G23

Pension Funds; Non-bank Financial Institutions; Financial Instruments; Institutional Investors

Can creditor bail-in trigger contagion? The experience of an emerging market

The successful bail-in of creditors in African Bank, a small South African monoline lender, provides an opportunity to evaluate the intended and unintended consequences of new resolution tools. Using a data set that matches quarterly, daily and nancial-instrument level data, I show that the bail-in led to money-market funds `breaking the buck', triggering signicant redemptions and some nancial contagion.

Economies of Scale and Pension Fund Plans: Evidence from South Africa

The focus of this paper is on the presence of economies of scale in administering pension funds. We make use of a unique dataset with extensive information on South African retirement funds from 1996 to 2006. For almost fifty years now, South Africa has operated under a system with small social security bene…ts but with considerable options and freedom to long-term savers. The dataset contains aggregate information for various fund types, fund classes, as well as different benefit structures.

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