For pension funds, international assets represent an opportunity to improve their returns while possibly reducing risks. Nonetheless, pension funds in many developing countries face regulations that limit the choice of international investments. In this paper, authors propose a new methodology to estimate the gains from international diversification in which the optimal asset allocation of pension funds is constrained by financial frictions. We apply...
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2021/03/01
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158654
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1
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2021/04/29
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Estimating the Gains from International Diversification : The Case of Pension
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