Regulation of Pension Fund Credit Risk: Lessons from the Banking Sector
Autor(a) principal: | |
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Data de Publicação: | 2007 |
Outros Autores: | |
Tipo de documento: | Artigo |
Idioma: | eng por |
Título da fonte: | BBR. Brazilian Business Review (English edition. Online) |
Texto Completo: | http://www.bbronline.com.br/index.php/bbr/article/view/417 |
Resumo: | This article examines the regulatory framework for managing the credit risk of pension funds in Brazil. We believe that the current framework is not very effective at controlling credit risk, and also overly limits the investment possibilities of pension fund managers. We consider the regulatory framework for banks as an alternative approach for future developments, and propose that the rules on credit risk exposure of pension funds and banks be made uniform. The resulting regulatory framework would be more effective and easy to monitor, facilitating the work of external supervision and auditing. Finally, we present a numerical example using real data on six Brazilian pension funds to illustrate the proposal. |
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Regulation of Pension Fund Credit Risk: Lessons from the Banking SectorA Regulamentação do Risco de Crédito para Fundos de Pensão: Lições do Setor Bancáriopension fundsregulatory frameworkcredit riskfundos de pensãoregulamentaçãoriscos de créditoThis article examines the regulatory framework for managing the credit risk of pension funds in Brazil. We believe that the current framework is not very effective at controlling credit risk, and also overly limits the investment possibilities of pension fund managers. We consider the regulatory framework for banks as an alternative approach for future developments, and propose that the rules on credit risk exposure of pension funds and banks be made uniform. The resulting regulatory framework would be more effective and easy to monitor, facilitating the work of external supervision and auditing. Finally, we present a numerical example using real data on six Brazilian pension funds to illustrate the proposal. Consideramos neste artigo o ambiente regulamentar para a gestão de riscos de crédito em fundos de pensão no Brasil. Nossa percepção é que a regulamentação atual é pouco efetiva sob a ótica de gestão de riscos de crédito, exercendo ainda um papel negativo ao impedir um melhor aproveitamento das oportunidades de mercado por parte dos gestores de fundos de pensão. Apresentamos o ambiente regulamentar para bancos como uma fonte de inspiração para avanços no caso de fundos de pensão. Uma proposta é colocada, facilitando a uniformização do acompanhamento por parte das autoridades supervisoras das exposições de crédito em fundos de pensão e bancos. Nossa opinião é que o ambiente regulamentar resultante é mais efetivo e fácil de monitorar, facilitando assim o trabalho de supervisão e auditoria externas. Um exemplo numérico com dados reais de seis fundos de pensão é apresentado como ilustração de nossa proposta.FUCAPE Business Shool2007-05-01info:eu-repo/semantics/articleinfo:eu-repo/semantics/publishedVersionPeer-reviewed ArticleArtigo revisado pelos paresapplication/pdfapplication/pdfhttp://www.bbronline.com.br/index.php/bbr/article/view/41710.15728/bbr.2007.4.2.4Brazilian Business Review; Vol. 4 No. 2 (2007): May to August 2007; 132-148Brazilian Business Review; v. 4 n. 2 (2007): Maio a Agosto de 2007; 132-1481808-23861807-734Xreponame:BBR. Brazilian Business Review (English edition. Online)instname:Fucape Business School (FBS)instacron:FBSengporhttp://www.bbronline.com.br/index.php/bbr/article/view/417/636http://www.bbronline.com.br/index.php/bbr/article/view/417/637Copyright (c) 2007 Brazilian Business Reviewhttps://creativecommons.org/licenses/by/4.0info:eu-repo/semantics/openAccessHerbst, Pedro AmericoDuarte Júnior, Antonio Marcos2018-11-06T19:59:44Zoai:ojs.pkp.sfu.ca:article/417Revistahttps://www.bbronline.com.br/index.php/bbr/indexONGhttp://www.bbronline.com.br/index.php/bbr/oai|| bbronline@bbronline.com.br1808-23861808-2386opendoar:2018-11-06T19:59:44BBR. Brazilian Business Review (English edition. Online) - Fucape Business School (FBS)false |
dc.title.none.fl_str_mv |
Regulation of Pension Fund Credit Risk: Lessons from the Banking Sector A Regulamentação do Risco de Crédito para Fundos de Pensão: Lições do Setor Bancário |
title |
Regulation of Pension Fund Credit Risk: Lessons from the Banking Sector |
spellingShingle |
Regulation of Pension Fund Credit Risk: Lessons from the Banking Sector Herbst, Pedro Americo pension funds regulatory framework credit risk fundos de pensão regulamentação riscos de crédito |
title_short |
Regulation of Pension Fund Credit Risk: Lessons from the Banking Sector |
title_full |
Regulation of Pension Fund Credit Risk: Lessons from the Banking Sector |
title_fullStr |
Regulation of Pension Fund Credit Risk: Lessons from the Banking Sector |
title_full_unstemmed |
Regulation of Pension Fund Credit Risk: Lessons from the Banking Sector |
title_sort |
Regulation of Pension Fund Credit Risk: Lessons from the Banking Sector |
author |
Herbst, Pedro Americo |
author_facet |
Herbst, Pedro Americo Duarte Júnior, Antonio Marcos |
author_role |
author |
author2 |
Duarte Júnior, Antonio Marcos |
author2_role |
author |
dc.contributor.author.fl_str_mv |
Herbst, Pedro Americo Duarte Júnior, Antonio Marcos |
dc.subject.por.fl_str_mv |
pension funds regulatory framework credit risk fundos de pensão regulamentação riscos de crédito |
topic |
pension funds regulatory framework credit risk fundos de pensão regulamentação riscos de crédito |
description |
This article examines the regulatory framework for managing the credit risk of pension funds in Brazil. We believe that the current framework is not very effective at controlling credit risk, and also overly limits the investment possibilities of pension fund managers. We consider the regulatory framework for banks as an alternative approach for future developments, and propose that the rules on credit risk exposure of pension funds and banks be made uniform. The resulting regulatory framework would be more effective and easy to monitor, facilitating the work of external supervision and auditing. Finally, we present a numerical example using real data on six Brazilian pension funds to illustrate the proposal. |
publishDate |
2007 |
dc.date.none.fl_str_mv |
2007-05-01 |
dc.type.driver.fl_str_mv |
info:eu-repo/semantics/article info:eu-repo/semantics/publishedVersion Peer-reviewed Article Artigo revisado pelos pares |
format |
article |
status_str |
publishedVersion |
dc.identifier.uri.fl_str_mv |
http://www.bbronline.com.br/index.php/bbr/article/view/417 10.15728/bbr.2007.4.2.4 |
url |
http://www.bbronline.com.br/index.php/bbr/article/view/417 |
identifier_str_mv |
10.15728/bbr.2007.4.2.4 |
dc.language.iso.fl_str_mv |
eng por |
language |
eng por |
dc.relation.none.fl_str_mv |
http://www.bbronline.com.br/index.php/bbr/article/view/417/636 http://www.bbronline.com.br/index.php/bbr/article/view/417/637 |
dc.rights.driver.fl_str_mv |
Copyright (c) 2007 Brazilian Business Review https://creativecommons.org/licenses/by/4.0 info:eu-repo/semantics/openAccess |
rights_invalid_str_mv |
Copyright (c) 2007 Brazilian Business Review https://creativecommons.org/licenses/by/4.0 |
eu_rights_str_mv |
openAccess |
dc.format.none.fl_str_mv |
application/pdf application/pdf |
dc.publisher.none.fl_str_mv |
FUCAPE Business Shool |
publisher.none.fl_str_mv |
FUCAPE Business Shool |
dc.source.none.fl_str_mv |
Brazilian Business Review; Vol. 4 No. 2 (2007): May to August 2007; 132-148 Brazilian Business Review; v. 4 n. 2 (2007): Maio a Agosto de 2007; 132-148 1808-2386 1807-734X reponame:BBR. Brazilian Business Review (English edition. Online) instname:Fucape Business School (FBS) instacron:FBS |
instname_str |
Fucape Business School (FBS) |
instacron_str |
FBS |
institution |
FBS |
reponame_str |
BBR. Brazilian Business Review (English edition. Online) |
collection |
BBR. Brazilian Business Review (English edition. Online) |
repository.name.fl_str_mv |
BBR. Brazilian Business Review (English edition. Online) - Fucape Business School (FBS) |
repository.mail.fl_str_mv |
|| bbronline@bbronline.com.br |
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