GRIPS 政策研究センター Policy Research Center

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2007/10/1 Report No:07-06

Asset Allocation for the Pakistan Pension System: A Role for International Diversification?

著者
  • Pfau Wade政策研究大学院大学
分野 経済学
言語 英語
要旨

Pakistan’s pension system is in the process of increasing funding in anticipation of providing for a growing elderly population. Regulations require that these pension assets be invested domestically. In this paper, we quantify how diversification of the pension funds to include world financial assets could help a great deal in improving the sustainability of Pakistan pensions by simultaneously increasing expected returns and decreasing volatility. These arguments are made using historical data, and the robustness of our findings is demonstrated using a large variety of alternative assumptions about future asset returns, risks, and correlations.

キーワード pension, asset allocation, financial markets, Asia, Pakistan
添付ファイル 07-06.pdf