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Financial Sector Assessment Program Update : Republic of Kazakhstan - Investment Opportunities for Pension Funds

The objective of this note is to put forward policy alternatives that could lead to improved management of pension fund assets in Kazakhstan. This note emphasizes prudence in the management of pension assets, given the social and fiscal importance...

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Bibliographic Details
Main Authors: International Monetary Fund, World Bank
Language:English
en_US
Published: World Bank, Washington, DC 2013
Subjects:
ACCOUNTING
ACCOUNTING STANDARDS
ACCOUNTS RECEIVABLE
AMORTIZATION
ASSET MANAGEMENT
ASSET MANAGERS
ASSET-BACKED SECURITIES
AUCTIONS
BANK DEPOSITS
BENEFICIARIES
BLUE CHIP
BOND ISSUERS
BOND ISSUES
BONDS
BRANCH NETWORKS
CALL OPTIONS
CAPITAL ACCOUNT
CAPITAL ACCOUNT LIBERALIZATION
CAPITAL ALLOCATION
CAPITAL FLOW
CAPITAL INFLOWS
CAPITAL MARKET DEVELOPMENT
CAPITAL MARKETS
CASH FLOWS
CASH OUTFLOWS
CENTRAL SECURITIES DEPOSITORY
COLLATERAL
COMMERCIAL BANKS
CONFLICT OF INTEREST
CONTINGENT LIABILITIES
CORPORATE BOND
CORPORATE BOND MARKET
CORPORATE BONDS
CORPORATE DEBT
CORPORATE GOVERNANCE
CORPORATE SECURITIES
CREDIT RATING
CREDITORS
CURRENCY
CURRENCY MATCHING
CURRENCY RISK
CURRENCY RISKS
DEBT
DEBT INSTRUMENTS
DEBT ISSUANCE
DEBT ISSUES
DEBT MANAGEMENT
DEBT MARKET DEVELOPMENT
DEFAULTS
DEMOGRAPHIC
DEPOSITS
DERIVATIVES
DERIVATIVES MARKET
DEVELOPING COUNTRIES
DOMESTIC BOND
DOMESTIC BONDS
DOMESTIC CAPITAL
DOMESTIC CAPITAL MARKET
DOMESTIC CAPITAL MARKETS
DOMESTIC CORPORATE BONDS
DOMESTIC DEBT
DOMESTIC DEBT MARKET
DOMESTIC DEBT MARKETS
DOMESTIC MARKET
DOMESTIC MARKETS
DOMESTIC SECURITIES
DOMESTIC STOCK
ECONOMIC DEVELOPMENT
EMERGING ECONOMIES
ENFORCEABILITY
EQUITIES
EXCESS LIQUIDITY
EXCHANGE RATE
FINANCIAL FLOWS
FINANCIAL INFLOWS
FINANCIAL INSTRUMENTS
FINANCIAL MARKET
FINANCIAL MARKETS
FINANCIAL SECTOR
FINANCIAL STATEMENTS
FINANCIAL SYSTEMS
FOREIGN COMPANY
FOREIGN CURRENCY
FOREIGN EXCHANGE
FOREIGN EXCHANGE RISK
FOREIGN INVESTMENT
FOREIGN INVESTMENTS
FOREIGN MARKETS
FUND MANAGEMENT
FUND MANAGERS
GOVERNMENT BOND
GOVERNMENT BOND YIELDS
GOVERNMENT BONDS
GOVERNMENT DEBT
GOVERNMENT POLICIES
GOVERNMENT SECURITIES
HOLDING
HOLDINGS
HOSTILE TAKEOVERS
ILLIQUIDITY
INCOME
INCOME FLOWS
INCOME SECURITIES
INDIVIDUAL SECURITIES
INFLATION
INFRASTRUCTURE INVESTMENTS
INSTITUTIONAL INVESTORS
INSTRUMENT
INSURANCE
INSURANCE COMPANIES
INSURANCE INDUSTRY
INTEREST RATES
INTERNATIONAL BANK
INTERNATIONAL BANKS
INTERNATIONAL FINANCIAL INSTITUTIONS
INTERNATIONAL MARKETS
INVESTING
INVESTMENT ALTERNATIVES
INVESTMENT ASSETS
INVESTMENT CHOICES
INVESTMENT DECISIONS
INVESTMENT FUND
INVESTMENT FUNDS
INVESTMENT HORIZON
INVESTMENT IN SECURITIES
INVESTMENT MANAGEMENT
INVESTMENT OPPORTUNITIES
INVESTMENT OPTIONS
INVESTMENT POLICY
INVESTMENT PORTFOLIO
INVESTMENT PORTFOLIOS
INVESTMENT REGULATIONS
INVESTMENT RESTRICTIONS
INVESTMENT STRATEGIES
INVESTMENT VEHICLES
INVESTMENTS IN GOVERNMENT SECURITIES
INVESTOR BASE
ISSUANCE
JOINT STOCK COMPANIES
LEVEL PLAYING FIELD
LIABILITY
LIFE INSURANCE
LIFE INSURANCE COMPANIES
LIQUID ASSETS
LIQUIDITY
LIQUIDITY MANAGEMENT
LOCAL GOVERNMENT
LONG-TERM INSTRUMENTS
LONG-TERM INVESTMENT
MARKET CAPITALIZATION
MARKET DEVELOPMENTS
MARKET ECONOMY
MARKET PARTICIPANTS
MARKET PRICING
MARKET SHARE
MARKET VOLATILITY
MATURITIES
MATURITY
MATURITY MATCHING
MONETARY FUND
MORTGAGE
MORTGAGE-BACKED SECURITIES
MORTGAGES
PENSION
PENSION ASSET
PENSION ASSETS
PENSION FUND
PENSION FUND ASSETS
PENSION FUND INVESTMENT
PENSION FUND INVESTMENTS
PENSION FUNDS
PENSION LIABILITIES
PENSION REFORM
PENSION SYSTEM
PENSION SYSTEMS
PENSIONS
PORTFOLIO
PORTFOLIOS
PRICE VOLATILITY
PRIVATE PENSION
PROVIDENT FUNDS
PUBLIC PENSION
RATES OF RETURN
REGULATOR
REGULATORS
REGULATORY FRAMEWORK
REGULATORY SYSTEM
REINVESTMENT
REINVESTMENT RISK
REINVESTMENT RISKS
RESERVES
RETURN
RETURNS
RISK FACTOR
SAFETY NET
SAVINGS
SECONDARY MARKET
SECURITIES MARKET
SHARE OF INVESTMENTS
SHAREHOLDERS
SOCIAL DEVELOPMENTS
SOCIAL SAFETY NET
SOLVENCY
STOCK MARKET
STOCK MARKETS
TAX
TAX BENEFITS
TAX INCENTIVES
TELECOMMUNICATIONS
TRANSITION ECONOMIES
TRANSPARENCY
UNEMPLOYMENT RATES
VALUATION
YIELD CURVE
Online Access:http://documents.worldbank.org/curated/en/2004/08/18004688/kazakhstan-investment-opportunities-pension-funds-technical-note
http://hdl.handle.net/10986/16063
Description
Summary:The objective of this note is to put forward policy alternatives that could lead to improved management of pension fund assets in Kazakhstan. This note emphasizes prudence in the management of pension assets, given the social and fiscal importance of the pension sector. It also discusses different investment alternatives and development options for the domestic Kazakhstani capital market. The note aims to be realistic and pragmatic, based on the best professional judgment of the author.1 It is concluded that neither the regulators nor industry participants appear to fully appreciate the risks attached to the practice of focusing on short-term and high yield investments, which exposes pensioners to higher reinvestment and issuer risk. The recommendations are summarized in the last section of this note.

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