OECD Working Papers on Finance, Insurance and Private Pensions

The Bitcoin Question
ISSN :
2079-7117 (online)
DOI :
10.1787/20797117
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Selected studies on finance, insurance and private pensions policy prepared for dissemination in order to stimulate wider discussion and further analysis and obtain feedback from interested audiences. The studies provide timely analysis and background on industry developments, structural issues, and public policy in the financial sector. Topics include risk management, governance, investments, benefit protection, and financial education. Previous papers addressing these policy issues are available via http://dx.doi.org/10.1787/19936397.
 
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Mark Number Date TitleClick to Access
  N° 37   16 June 2014 Click to Access: 
    http://oecd.metastore.ingenta.com/content/5jz2pwjd9t20.pdf
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  • http://www.keepeek.com/Digital-Asset-Management/oecd/finance-and-investment/the-bitcoin-question_5jz2pwjd9t20-en
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The Bitcoin Question
Adrian Blundell-Wignall
The financial crisis has led to a widespread loss of trust in financial intermediaries of all kinds, perhaps helping to open the way towards the general acceptance of alternative technologies. This paper briefly summarises the crypto-currency phenomenon, separating the ‘currency’ issues from...
  N° 36   06 Nov 2013 Click to Access: 
    http://oecd.metastore.ingenta.com/content/5k3wh99xgc33.pdf
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  • http://www.keepeek.com/Digital-Asset-Management/oecd/finance-and-investment/institutional-investors-and-infrastructure-financing_5k3wh99xgc33-en
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Institutional Investors and Infrastructure Financing
Raffaele Della Croce, Juan Yermo
The economic downturn is likely to have a lasting impact on the fund management industry and on long term asset allocation strategies of institutional investors. On one hand, in promoting more cautious investment strategies and a greater focus on portfolio risk management in the coming years....
  N° 35   23 Oct 2013 Click to Access: 
    http://oecd.metastore.ingenta.com/content/5k3xr8k6jb0n.pdf
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  • http://www.keepeek.com/Digital-Asset-Management/oecd/finance-and-investment/institutional-investors-and-green-infrastructure-investments_5k3xr8k6jb0n-en
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Institutional Investors and Green Infrastructure Investments
Christopher Kaminker, Osamu Kawanishi, Fiona Stewart, Ben Caldecott, Nicholas Howarth
This report is structured in three chapters. The first chapter examines the channels through which institutional investors can access green infrastructure, assesses the extent to which this is currently happening, and identifies the barriers to scaling up these investment flows. The second...
  N° 34   11 Oct 2013 Click to Access: 
    http://oecd.metastore.ingenta.com/content/5k3xz6m88smp.pdf
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  • http://www.keepeek.com/Digital-Asset-Management/oecd/finance-and-investment/promoting-financial-inclusion-through-financial-education_5k3xz6m88smp-en
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Promoting Financial Inclusion through Financial Education
Adele Atkinson, Flore-Anne Messy
Financial inclusion is an international policy priority and demand-side initiatives including financial education have an important role to play in helping individuals to access and use appropriate, formal financial products. In 2010, under the support of the Russian Trust Fund for Financial...
  N° 33   22 Aug 2013 Click to Access: 
    http://oecd.metastore.ingenta.com/content/5k41zq7hp6d0.pdf
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  • http://www.keepeek.com/Digital-Asset-Management/oecd/finance-and-investment/financial-education-in-latin-america-and-the-caribbean_5k41zq7hp6d0-en
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Financial Education in Latin America and the Caribbean
Nidia García, Andrea Grifoni, Juan Carlos López, Diana Mejía
Macroeconomic stability and growth in the Latin America and the Caribbean (LAC) region have allowed governments to focus on public policies that build on the complementarities between financial education, inclusion and the development of social capital. Financial education programmes can...
  N° 32   18 July 2013 Click to Access: 
    http://oecd.metastore.ingenta.com/content/5k43f5dv3mhf.pdf
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  • http://www.keepeek.com/Digital-Asset-Management/oecd/finance-and-investment/pension-fund-investment-in-infrastructure_5k43f5dv3mhf-en
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Pension Fund Investment in Infrastructure
Georg Inderst, Raffaele Della Croce
Australian and Canadian pension funds have been pioneers in infrastructure investing since the early 1990s. They also have the highest asset allocation to infrastructure around the globe today. This paper compares and contrasts the experience of institutional investors in the two countries...
  N° 31   10 May 2013 Click to Access: 
    http://oecd.metastore.ingenta.com/content/5k46l8sz94g0.pdf
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  • http://www.keepeek.com/Digital-Asset-Management/oecd/finance-and-investment/policyholder-protection-schemes_5k46l8sz94g0-en
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Policyholder Protection Schemes
OECD
This paper investigates policyholder protection schemes in OECD member countries and selected non-OECD countries. It is selective in its scope: it examines the rationale for a policyholder protection scheme; the relationship between certain design features and moral hazard; the role of a...
  N° 30   07 Dec 2012 Click to Access: 
    http://oecd.metastore.ingenta.com/content/5k8xd1nm3d9n.pdf
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  • http://www.keepeek.com/Digital-Asset-Management/oecd/finance-and-investment/the-effect-of-solvency-regulations-and-accounting-standards-on-long-term-investing_5k8xd1nm3d9n-en
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The Effect of Solvency Regulations and Accounting Standards on Long-Term Investing
Clara Severinson, Juan Yermo
This report reviews recent as well as planned changes to accounting and solvency regulations affecting insurers and pension funds and how they may impact long-term investing by these institutions. The review of existing evidence focuses mainly on the impact of risk-based solvency requirements,...
  N° 29   07 Dec 2012 Click to Access: 
    http://oecd.metastore.ingenta.com/content/5k8xd1p1p7r3.pdf
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  • http://www.keepeek.com/Digital-Asset-Management/oecd/finance-and-investment/trends-in-large-pension-fund-investment-in-infrastructure_5k8xd1p1p7r3-en
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Trends in Large Pension Fund Investment in Infrastructure
Raffaele Della Croce
Favourable conditions such as the growth of pension fund assets, privatisation trends and changing regulations have increased the interest of institutional investors in infrastructure investment. However, data on pension fund investment in infrastructure is limited. National statistical...
  N° 28   18 Oct 2012 Click to Access: 
    http://oecd.metastore.ingenta.com/content/5k9181hxzmlr.pdf
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  • http://www.keepeek.com/Digital-Asset-Management/oecd/finance-and-investment/communicating-pension-risk-to-dc-plan-members_5k9181hxzmlr-en
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Communicating Pension Risk to DC Plan Members
Pablo Antolin, Olga Fuentes
The purpose of this paper is to discuss a few issues related to how best to communicate uncertainty about projections of future pension benefits to members of DC plans, and especially to present a pension risk simulator developed by the Chilean regulator (Superintendencia de Pensiones, SP) that...
  N° 27   19 Oct 2012 Click to Access: 
    http://oecd.metastore.ingenta.com/content/5k9180xv25xw.pdf
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  • http://www.keepeek.com/Digital-Asset-Management/oecd/finance-and-investment/the-role-of-funded-pensions-in-retirement-income-systems_5k9180xv25xw-en
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The Role of Funded Pensions in Retirement Income Systems
Juan Yermo
This paper reviews the recent development of the funded pension system in the Russian Federation and considers it role in the context of the overall retirement income system. By describing current OECD practices and policy recommendations and comparing them with the current Russian pension...
  N° 26   03 Dec 2012 Click to Access: 
    http://oecd.metastore.ingenta.com/content/5k8xff424vln.pdf
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  • http://www.keepeek.com/Digital-Asset-Management/oecd/finance-and-investment/infrastructure-investment-in-new-markets_5k8xff424vln-en
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Infrastructure Investment in New Markets
Fiona Stewart, Juan Yermo
This report reviews the existing evidence on pension fund investment in infrastructure in "new" markets, covering a number of non-OECD countries, such as Brazil, China, India, Indonesia and South Africa, as well as some OECD countries like Chile and Mexico. In the African, Asian, and Latin...
  N° 25   01 July 2012 Click to Access: 
    http://oecd.metastore.ingenta.com/content/5k94cqqx90wl.pdf
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  • http://www.keepeek.com/Digital-Asset-Management/oecd/finance-and-investment/the-status-of-financial-education-in-africa_5k94cqqx90wl-en
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The Status of Financial Education in Africa
Flore-Anne Messy, Chiara Monticone
While the African situation displays disparities both within and between countries in terms of economic and human development, on average, many African countries have relatively low school enrolment ratios, highly informal labour markets, high poverty rates, as well as low financial inclusion...
  N° 24   01 Sep 2012 Click to Access: 
    http://oecd.metastore.ingenta.com/content/5k9312twnn44.pdf
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  • http://www.keepeek.com/Digital-Asset-Management/oecd/finance-and-investment/defining-and-measuring-green-investments_5k9312twnn44-en
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Defining and Measuring Green Investments
Georg Inderst, Christopher Kaminker, Fiona Stewart
This definitional, stocktaking paper aims to provide a comprehensive review of the concepts and definitions related to "green" investments that are currently used in the market place. The purpose of this research is not to take a position on a specific definition but rather to explore what is...
  N° 23   24 Sep 2012 Click to Access: 
    http://oecd.metastore.ingenta.com/content/5k9312v21l6f.pdf
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  • http://www.keepeek.com/Digital-Asset-Management/oecd/finance-and-investment/the-role-of-institutional-investors-in-financing-clean-energy_5k9312v21l6f-en
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The Role of Institutional Investors in Financing Clean Energy
Christopher Kaminker, Fiona Stewart
Decarbonising the world?s energy system, moving towards a resource efficient economy and providing energy access for all will require doubling existing investment levels to around USD 2 trillion a year or 2% of GDP. Governments understand that large sums of capital will be required, and many...
  N° 22   01 July 2012 Click to Access: 
    http://oecd.metastore.ingenta.com/content/5k94gxrw760v.pdf
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  • http://www.keepeek.com/Digital-Asset-Management/oecd/finance-and-investment/financial-education-savings-and-investments_5k94gxrw760v-en
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Financial Education, Savings and Investments
Sue Lewis, Flore-Anne Messy
Savings and investments by individuals are important both for personal financial well-being and for economic growth. Many governments try to encourage their citizens to save more, or to save more appropriately, by preferring formal institutions to informal saving and by promoting more...
  N° 21   01 July 2012 Click to Access: 
    http://oecd.metastore.ingenta.com/content/5k94d6g58vxs.pdf
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  • http://www.keepeek.com/Digital-Asset-Management/oecd/finance-and-investment/identification-and-assessment-of-publicly-available-data-sources-to-calculate-indicatros-of-private-pensions_5k94d6g58vxs-en
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Identification and Assessment of Publicly Available Data Sources to Calculate Indicators of Private Pensions
Stéphanie Payet
Considering the growing role of private and funded pension provision and the sensitivity of private pension provision to the economic climate, there is an increasing need of comparable and reliable information on private pension plans in order to better monitor retirement income adequacy and...
  N° 20   01 June 2012 Click to Access: 
    http://oecd.metastore.ingenta.com/content/5k94d6gh2w6c.pdf
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  • http://www.keepeek.com/Digital-Asset-Management/oecd/finance-and-investment/coverage-of-private-pension-systems_5k94d6gh2w6c-en
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Coverage of Private Pension Systems
Pablo Antolin, Stéphanie Payet, Juan Yermo
To adapt pension systems to demographic trends, many countries are reducing pay-as-you-go public pension levels and lifting retirement ages. In this context, funded pensions could play a major role to avoid adequacy gaps. Yet, as this paper shows, the coverage of funded private pensions,...
  N° 19   11 June 2012 Click to Access: 
    http://oecd.metastore.ingenta.com/content/5k97gkd06kth.pdf
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  • http://www.keepeek.com/Digital-Asset-Management/oecd/finance-and-investment/annual-dc-pension-statements-and-the-communications-challenge_5k97gkd06kth-en
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Annual DC Pension Statements and the Communications Challenge
Pablo Antolín, Debbie Harrison
This paper examines and evaluates the content and design of the annual pension statement sent to members of funded defined contribution (DC) pension schemes in a selection of OECD and non-OECD countries. The aims of the research are to identify the potential shortcomings in statement planning...
  N° 18   14 May 2012 Click to Access: 
    http://oecd.metastore.ingenta.com/content/5k98xwz5z09v.pdf
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  • http://www.keepeek.com/Digital-Asset-Management/oecd/finance-and-investment/lessons-from-national-pensions-communication-campaigns_5k98xwz5z09v-en
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Lessons from National Pensions Communication Campaigns
Adele Atkinson, Debbie Harrison, Flore-Anne Messy, Juan Yermo
The present report focuses on the pre-campaign planning, the design, the delivery, and the monitoring and evaluation of National Pension Communication Campaigns in a range of OECD and non-OECD countries. The research identifies barriers to effective communications and highlights models of good...
  N° 17   04 May 2012 Click to Access: 
    http://oecd.metastore.ingenta.com/content/5k990qtkk6f8.pdf
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  • http://www.keepeek.com/Digital-Asset-Management/oecd/finance-and-investment/review-of-the-swedish-national-pension-funds_5k990qtkk6f8-en
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Review of the Swedish National Pension Funds
Clara Severinson, Fiona Stewart
This paper provides a review of the Swedish National Pension Funds based on international good practice and OECD guidelines. The paper focuses mainly on the general size and structure of the funds, the investment framework and the governance of the funds. The internal management of the funds...
  N° 16   20 Apr 2012 Click to Access: 
    http://oecd.metastore.ingenta.com/content/5k9bcwct7xmn.pdf
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  • http://www.keepeek.com/Digital-Asset-Management/oecd/finance-and-investment/current-status-of-national-strategies-for-financial-education_5k9bcwct7xmn-en
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Current Status of National Strategies for Financial Education
Andrea Grifoni, Flore-Anne Messy
In both developing and developed economies, the awareness of the importance of financial education led to the development of an increasing number of tailored national strategies for financial education. These frameworks promote a smoother and more sustainable co-operation between interested...
  N° 15   26 Mar 2012 Click to Access: 
    http://oecd.metastore.ingenta.com/content/5k9csfs90fr4.pdf
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  • http://www.keepeek.com/Digital-Asset-Management/oecd/finance-and-investment/measuring-financial-literacy_5k9csfs90fr4-en
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Measuring Financial Literacy
Adele Atkinson, Flore-Anne Messy
This paper presents the findings from an OECD International Network on Financial Education pilot study undertaken in 14 countries. The analysis focuses on variations in financial knowledge, behaviour and attitude across countries and within countries by socio-demographics.The results highlight...
  N° 14   01 Mar 2012 Click to Access: 
    http://oecd.metastore.ingenta.com/content/5k9d5v6kh56g.pdf
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  • http://www.keepeek.com/Digital-Asset-Management/oecd/finance-and-investment/empowering-women-through-financial-awareness-and-education_5k9d5v6kh56g-en
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Empowering Women Through Financial Awareness and Education
Angela Hung, Joanne Yoong, Elizabeth Brown
The potential implications of gender differences in financial literacy are far-reaching. This paper describes the findings of a review of the literature on gender differences in financial literacy with the aim to better understand their causes and consequences, as well as possible policy...
  N° 13   01 Sep 2011 Click to Access: 
    http://oecd.metastore.ingenta.com/content/5kg272f9bnmx.pdf
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  • http://www.keepeek.com/Digital-Asset-Management/oecd/finance-and-investment/pension-funds-investment-in-infrastructure_5kg272f9bnmx-en
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Pension Funds Investment in Infrastructure
Raffaele Della Croce
Pension funds are increasingly looking at infrastructure investment with some investors actively pursuing opportunities in the sector. Different countries are at different stages in the evolution of pension fund investment in infrastructure. A survey of a sample of the most significant actors...
  N° 12   01 Nov 2011 Click to Access: 
    http://oecd.metastore.ingenta.com/content/5kg26lpfxcr5.pdf
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  • http://www.keepeek.com/Digital-Asset-Management/oecd/finance-and-investment/designing-optimal-risk-mitigation-and-risk-transfer-mechanisms-to-improve-the-management-of-earthquake-risk-in-chile_5kg26lpfxcr5-en
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Designing Optimal Risk Mitigation and Risk Transfer Mechanisms to Improve the Management of Earthquake Risk in Chile
Robert Muir-Wood
The property losses from the Feb 27th 2010 Maule earthquake are assessed as $18.1Bn paid for 38% by insurers, 47% by the Government of Chile and 15% by individuals and businesses. Including $4Bn damage to infrastructure and the costs of lost economic activity the total loss in 2010 values is...
  N° 11   01 Sep 2011 Click to Access: 
    http://oecd.metastore.ingenta.com/content/5kg52k5b0v9s.pdf
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  • http://www.keepeek.com/Digital-Asset-Management/oecd/finance-and-investment/the-role-of-guarantees-in-defined-contribution-pensions_5kg52k5b0v9s-en
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The Role of Guarantees in Defined Contribution Pensions
Pablo Antolín, Stéphanie Payet, Edward R. Whitehouse, Juan Yermo
This paper examines the role of guarantees in DC pension plans, in particular minimum investment return guarantees during the accumulation phase. The main goal is to assess the cost and benefits of different return guarantees. The report uses a stochastic financial market model where guarantee...
  N° 10   01 Sep 2011 Click to Access: 
    http://oecd.metastore.ingenta.com/content/5kg58j1lwdjd.pdf
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  • http://www.keepeek.com/Digital-Asset-Management/oecd/finance-and-investment/the-role-of-pension-funds-in-financing-green-growth-initiatives_5kg58j1lwdjd-en
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The Role of Pension Funds in Financing Green Growth Initiatives
Raffaele Della Croce, Christopher Kaminker, Fiona Stewart
It is estimated that transitioning to a low-carbon, and climate resilient economy, and more broadly „greening growth? over the next 20 years to 2030 will require significant investment and consequently private sources of capital on a much larger scale than previously. With their USD 28 trillion...
  N° 9   01 May 2011 Click to Access: 
    http://oecd.metastore.ingenta.com/content/5kgcjf7wkvhb.pdf
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  • http://www.keepeek.com/Digital-Asset-Management/oecd/finance-and-investment/catastrophe-financing-for-governments_5kgcjf7wkvhb-en
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Catastrophe Financing for Governments
Erwann Michel-Kerjan, Ivan Zelenko, Victor Cardenas, Daniel Turgel
With rapidly increasing population and growing catastrophe exposure in their countries, many more government leaders (including Presidents, Prime Ministers and Rulers) are now faced with a strategic question: how best develop a national strategy to hedge against the massive economic burden of...
  N° 8   01 May 2011 Click to Access: 
    http://oecd.metastore.ingenta.com/content/5kgcfnm8rgmp.pdf
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  • http://www.keepeek.com/Digital-Asset-Management/oecd/finance-and-investment/funding-in-public-sector-pension-plans-international-evidence_5kgcfnm8rgmp-en
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Funding in Public Sector Pension Plans
Eduard Ponds, Clara Severinson, Juan Yermo
Most countries have separate pension plan for public sector employees. The future fiscal burden of these plans can be substantial as the government usually is the largest employer, pension promises in the public sector tend to be relatively generous, and future payments have to be paid out...
  N° 7   01 Feb 2011 Click to Access: 
    http://oecd.metastore.ingenta.com/content/5kgj4hqst9xx.pdf
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  • http://www.keepeek.com/Digital-Asset-Management/oecd/finance-and-investment/reform-on-pension-fund-governance-and-management_5kgj4hqst9xx-en
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Reform on Pension Fund Governance and Management
Woochan Kim, Fiona Stewart
This paper provides a detailed chronological account of the governance-cum-management reform of National Pension Fund in Korea and analyzes its success factors, drawing lessons for other countries. A review of the current governance structures with the fund versus OECD guidelines and...
  N° 6   01 Dec 2010 Click to Access: 
    http://oecd.metastore.ingenta.com/content/5kgkmb9v0vhk.pdf
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  • http://www.keepeek.com/Digital-Asset-Management/oecd/finance-and-investment/options-to-improve-the-governance-and-investment-of-japan-s-government-pension-investment-fund_5kgkmb9v0vhk-en
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Options to Improve the Governance and Investment of Japan's Government Pension Investment Fund
Fiona Stewart, Juan Yermo
This paper suggests avenues for strengthening the governance and management of the Japanese Government Pension Investment Fund (GPIF), the largest single pool of pension assets in the world. The GPIF earned its name in 2006 as part of a major governance reform that aimed at increasing the...
  N° 5   01 Sep 2010 Click to Access: 
    http://oecd.metastore.ingenta.com/content/5km7rq4hlw5g.pdf
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  • http://www.keepeek.com/Digital-Asset-Management/oecd/finance-and-investment/the-new-ias-19-exposure-draft_5km7rq4hlw5g-en
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The New IAS 19 Exposure Draft
Clara Severinson
At the end of April 2010, the International Accounting Standards Board (IASB) published an exposure draft with proposed changes to International Accounting Standard No. 19 (IAS 19). IAS 19 is the current standard for the financial reporting of company pension obligations that stem from defined...
  N° 4   01 Aug 2010 Click to Access: 
    http://oecd.metastore.ingenta.com/content/5km7vxjwzhd4.pdf
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  • http://www.keepeek.com/Digital-Asset-Management/oecd/finance-and-investment/the-eu-stress-test-and-sovereign-debt-exposures_5km7vxjwzhd4-en
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The EU Stress Test and Sovereign Debt Exposures
Adrian Blundell-Wignall, Patrick Slovik
This working paper’s quantifications show that most sovereign debt is held on the banking books of banks, whereas the EU stress test considered only their small trading book exposures. It discusses why sovereign debt held in the banking book cannot be ignored by investors and creditors, because...
  N° 3   01 July 2010 Click to Access: 
    http://oecd.metastore.ingenta.com/content/5km91p3jszxw.pdf
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  • http://www.keepeek.com/Digital-Asset-Management/oecd/finance-and-investment/the-impact-of-the-financial-crisis-on-defined-benefit-plans-and-the-need-for-counter-cyclical-funding-regulations_5km91p3jszxw-en
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The Impact of the Financial Crisis on Defined Benefit Plans and the Need for Counter-Cyclical Funding Regulations
Juan Yermo, Clara Severinson
Three essential goals of pension plan funding are the long-term viability, stability and security of member benefits. Reform of funding regulations for defined benefit (DB) pension schemes to make them more counter-cyclical in nature can help achieve these goals as well as make DB schemes more...
  N° 2   01 June 2010 Click to Access: 
    http://oecd.metastore.ingenta.com/content/5kmdbx1nhfnp.pdf
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  • http://www.keepeek.com/Digital-Asset-Management/oecd/finance-and-investment/assessing-default-investment-strategies-in-defined-contribution-pension-plans_5kmdbx1nhfnp-en
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Assessing Default Investment Strategies in Defined Contribution Pension Plans
Pablo Antolín, Stéphanie Payet, Juan Yermo
This paper assesses the relative performance of different investment strategies for different structures of the payout phase. In particular, it looks at whether the specific glide-path of life-cycle investment strategies and the introduction of dynamic features in the design of default...
  N° 1   01 Dec 2009 Click to Access: 
    http://oecd.metastore.ingenta.com/content/5kmddpz7m9zq.pdf
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  • http://www.keepeek.com/Digital-Asset-Management/oecd/finance-and-investment/framework-for-the-development-of-financial-literacy-baseline-surveys_5kmddpz7m9zq-en
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Framework for the Development of Financial Literacy Baseline Surveys
Elaine Kempson
There is growing concern, across a wide range of countries, about the levels of financial capability of consumers. A large number of initiatives are therefore being developed to address this issue; and countries are increasingly rolling out national strategies on financial capability. To do...
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