LEADER 06261oam 22011174 450 001 9910788341403321 005 20230721045648.0 010 $a1-4623-9816-2 010 $a1-4527-9044-2 010 $a9786612842191 010 $a1-282-84219-6 010 $a1-4518-7126-0 035 $a(CKB)3170000000055158 035 $a(EBL)1608094 035 $a(SSID)ssj0000944021 035 $a(PQKBManifestationID)11501264 035 $a(PQKBTitleCode)TC0000944021 035 $a(PQKBWorkID)10982356 035 $a(PQKB)10021293 035 $a(OCoLC)762153954 035 $a(MiAaPQ)EBC1608094 035 $a(IMF)WPIEE2008268 035 $a(EXLCZ)993170000000055158 100 $a20020129d2008 uf 0 101 0 $aeng 135 $aur|n|---||||| 181 $ctxt 182 $cc 183 $acr 200 10$aEfficiency and Performance of Bulgarian Private Pensions /$fGregorio Impavido 210 1$aWashington, D.C. :$cInternational Monetary Fund,$d2008. 215 $a1 online resource (107 p.) 225 1 $aIMF Working Papers 225 0$aIMF working paper ;$vWP/08/268 300 $aDescription based upon print version of record. 311 $a1-4519-1579-9 320 $aIncludes bibliographical references. 327 $aCover Page; Title Page; Copyright Page; Contents; Glossary; I. Introduction; II. Brief Description of the Bulgarian Pension System; 1. Key Features of the Bulgarian Pension System; III. Market Structure; 2. Number of Legal Entities; 3. Direct Shareholding Structure of PICs; 4. Membership Growth and Concentration; 5. Net Assets Growth and Concentration; 6. Annual Contributions Growth and Concentration; 7. Assets of Autonomous Pension Funds in Select OECD and non-OECD Countries; 8. Concentration Indicators-Select Countries; IV. Asset Allocation and Investment Performance; A. Asset Allocation 327 $a1. Asset Allocation in 2006 in Select OECD Countries2. Asset Allocation of Bulgarian Pension Funds, 2004-07; 9. Investment Portfolios of UPFs; 10. Investment Portfolios of PPFs; 11. Investment Portfolios of VPFs; B. Investment Performance; 12. Average Maturity of PICs' Bond Portfolio (March, 2007); 13. Gross Nominal and Real Investment Performance, 2002-2007; 14. International Comparison of Real Rates of Returns; 15. Net Nominal Investment Performance, 2003-2007; C. Price Distortions; 16. Concentration and Market Power-Select Countries; V. Regulatory Framework 327 $aA. Issues in the Accumulation Phase17. Minimum Return Guarantee in Select Countries; 18. Standard Deviation in Portfolio Weights and Returns of PICs; 19. Price Regulation in Select Countries; 3. Forty-year Charge Ratios in Select Countries; 20. Forty-year AUM Equivalent First Floor Fees (Select Countries, Percent); 21. Number of Transfers across Latin American Pension Funds, 2000 - mid-2007; 4. Switches in the Mexican AFORE Market (2006); B. Issues in the Payout Phase; VI. Policy Conclusions; A. The Market; B. Regulation and Supervision 327 $aI. Overview of Second and Third Pillars Institutional ArrangementsII. Detailed Data by Legal Entity; 22. Membership by Legal Entity; 23. Net Assets by Legal Entity; 24. Annual Contributions by Legal Entity; 25. Annual Gross Investment Performance by Legal Entity; 26. Portfolio Allocation by UPFs (2004); 27. Portfolio Allocation by UPFs (2005); 28. Portfolio Allocation by UPFs (2006); 29. Portfolio Allocation by UPFs (2007); 30. Portfolio Allocation by PPFs (2004); 31. Portfolio Allocation by PPFs (2005); 32. Portfolio Allocation by PPFs (2006); 33. Portfolio Allocation by PPFs (2007) 327 $a34. Portfolio Allocation by VPFs (2004)35. Portfolio Allocation by VPFs (2005); 36. Portfolio Allocation by VPFs (2006); 37. Portfolio Allocation by VPFs (2007); 38. Pension Funds Investment Regulation; III. Investment Rules for Pension Funds; IV. Relationship Between Concentration, Market Power and Demand Elasticity; 39. Lerner Indices with No Investment Income; 40. Lerner Indices with Investment Income; VII. References; Footnotes 330 3 $aThis paper analyzes the performance of the Bulgarian private defined contribution pensions in the second and third pillars of the pension system. 410 0$aIMF Working Papers; Working Paper ;$vNo. 2008/268 606 $aPensions$zBulgaria 606 $aOld age pensions$zBulgaria 606 $aFinancial Risk Management$2imf 606 $aInsurance$2imf 606 $aLabor$2imf 606 $aPublic Finance$2imf 606 $aSocial Security and Public Pensions$2imf 606 $aNonwage Labor Costs and Benefits$2imf 606 $aPrivate Pensions$2imf 606 $aGovernmental Property$2imf 606 $aInternational Financial Markets$2imf 606 $aInsurance Companies$2imf 606 $aActuarial Studies$2imf 606 $aPensions$2imf 606 $aPublic finance & taxation$2imf 606 $aFinance$2imf 606 $aInsurance & actuarial studies$2imf 606 $aPension spending$2imf 606 $aGovernment asset management$2imf 606 $aAsset management$2imf 606 $aFinance, Public$2imf 606 $aAsset-liability management$2imf 607 $aBulgaria$2imf 615 0$aPensions 615 0$aOld age pensions 615 7$aFinancial Risk Management 615 7$aInsurance 615 7$aLabor 615 7$aPublic Finance 615 7$aSocial Security and Public Pensions 615 7$aNonwage Labor Costs and Benefits 615 7$aPrivate Pensions 615 7$aGovernmental Property 615 7$aInternational Financial Markets 615 7$aInsurance Companies 615 7$aActuarial Studies 615 7$aPensions 615 7$aPublic finance & taxation 615 7$aFinance 615 7$aInsurance & actuarial studies 615 7$aPension spending 615 7$aGovernment asset management 615 7$aAsset management 615 7$aFinance, Public 615 7$aAsset-liability management 676 $a331.25 700 $aImpavido$b Gregorio$01472654 801 0$bDcWaIMF 906 $aBOOK 912 $a9910788341403321 996 $aEfficiency and Performance of Bulgarian Private Pensions$93716465 997 $aUNINA