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Financial Market Implications of India's Pension Reform

Author/Editor: Poirson, Hélène
Authorized for Distribution: April 1, 2007
Electronic Access: Free Full Text (PDF file size is 343KB)
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Disclaimer: This Working Paper should not be reported as representing the views of the IMF. The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate.

Summary: India's planned pension reform will set up a proper regulatory framework for the pension industry and open up the sector to private fund managers. Drawing on international experiences, the paper highlights pre-conditions for the reform to kick-start financial development, including: (i) the buildup of critical mass; (ii) sufficiently flexible investment guidelines and regulations, including on investments abroad; and (iii) concurrent reforms in capital markets. Given the limited scale of the planned reform, the key challenge for India is to achieve sufficient critical mass early on. Options to address this challenge include granting permission for existing workers to switch to the new system or outsourcing all or part of the reserves of private sector provident funds to the new pension fund managers.
 
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Series: Working Paper No. 07/85
Subject(s): Pension regulations | India | Emerging markets | Capital markets | Economic reforms | Investment policy | Asset prices
Author's keyword(s): Asset prices | emerging markets | pension reforms
 
English  
    Published:   April 1, 2007        
    ISBN/ISSN:   1934-7073   Format:   Paper
    Stock No:   WPIEA2007085   Pages:   21
    Price:   US$18.00 (Academic Rate: US$18.00 )
       
     
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