01762cas a2200241 a 4500 AALejournalIMF003186 230101c9999 xx r poo 0 0eng d 5.00 USD 9781451973730 1934-7456 BD-DhAAL BD-DhAAL Roldos, Jorge. Pension Reform, Investment Restrictions and Capital Markets / Jorge Roldos. Washington, D.C. : International Monetary Fund, 2004. 1 online resource (32 pages) IMF Policy Discussion Papers <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required Electronic access restricted to authorized BRAC University faculty, staff and students Pension reform in several emerging market countries has been associated with rapid growth in assets under management and a positive impact on the development of local securities markets. However, limitations on such development may lead to asset price distortions, bubbles, and concentration of risks. Regulatory limits on pension fund investments are assessed in light of these risks and developments in modern portfolio theory. A gradual but decisive loosening of restrictions on equity and foreign investments is recommended. Changes in these regulations ought to be coordinated with measures designed to foster the development of local securities markets as well as with macroeconomic policies. Mode of access: Internet IMF Policy Discussion Papers; Policy Discussion Paper ; No. 2004/004 Full text available on IMF http://elibrary.imf.org/view/journals/003/2004/004/003.2004.issue-004-en.xml IMF e-Library