, however, appear to be transmitted to New Zealand indirectly through their effects on the Australian economy. Financial linkages also have been important components in transmitting shocks from Australia and the United States to the New Zealand economy.
Keywords:
ISCR; CR; rate; yield; government bond; household savings rate; income support; yield spread; saving rate; estimation period; savings problem; Sovereign bonds; Business cycles; Private savings; Income; Pensions; Australia and New Zealand
Cover IMF Staff Country Reports
United States: Selected Issues
International Monetary Fund
This Selected Issues paper analyzes the condition of household, corporate, and bank balance sheets; sustainability of the U.S. external current account deficit; the impact of a slowdown in the growth on the euro area economy; and the implications of the reduction in U.S. treasury securities for monetary policy and financial markets. The study discusses the pros and cons of investing government assets in private securities; the recent changes in agricultural support policy and their impact on other countries; technological innovations and the adoption of new technologies.
Keywords:
ISCR; CR; wage premium; euro; asset; premium; loan rate; income elasticity; skill premium; Euro stat; wage premia; Securities; Stocks; Stock markets; Loans; Pensions; Global; Europe
Cover IMF Working Papers
U.S. Private Saving and the Tax Treatment of IRA/401(k)s: A Re-examination Using Household Survey Data
Mr. Alun H. Thomas
and
Mr. Christopher M Towe
The effect of the tax treatment of IRA/401(k)s on U.S. personal saving is examined using household survey data from the Survey of Consumer Finances. The results suggest that the tax treatment of IRA/401(k)s encouraged households to increase the share of assets held in the form of pension savings, at the expense of saving in the form of housing equity. Some evidence also was found to suggest that the tax treatment of pension savings similarly affected the flow of saving. In particular, the data appeared to reject the hypothesis that the tax treatment of IRA/401(k)s increased total personal saving.
Keywords:
WP; asset share; saving rate; assets--financial assets; threshold dummy; wealth household; Income; Marginal effective tax rate; Pensions; Aging; Stocks