OECD Working Papers on Finance, Insurance and Private Pensions

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.


Infrastructure Investment in New Markets

Challenges and Opportunities for Pension Funds

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 American countries surveyed, domestic pension funds invest more than USD 15 bn in infrastructure projects, around 1.3% of the total assets managed (USD 1.1 trillion as of December 2010). Foreign pension funds, given their large size, could be a potentially major source of funding, but most have only recently started investing in infrastructure projects and have focused their attention in mature markets. The report concludes with a series of policy recommendations to facilitate infrastructure investments in new markets.


Keywords: pension funds, infrastructure investment, emerging markets
JEL: G28: Financial Economics / Financial Institutions and Services / Financial Institutions and Services: Government Policy and Regulation; G18: Financial Economics / General Financial Markets / General Financial Markets: Government Policy and Regulation; J26: Labor and Demographic Economics / Demand and Supply of Labor / Retirement; Retirement Policies; G15: Financial Economics / General Financial Markets / International Financial Markets; G23: Financial Economics / Financial Institutions and Services / Non-bank Financial Institutions; Financial Instruments; Institutional Investors
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