000			02613cam a2200361 a 4500
999			_c5616 _d5616
001			14969170
003			SESRIC
005			20180316203220.0
008			070816s2007 dcua b i000 0 eng d
010			_a 2007298431
020			_a9780821371190
020			_a0821371193
020			_a9780821371206 (eISBN)
020			_a0821371207 (eISBN)
035			_a(OCoLC)ocn156851285
035			_a(OCoLC)156851285
040			_aDJB _cDJB _dBAKER _dDLC
042			_apcc
043			_ae-pl---
050	0	0	_aHD7197.7 _b.R83 2007
082			_220 _a368.400 _bRUD 2007
100	1		_aRudolph, Heinz P.
245	1	0	_aCompetition and performance in the Polish second pillar / _cHeinz Rudolph, Roberto Rocha.
260			_aWashington, D.C. : _bWorld Bank, _c2007.
300			_av, 53 p. : _bill. ; _c26 cm.
490	0		_aWorld Bank working paper ; _x1726-5878 ; _vno. 107
504			_aIncludes bibliographical references (p. 51-53).
520	3		_aThis paper provides an assessment of the Polish funded pension system and the quality of the regulatory framework for the accumulation phase. There are two elements that distinguish the Polish pension fund portfolios from other reforming countries': the relatively high component of domestic equity, and the negligible component on international securities. Although this asset allocation has provided relatively high real rates of return in the past, it may not be the case in the future, as further portfolio diversification to other instruments will become necessary to ensure sustainable rates of return. The paper provides a number of recommendations to expand the opportunities of investments to pension funds. The paper finds that pension fund management companies have been able to exploit scale economies in certain areas of the business, such as collection of revenues, and proposes to study mechanisms to enhance them even more by centralizing also the account management system, which may also help to increase portfolio efficiency and competition. The paper suggests that, with the payout phase starting in 2009, broad definitions in areas such as the role of the public and private sector need to be established. The paper examines the products and options that authorities may consider for the design of the payout phase.
650		0	_94639 _aPensions. _zPoland.
650		0	_94640 _aEmekli maaşları. _zPolonya.
700	1		_aRocha, Roberto Rezende.
710	2		_aWorld Bank.
906			_a7 _bcbc _ccopycat _d2 _encip _f20 _gy-gencatlg
942			_2ddc _cBK