1.0 info:srw/action/1/replace RePEc-pra-mprapa:oai:RePEc:pra:mprapa:12254 xml document <meta:meta xmlns:meta="http://meresco.com/namespace/harvester/meta"> <meta:upload><id>RePEc-pra-mprapa:oai:RePEc:pra:mprapa:12254</id></meta:upload> <meta:record> <meta:id>oai:RePEc:pra:mprapa:12254</meta:id> </meta:record> <meta:repository> <meta:id>RePEc-pra-mprapa</meta:id> <meta:repositoryGroupId>repec.org</meta:repositoryGroupId> <meta:collection>repec</meta:collection> </meta:repository> </meta:meta> <oai:metadata xmlns:oai="http://www.openarchives.org/OAI/2.0/"><mods xmlns="http://www.loc.gov/mods/v3" xsi:schemaLocation="http://www.loc.gov/mods/v3 http://www.loc.gov/standards/mods/v3/mods-3-2.xsd" version="3.2"><titleInfo><title>The Financial Crisis and Mandatory Pension Systems in Developing Countries: Short- and Medium-term Responses</title></titleInfo><genre>info:eu-repo/semantics/workingPaper</genre><originInfo><dateIssued>2008-12</dateIssued></originInfo><name type="personal"><namePart>Dorfman, Mark</namePart><role><roleTerm type="code">aut</roleTerm></role></name><name type="personal"><namePart>Hinz, Richard</namePart><role><roleTerm type="code">aut</roleTerm></role></name><name type="personal"><namePart>Robalino, David</namePart><role><roleTerm type="code">aut</roleTerm></role></name><abstract>&#1048713; The impact of the financial crisis extends beyond immediate losses to pension fund assets. &#1048713; Abrupt policy changes in response to the immediate circumstances should be avoided. Pension systems are designed to function over very long time periods. Short term responses to relatively rare circumstances can potentially have negative long term consequences on the capacity of pension systems to reliably provide adequate levels of retirement income. &#1048713; Measures to mitigate the affects on the relatively small number of retiring individuals can be considered without fundamentally altering the system design. &#1048713; The current crisis strengthens the need for diversified multi-pillar pension systems that are able to manage risks and provide protection to individuals who may be vulnerable to the kind of economic shocks now being experienced. &#1048713; Increasing attention should be paid to managing the exposure of individuals to short term financial risks in funded systems through portfolios designed for workers nearing retirement age and the development of phased transitions to the payout of benefits that limit the impact of shorter term financial volatility</abstract><subject><topic>financial crisis</topic><topic>pensions</topic><topic>financial risks</topic><topic>labor market risks</topic></subject><classification>H55</classification><classification>G23</classification><location><url>http://mpra.ub.uni-muenchen.de/12254/</url></location><identifier>RePEc:pra:mprapa:12254</identifier><relatedItem type="series"><titleInfo><title>MPRA Paper</title></titleInfo><originInfo><publisher>University Library of Munich, Germany</publisher></originInfo></relatedItem></mods></oai:metadata>