OECD Working Papers on Finance, Insurance and Private Pensions

ISSN :
2079-7117 (en ligne)
DOI :
10.1787/20797117
Cacher / Voir l'abstract
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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Auteur(s):
Raffaele Della Croce1, Juan Yermo1
Author Affiliations
  • 1: OCDE, France

Date de publication
06 nov 2013
Bibliographic information
N°:
36
Pages
35
DOI
10.1787/5k3wh99xgc33-en

Cacher / Voir l'abstract

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. On the other hand, the prolonged low-yield environment has heightened the need for return-enhancing strategies, pushing some investors to invest in alternative assets. More fundamentally, the role of institutional investors in long term financing is constrained by the short-termism increasingly pervasive in capital markets as well as structural and policy barriers such as regulatory disincentives, lack of appropriate financing vehicles, limited investment and risk management expertise, transparency, viability issues and a lack of appropriate data and investment benchmarks for illiquid assets such as infrastructure.
Mots-clés:
pension regulation, infrastructure policy, infrastructure, private finance, pension funds, infrastructure investment, asset allocation, institutional investors
Classification JEL:
  • G15: Financial Economics / General Financial Markets / International Financial Markets
  • G18: Financial Economics / General Financial Markets / Government Policy and Regulation
  • G23: Financial Economics / Financial Institutions and Services / Non-bank Financial Institutions; Financial Instruments; Institutional Investors
  • G28: Financial Economics / Financial Institutions and Services / Government Policy and Regulation
  • H54: Public Economics / National Government Expenditures and Related Policies / Infrastructures; Other Public Investment and Capital Stock
  • J26: Labor and Demographic Economics / Demand and Supply of Labor / Retirement; Retirement Policies