I       Introduction, Main Messages, and Policy Conclusions

A.      Background and Structure

B.      Overview and Key Messages

C.      Policy Conclusions and Open Agenda

II      Multi-Pillar Pension Reform in CESE Countries: Were the Financial Systems Prepared for the Challenges?

A.      Introduction

B.      Multi-Pillar Reforms in Transition Economies

C.      Financial Sector Readiness in the Region

D.      Current Financial Sector Status

III     How Can the Financial Markets Be Developed to Better Support Funded Systems?

A.      Introduction

B.      Is Too Much Money Chasing Too Few Assets?

C.      Bank Based and Market Based Systems

D.      Alternative Investment Options in Emerging Countries

IV      Population Aging and the Payout of Benefits: Issues and Options

A.      Introduction

B.      Lessons for Developing Annuity Markets

C.      Preparing for the Payout of Benefits: Challenges and Options

V       Can the Financial Markets Generate Sustained Returns on a Large Scale?

A.      Introduction

B.      Gross Financial Returns and Pension Fund Asset Allocation

C.      Net Pension Fund Returns

VI      Does Investing in Emerging Markets Help?

A.      Introduction

B.      International Financial Diversification and Domestic Bias

C.      Return, Risk, and International Diversification

D.      Investing in Emerging Markets

VII     Will Population Aging Impact Rates of Return?

A.      Introduction

B.      Demographic Developments and Motivation

C.      Will Aging Cause a Financial Market Meltdown?

D.      The Impact of Aging on the Implicit Returns of Unfunded Pension Schemes

Holzmann, Robert, ed. (2009). Aging population, pension funds, and financial markets: regional perspectives and global challenges for central, eastern, and southern Europe ([No definido] ed.). World Bank.