This paper reviews the factors that should guide the design of private funded pensions to create a complete pension system alongside a notional defined contribution—or public—component.
... Exibir mais + It argues that a mix of public and private pensions is the most effective option to deliver the best combination of pension outcomes. Pension design should start with a vision for five core outcomes: coverage, adequacy, sustainability, efficiency, and security. Thinking through these outcomes helps guide choices for market structure, benefit type, contributions, investment strategy, and other factors. As well as technical design, the governance, scale, and expertise of pension funds are critical for good investment and other outcomes. Regulators and supervisors should also focus on these outcomes and then work out how best to mitigate the risks to achieving them over time. These issues are relevant in relation to any public pillar, but notional defined contribution (NDC) systems bring clarity and transparency to policy makers in the benefit formula. The NDC payout formula can offer insights for how to improve the payout options in funded pillars. The clarity on the NDC formula also means that the joint distribution of public and private pensions can be modeled. This is important because the precise NDC formula may have implications for optimal investment strategies for private pensions, given, for example, the negative correlation between real per capita GDP growth and equity market returns over long periods.
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Documento de trabalho sobre pesquisa de políticas WPS8420 APR 30, 2018
This paper uses issuance-level data to study how equity capital inflows that enter emerging market economies affect equity issuance and corporate investment.
... Exibir mais + It shows that foreign inflows are strongly correlated with country-level issuance. The relation reflects the behavior of large issuers issuing in domestic equity markets and that of firms issuing in international markets. Those larger, more liquid, and highly valued firms are the ones more likely to raise equity when their country receives capital inflows. To identify supply-side shocks, capital inflows into each country are instrumented with exogenous changes in other countries' attractiveness to foreign investors. Shifts in the supply of foreign capital are important drivers of increased equity inflows. Instrumented inflows lead a subset of firms (large domestic issuers and foreign issuers) to raise new equity, which they use to fund investment. Corporate investment increases between one-tenth and four-tenths the amount of foreign equity capital entering the country.
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Documento de trabalho sobre pesquisa de políticas WPS8405 APR 12, 2018
The note presents case study examples of sovereign wealth funds (SWF) in different countries by providing information about their operational frameworks.
... Exibir mais + The note focuses on sovereign wealth funds because they have gained importance since 2009 due to the Global Financial Crisis and increased fiscal and macro-volatility. In particular, this note focuses on the objectives of establishment of the SWF, their governance and ownership structure, the sources of funding and the rules of withdrawal of resources. The aim of writing this note is to facilitate the discussion among the South African Customs Union (SACU) Member States in establishing a regional stabilization fund as part of the stabilization mechanism of SACU transfers. Accordingly, the note discusses and raises various issues that might arise from establishing a regional stabilization fund for the SACU Member Countries.
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The development objective of Housing Finance Project is to increase access to housing finance for households, and support capital market development in Pakistan.
... Exibir mais + This project has three components. 1) The first component, Supporting Pakistan Mortgage Refinance Company (PMRC) in Strengthening its Capital Base, aims to help strengthen PMRC’s capital base so it can operate on a sustainable basis and become a highly rated bond issuer in Pakistan. 2) The second component, Supporting the Expansion of Mortgage Loans, aims to provide incentives for Primary Mortgage Lender (PMLs) to increase access to mortgage loans to a larger segment of the population. It has the following subcomponents: (a) Line of Credit; and (b) Risk‐Sharing Facility. 3) The third component, Capacity Building for Housing Policy and Analytics, aims to enhance analytical capacity and policy formulation for sound national housing policy and for addressing supply‐side constraints that hamper the development of affordable housing stock in Pakistan.
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Documento de avaliação do projeto: PAD2385 MAR 08, 2018
The development objective of the Inclusive Access to Finance Project for Turkey is to improve access to longer-term finance for: (i) women-inclusive enterprises, and (ii) enterprises in less developed sub-regions affected by refugee influx, and to expand employment opportunities in beneficiary enterprises.
... Exibir mais + Some of the negative impacts and mitigation measures include: (1) conduct the environmental due-diligence studies of the existing facilities which are applying to participating financial institutions (PFIs); (2) according to the type (type of production, process, etc.) and scale of the small and medium size enterprises (SMEs) and large enterprises (LEs), existence of different environmental permits should be checked by the PFI; and (3) if the type of the industry has air emissions which are falling under regulation on air pollution control sourced from industry, then there should be a valid air emission permit, if the industry is producing any type of wastewater (domestic and or industrial) then they are subjected to water pollution control regulation and there should be a valid discharge permit (or a sewer connection permit), if there’s a hazardous waste storage in the industry then relevant permits should be in place regarding waste storage, etc.
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The development objective of the Ploiesti-Brasov Motorway Preparation Project for Romania is to strengthen the capabilities of Romania’s national road sector to sustainably implement and finance major projects.
... Exibir mais + Some of the negative impacts and mitigation measures are include : (i) construction spoils management mitigation plan to manage the disposal of construction spoils generated in an environmentally-friendly manner; (ii) erosion and sediment control mitigation plan to describe the measures during construction to minimize sediment carried by runoff from entering downstream surface water drainage systems;(iv) fugitive dust control mitigation plan to control fugitive dust control emissions during construction activities; (v) noise control mitigation plan to control noise impacts on the surrounding communities construction activities; (vi) occupational health and safety plan to ensure workers and local communities protection; (vii) re-vegetation and natural or wildlife habitat management mitigation plan to ensure proper re-vegetation of areas disturbed by construction activities; (viii) traffic control mitigation, public safety and public communications plan to minimize the disruption of daytime traffic flows along important access roads in the area; (ix) archaeology or cultural resources mitigation plan to manage any archeological or cultural impacts that may be encountered during construction; (x) worker safety plan to identify standards for protection of workers including onsite training and proper safety equipment.
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Relatório da Diretoria Executiva 124029 MAR 05, 2018
In the eight francophone countries that make up the West African economic and monetary union (WAEMU), housing is scarce, demand is skyrocketing, and costs are high.
... Exibir mais + The World Bank Group supported interventions to expand access to housing finance for lower-income groups in WAEMU in collaboration with caisse régionale de refinancement hypothécaire (CRRH), the regional mortgage financing company. As of January 2018, CRRH has issued seven local currency bonds of 10 or 12-year maturity in regional capital markets and refinanced about 8,000 bank mortgages since inception. A model shows that extending housing loan tenors from the current 8 to 15 years reduces monthly mortgage payments by 46 percent; a 20-year loan tenor reduces payments by 72 percent.
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