世界银行-如何驾驭新兴市场的本地投资者：以本地养老基金为例（英）

F I N A N C EEQUITABLE GROWTH, FINANCE & INSTITUTIONS INSIGHT TRADE, INVESTMENT AND COMPETITIVENESSFINANCEHow to Harness Local Investors in Emerging Markets: The Example of Local Pension FundsRichard DavisRobert RusconiAaron LevinePublic Disclosure AuthorizedPublic Disclosure AuthorizedPublic Disclosure AuthorizedPublic Disclosure Authorized© 2024 International Bank for Reconstruction and Development / The World Bank 1818 H Street NW Washington DC 20433 Telephone: 202-473-1000 Internet: www.worldbank.org This work is a product of the staff of The World Bank with external contributions. The findings, interpretations, and conclusions expressed in this work do not necessarily reflect the views of The World Bank, its Board of Executive Directors, or the governments they represent. The World Bank does not guarantee the accuracy, completeness, or currency of the data included in this work and does not assume responsibility for any errors, omissions, or discrepancies in the information, or liability with respect to the use of or failure to use the information, methods, processes, or conclusions set forth. The boundaries, colors, denominations, and other information shown on any map in this work do not imply any judgment on the part of The World Bank concerning the legal status of any territory or the endorsement or acceptance of such boundaries. Nothing herein shall constitute or be construed or considered to be a limitation upon or waiver of the privileges and immunities of The World Bank, all of which are specifically reserved.Rights and Permissions The material in this work is subject to copyright. Because The World Bank encourages dissemination of its knowledge, this work may be reproduced, in whole or in part, for noncommercial purposes as long as full attribution to this work is given. Any queries on rights and licenses, including subsidiary rights, should be addressed to World Bank Publications, The World Bank Group, 1818 H Street NW, Washington, DC 20433, USA; fax: 202-522-2625; e-mail: pubrights@worldbank.org. Cover photo: Mai Ky / World BankAcronyms4Acknowledgements6Executive Summary7I. Background, Structure and Definitions9II. The Critical Role of Strong Governance12Canadian Pension Funds13Market Development and the EPF Malaysia15South Africa’s GEPF17Private Equity Investing in Namibia19III. Improving Governance and Diversification via Investment Pooling23IV. Revealing Hidden Areas of Opportunity in Pension Savings26Unregulated Provident Funds in Southeast Asia26Long-term Savings Arrangements for Informal-sector Workers27V. Conclusions32References34Contents>>>>>> Acronyms APYAtal Pension Yojana (India)B-BBEEBroad-based Black Economic EmpowermentCDPQCaisse de dépôt et placement du QuébecCRISACode for Responsible Investing in South AfricaDCPDevelopment Capital Portfolio (Namibia)EDGEExcellence in Design for Greater EfficienciesEMDEEmerging Market and Developing EconomiesEMEEmerging Market EconomyEPFEmployees Provident Fund (Malaysia)ESGEnvironm