tailieunhanh - ASSET BUILDING FOR OLD AGE SECURITY - A CASE FOR HYBRID LONG-TERM SAVINGS MICROPENSION PRODUCTS

One strand in the recent academic literature seeks to explain the existence of different bank interest rates on loans and deposits on the basis of monopolistic competition in the banking sector. In this case, banks earn a positive profit margin because they can set the level of bank interest rates such that deposit rates are below the interbank rate and loan rates are above it. In addition, the bank faces costs in adjusting its interest rates and will take the pricing decision of competitors into account in order to preserve long-term customer relationships. This shields borrowers from market rate fluctuations. 2 . | 0 Women s World Banking Wi B What Works Asset Building for Old Age Security a case for Hybrid Long-T erm Savings micropension Products introduction There are roughly two billion elderly people worldwide and this number is expected to more than double by 2025. In addition approximately 80 of those over age sixty live in developing countries. Because of the overwhelming burden that providing for the elderly places on the governments of such countries private organizations need to offer old age security programs to supplement public efforts. Specifically since a large percentage of the workforce in developing countries is either self-employed or part of the informal sector there is a need for private old age security plans that target low income entrepreneurs. The safest and most cost-effective way for poor people to improve their net economic position and prepare for their old age is through asset accumulation and diversification. Although this may sound like wishful thinking the poor have consistently taken opportunities to invest in real assets such as land gold and tradable goods. More recently over the last 20 years the microfinance industry has shown that poor people will use financial assets such as savings accounts and insurance policies when given access to them. By investing in this variety of financial and non-financial assets the poor have shown themselves to be savvy investors the uncorrelated fluctuations in the values of their diversified assets reduce overall risk. Good asset management tools afford the poor the opportunity to build safety nets for near-term emergencies and in the long term old age. So with this progress why are the poor still poor And why are the elderly poor even poorer Although all real assets add to client wealth their risk must be successfully diversified which requires that clients have access to a wider range of financial assets. Broadly four types of such assets are necessary to build a healthy asset portfolio over a lifetime.

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