Financial Market Trends

1609-6886 (online)
0378-651X (print)
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OECD’s twice-yearly journal providing timely analyses and statistics on financial matters of topical interest and longer-term developments in specific financial sectors. Each issue provides a brief update of trends and prospects in the international and major domestic financial markets along with articles covering such topics as structural and regulatory developments in OECD financial systems, trends in foreign direct investment, trends in privatization, and financial sector statistics covering areas such as bank profitability, insurance, and institutional investors.

Periodically, a small number of articles within one field of financial sector developments – constituting the so-called special focus for the particular issue – may be included.

Financial Market Trends

Financial Market Trends

Ageing and Pension System Reform: Implications for Financial Markets and Economic Policies You do not have access to this content

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16 Nov 2005
9789264035768 (PDF) ;9789264035751(print)

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This report, prepared at the request of Deputies of the G10, reviews economic consequences of ageing populations for financial markets and recommends that a) governments help facilitate development of financial instruments to support retirement savings and pensions; b) governments strengthen regulation and supervision of these markets; c) tax rules should not hinder the build-up of financial buffers by private pension funds, but should avoid the abuse of tax deferrals; and  d) financial education needs to be strengthened.

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Table of Contents

Executive Summary
Chapter I. Economic Consequences of Ageing Populations
-Ageing Populations
-Macroeconomic Implications
-Publicly Financed Pensions
-Private Saving for Retirement: Recent Developments
-The Likely Rise of Private Saving for Retirement
Chapter II. Ageing, Retirement Savings, and Financial Markets
-Recent Structural and Regulatory Changes in the Pension Fund Industry
-Asset-Liability Management
-Implications for Financial Markets
-Financial Instruments
--Instruments for Institutional Investment
--Instruments for Personal Pension Plans
-Factors Impeding Market Development
Chapter III. Policy Challenges and Actions
-Encouraging Funding and Private Pension Savings
-The Development of Financial Instruments and Associated Infrastructure
--Developing Markets for Inflation-Indexed and Ultr-Long Fixed Income Securities
--Developing Markets for Longevity Risk
-Improving the Prudential Regulation and Supervision of Pension Providers
--Reforming Funding Rules
--Strengthening Pension Fund Governance
--Reforming Investment Regulations
--Financial Stability Considerations
-Protection of Pension Beneficiaries and Financial Education
--How Much Protection do DB Planse Need against Sponsor Bankruptcy?
--Improving Risk Sharing between Members and Plan Sponsors
--Regulating DC Plans
--Making Financial Education Programmes More Effective
Annex 1. The Partially Offsetting Effect of Higher Participation Rates on the Impact of Ageing on Labour Supply
Annex 2. Demographic Trends and International Capital Flows
Annex 3. Ageing, Asset PRices and the Transmission of Monetary Policy
Annex 4. Accounting Changes in the Pension Fund Industry
Appendix. Composition of the Working Group and Contact Points

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