——————————————————  References Aguiar, Mark and Gita Gopinath (2007), “Emerging Market Business Cycles: The Cycle Is the Trend,” Journal of Political Economy 115, 69–102. Avdjiev, Stefan, Mary Everett, Philip R. Lane and Hyun Song Shin (2018), “Tracking the International Footprints of Global Firms,” BIS Quarterly Review (March), 47–66.
In order to enhance competition, full transparency about fees and other product characteristics is also crucial. This would allow workers to choose the funds and products best matching their needs. In this respect, the fact that employers’ contributions cannot be transferred out of occupational funds limits workers’ mobility and restrains competition in the asset management industry, with potentially significant adverse effects on workers’ welfare.