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The mechanics and regulation of variable payout annuities (English)

This paper discusses the mechanics and regulation of participating and unit-linked variable payout annuities. These annuities offer benefits that are not fixed in either nominal or real terms but depend on the performance of the fund or funds in which the underlying reserve assets are invested, their profit sharing features, and the treatment of longevity risk. ... See More +

Policy Research Working Paper WPS5762 AUG 01, 2011

Vittas, Dimitri Disclosed

Annuities and other retirement products : designing the payout phase (English)

This book examines recent changes in the landscape of retirement products and annuity markets in five countries. All the selected countries (Australia, Chile, Denmark, Sweden, and Switzerland) have mandatory or quasi-mandatory savings schemes. ... See More +

Publication 60052 FEB 18, 2011

Rocha, Roberto; Vittas, Dimitri; Rudolph, Heinz P. Disclosed

Designing the payout Phase of pension systems : policy issues, constraints and options (English)

This paper examines the policy issues, constraints and options facing policymakers in promoting the development of sound markets for retirement products. ... See More +

Policy Research Working Paper WPS5289 MAY 01, 2010

Rocha, Roberto; Vittas, Dimitri Disclosed

The payout phase of pension systems : a comparison of five countries (English)

This paper provides a comparative summary of the payout phase of pension systems in five countries -- Australia, Chile, Denmark, Sweden, and Switzerland. ... See More +

Policy Research Working Paper WPS5288 APR 01, 2010

Rocha, Roberto; Vittas, Dimitri; Rudolph, Heinz P. Disclosed

Designing the payout phase of funded pension pillars in central and eastern European countries (English)

Over the past decade or so, most Central and Eastern European countries have reformed their pension systems, significantly downsizing their public pillars and creating private pillars based on capitalization accounts. ... See More +

Policy Research Working Paper WPS5276 APR 01, 2010

Vittas, Dimitri; Rudolph, Heinz; Pollner, John Disclosed

Blanket guarantees (English)

The expansion of deposit insurance and introduction of debt guarantees have played a crucial role in containing the financial crisis while giving governments time to develop suitable policy responses. ... See More +

Brief 50363 JUN 01, 2009

Feyen, Erik ; Vittas, Dimitri Disclosed

A short note on the ATP fund of Denmark (English)

The Danish ATP (Arbejdmarkedets TillaegsPension or Labor Market Supplementary Pension) fund is a public pension fund that was created in 1964 to complement the universal pension benefit that is financed from general tax revenues and is paid to all old-age residents. ... See More +

Policy Research Working Paper WPS4505 FEB 01, 2008

Vittas, Dimitri Disclosed

Upgrading the investment policy framework of public pension funds (English)

Public pension funds have the potential to benefit from low operating costs because they enjoy economies of scale and avoid large marketing costs. ... See More +

Policy Research Working Paper WPS4499 JAN 01, 2008

Vittas, Dimitri; Impavido, Gregorio; O'Connor, Ronan Disclosed

The use of derivatives to hedge embedded options : the case of pension institutions in Denmark (English)

The main purpose of this paper is to examine the growing use of derivatives by Danish pension institutions as a risk management tool to hedge embedded options on their balance sheets. ... See More +

Policy Research Working Paper WPS4159 MAR 01, 2007

Ladekarl, Jeppe; Ladekarl, Regitze; Andersen, Erik Brink; Vittas, Dimitri Disclosed

Developing the domestic government debt market : from diagnostics to reform implementation (English)

This is the second volume of a study on the insights from a 12-country pilot program on public debt management and domestic government debt market development. ... See More +

Other Financial Sector Study 40520 JAN 01, 2007

Vittas, Dimitri Disclosed

Structured finance in Latin America : channeling pension funds to housing, infrastructure, and small businesses (English)

The report covers several types of structured finance with such capital market instruments as mortgage-backed securities, structured bond issues for infrastructure financing, securitization of small and medium enterprises (SME)-related assets, and securitization of loans to SMEs. ... See More +

Publication 40534 JAN 01, 2007

Cheikhrouhou,Hela; Gwinner,William Britt; Pollner,John Daniel; Salinas Munoz,Emanuel; Sirtaine,Sophie; Vittas,Dimitri Disclosed

Greco-Roman lessons for public debt management and debt market development (English)

Greece and Italy initiated efforts to improve public debt management and develop their domestic debt markets respectively in the late 1970s and mid-1980s. ... See More +

Policy Research Working Paper WPS3414 SEP 01, 2004

Campanaro,Alessandra; Vittas,Dimitri Disclosed

Insurance regulation in Jordan : New rules--old system (English)

The Jordanian insurance market has been free from extensive state ownership and pervasive premium, product, investment, and reinsurance controls. ... See More +

Policy Research Working Paper WPS3298 MAY 01, 2004

Vittas, Dimitri

The use of "asset swaps" by institutional investors in South Africa (English)

Leading financial economists have proposed the use of international asset swaps (Merton 1990, Bodie and Merton 2002) as a way of efficiently achieving international diversification without eroding the level of foreign exchange reserves and weakening local market development. ... See More +

Policy Research Working Paper WPS3175 DEC 01, 2003

Dimitri Vittas

The global growth of mutual funds (English)

With few exceptions, mainly in Asia, mutual funds grew explosively in most countries around the world during the 1990s. Equity funds predominated in Anglo-American countries while bond funds predominated in most of Continental Europe, and in middle-income countries. ... See More +

Policy Research Working Paper WPS3055 MAY 31, 2003

Fernando, Deepthi; Klapper, Leora; Sulla, Victor; Vittas, Dimitri

The insurance industry in Mauritius (English)

The insurance industry is relatively well developed. It makes extensive use of reinsurance facilities and is free from the pervasive premium, product, investment, and reinsurance controls that have bedeviled the insurance markets of so many developing countries around the world. ... See More +

Policy Research Working Paper WPS3034 APR 30, 2003

Vittas, Dimitri

The role of occupational pension funds in Mauritius (English)

Mauritius belongs to a select group of developing countries where contractual savings-savings with insurance companies and pension funds-exceed 40 percent of GDP and represent a major potential force in the local financial system. ... See More +

Policy Research Working Paper WPS3033 APR 30, 2003

Vittas, Dimitri

Contractual savings in countries with a small financial sector (English)

Countries with small financial systems are generally small economies with a reduced dimension of institutional relationships, a greater concentration of wealth, and a relatively less independent civil service. ... See More +

Policy Research Working Paper WPS2841 MAY 31, 2002

Impavido, Gregorio; Musalem, Alberto R.; Vittas, Dimitri

Policies to promote saving for retirement : a synthetic overview (English)

The author argues that public and private pillars are essential for a well-functioning pension system. Public pillars, funded or unfounded, offer basic benefits that are independent of the performance of financial markets. ... See More +

Policy Research Working Paper WPS2801 MAR 31, 2002

Vittas, Dimitri

Pension reform in Hungary : a preliminary assessment (English)

Hungary is entering the fourth year of a multi-pillar pension reform that has proved popular among workers despite initially lukewarm support from the government that succeeded the reforming government, and despite the poor initial performance of capital markets because of Russia's crisis in 1998. ... See More +

Policy Research Working Paper WPS2631 JUL 31, 2001

Rocha, Roberto; Vittas, Dimitri

Title Document Date Report No. Document Type Also available in
The mechanics and regulation of variable payout annuities (English)
See More +
AUG 01, 2011 WPS5762 Policy Research Working Paper
Annuities and other retirement products : designing the payout phase (English)
See More +
FEB 18, 2011 60052 Publication
Designing the payout Phase of pension systems : policy issues, constraints and options (English)
See More +
MAY 01, 2010 WPS5289 Policy Research Working Paper
The payout phase of pension systems : a comparison of five countries (English)
See More +
APR 01, 2010 WPS5288 Policy Research Working Paper
Designing the payout phase of funded pension pillars in central and eastern European countries (English)
See More +
APR 01, 2010 WPS5276 Policy Research Working Paper
Blanket guarantees (English)
See More +
JUN 01, 2009 50363 Brief
A short note on the ATP fund of Denmark (English)
See More +
FEB 01, 2008 WPS4505 Policy Research Working Paper
Upgrading the investment policy framework of public pension funds (English)
See More +
JAN 01, 2008 WPS4499 Policy Research Working Paper
The use of derivatives to hedge embedded options : the case of pension institutions in Denmark (English)
See More +
MAR 01, 2007 WPS4159 Policy Research Working Paper
Developing the domestic government debt market : from diagnostics to reform implementation (English)
See More +
JAN 01, 2007 40520 Other Financial Sector Study
Structured finance in Latin America : channeling pension funds to housing, infrastructure, and small businesses (English)
See More +
JAN 01, 2007 40534 Publication
Greco-Roman lessons for public debt management and debt market development (English)
See More +
SEP 01, 2004 WPS3414 Policy Research Working Paper
Insurance regulation in Jordan : New rules--old system (English)
See More +
MAY 01, 2004 WPS3298 Policy Research Working Paper
The use of "asset swaps" by institutional investors in South Africa (English)
See More +
DEC 01, 2003 WPS3175 Policy Research Working Paper
The global growth of mutual funds (English)
See More +
MAY 31, 2003 WPS3055 Policy Research Working Paper
The insurance industry in Mauritius (English)
See More +
APR 30, 2003 WPS3034 Policy Research Working Paper
The role of occupational pension funds in Mauritius (English)
See More +
APR 30, 2003 WPS3033 Policy Research Working Paper
Contractual savings in countries with a small financial sector (English)
See More +
MAY 31, 2002 WPS2841 Policy Research Working Paper
Policies to promote saving for retirement : a synthetic overview (English)
See More +
MAR 31, 2002 WPS2801 Policy Research Working Paper
Pension reform in Hungary : a preliminary assessment (English)
See More +
JUL 31, 2001 WPS2631 Policy Research Working Paper