TAILIEUCHUNG - PENSION FUND MANAGEMENT AND INTERNATIONAL INVESTMENT – A GLOBAL PERSPECTIVE

Some larger pension funds are already making allocations to green investments via direct infrastructure investments and through private equity. Yet such direct financing mechanisms are only really an option for large pension funds with considerable in-house resources. Many smaller pension funds are likely to increase their asset allocation to such projects via green bonds, structured instruments, or green equity funds. As discussed earlier, in most OECD pension funds, bonds remain by far the dominant asset class in portfolio allocations, accounting for 50% of total assets under management on average. It is through these green bonds that significant pension. | PENSION FUND MANAGEMENT AND INTERNATIONAL INVESTMENT - A GLOBAL PERSPECTIVE E Philip Davis1 Brunel University West London Paper to be presented at the Senior Level Policy Seminar Caribbean Centre for Monetary Studies Trinidad 3 May 2002 Abstract This paper examines the potential and actual role played by international investment in pension fund management. The paper draws largely on experience of a range of OECD countries and selected emerging market economies with established funded pension systems although we also provide estimates for Trinidad and Tobago and for Jamaica. It is shown that international investment allows superior investment performance in terms of risk and return and pension funds are well placed to take advantage of the benefits but they typically hold low proportions of foreign assets in their portfolios. Whereas some degree of home bias is likely to occur naturally it is undesirable for regulations to enforce tighter limits on foreign assets than these market forces would suggest. The arguments favouring regulatory restrictions are weak. The future of funding itself seems likely to be turbulent given the growing scope of asset flows and the future decumulation when ageing accelerates in OECD countries. These developments do not negate the case for international investment but they do suggest a need to retain elements of a pay-as-you-go system as a form of insurance. JEL classification G23 G15 Keywords Pension funds international investment 1 Department of Economics and Finance Brunel University Uxbridge Middlesex UB3 4PH United Kingdom e-mail e_philip_davis@ website e_philip_davis Visiting Fellow at the National Institute of Economic and Social Research an Associate Member of the Financial Markets Group at LSE Associate Fellow of the Royal Institute of International Affairs and Research Fellow of the Pensions Institute at Birkbeck College London. The author thanks Mukul Asher and Dennison Noel for assistance. The .

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