In its twenty years of existence, Brazil's private pension system has accumulated assets over 70 billion dollars. There is a growing concern about the role priva te pensions can play in the Brazilian economy. It is hoped that they can contribute in three important aspects: (a) financing economic development, (b) growth of domestic capital markets, and (c) dilution of the property structure. This study will try to draw from the experience of industrialized countries some perspectives related to the growth and performance of pension funds in emerging markets.
pension funds; capital markets; corporate governance; property structure