Investment performance of US and European pension funds. A comparative analysis

• Autores: Jennifer Foo, Dorota Witkowska
• Localización: Aestimatio: The IEB International Journal of Finance, ISSN 2173-0164, Nº. 13, 2016, págs. 90-109
• Idioma: inglés
• Títulos paralelos:
  • El rendimiento de los fondos de pensiones europeos y estado-unidenses. Un análisis comparativo
• Enlaces
  • Texto completo (pdf)
• Resumen
  • español

    Los fondos de pensiones están teniendo una importancia cada vez mayor en los países desarrollados, en la medida en la que su población retirada está creciendo a un ritmo superior al de la población activa. En consecuencia, en los sistemas de pensiones de muchos de los países de la OCDE se están introduciendo transformaciones que resultan esenciales para su sostenibilidad. Dichas modificaciones consisten, básicamente, en el aumento de la edad de jubilación y la introducción de sistemas de capitalización en vez de sistemas de reparto. El crecimiento del mercado de fondos de pensiones ha sido más pronunciado en Estados Unidos y en el Reino Unido que en otros países. Los mercados emergentes de las economías postcomunistas también están experimentando un auge creciente tanto como destino inversor de los fondos de pensiones como mercado para los inversores domésticos. El objetivo de esta investigación es comparar el rendimiento de los fondos de pensiones que operan en Estados Unidos con el aquellos que operan en una selección de países europeos, donde los mercados financieros son ciertamente sofisticados; y ello para el periodo 2002-2013

  • English

    Pension funds are growing rapidly in importance in developed countries as their retiring demographic population is growing faster than the contributing work force. Therefore, essential transformations of the pension systems are being introduced in many OECD countries to make pension systems more financially sustainable. The main ideas behind the changes to retirement systems consist of raising the retirement age and introducing funded rather than Pay-As-You-Go systems. The growth of the pension fund market has been more pronounced in the US and the UK than in other countries. Emerging markets in post-communist economies are also growing in importance both as a destination for pension funds investment and as a growing market in terms of their own domestic investors.

    The aim of this research is to compare the performance of pension funds in the US with those in selected European countries for the period 2002-2013, since both US and European pension funds are operating in sophisticated financial markets

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