Pension Reform and Capital Market Development ¤Feasibility and ¤Impact Preconditions

摘要: The link between pension reform, and capital market development, has become a perennial question, raised every time the potential benefits, pre-conditions of reform are discussed. author asks two questions. First, what basic"feasibility"pre-conditions for successful launch program? And second, necessary"impact"pre-conditions realization benefits funded plans development? His main conclusion is that feasibility pre-conditions, not as demanding sometimes assumed. In contrast, impact more onerous. most import pre-condition strong, lasting commitment authorities to maintaining macroeconomic, financial stability, fostering small core solvent, efficient banks, insurance companies, creating an effective regulatory, supervisory agency. Opening domestic banking, markets foreign participation, can easily fulfill second requirement. include attainment critical mass; adoption conducive regulations, especially on fund investments; pursuit optimizing policies by funds; and, prevalence pluralistic structures. argues funds neither necessary, nor sufficient development. Other forces, such advances in technology, deregulation, privatization, direct investment, regional, global economic integration, may be equally important. But players in"symbiotic"finance, simultaneous mutually reinforcing presence many important elements modern systems. They support development factoring, leasing, venture all which specialize financing new, expanding firms.