CCER-NBER Annual Meeting The World Bank´s Approach and the Right Approach to Pension Reform


   In the last year and a half the world has witnessed a remarkable reduction in the valuation of asset prices in developing countries. Measured in dollars, stock values declined by roughly 30 percent in relatively well managed and politically stable emerging economies like Poland, and by roughly 75 percent in poorly managed and politically troubled economies like Indonesia. This international meltdown of financial markets provides both an occasion and argument for critiquing the World Bank  is appr oach t o pensi on r ef or m. The reas on i s t hat excl usi ve or predo mi nan investment in domestic asset markets is a central tenant of that approach and the source of a variety of equally misguided advice.


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