The impact of changes in second pension pillars on public finances in Central and Eastern Europe: The case of Poland

Égert, Balázs

doi:10.1016/j.ecosys.2013.01.002

Cited by 9 publications

(2 citation statements)

References 8 publications

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“…The pay-as-you-go system (PAYG) has been inevitably transformed in several countries into private pension savings systems in order to ensure the sustainability of pension payments in the future. More than thirty countries -predominantly in Central and Eastern Europe (CEE) and Latin America -partly replaced their public pension systems with mandatory private retirement accounts managed by financial industry during period of mid-1990's and early 2000's (Égert , 2012;Guardiancich, 2013;Madrid, 2003).…”

Section: Introductionmentioning

confidence: 99%

Comprehensive Analysis of Regulatory Impacts on Performance of Slovak Pension Funds

Papík

Papíková

2021

Journal of Business Economics and Management

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Standard pay-as-you-go pension system is facing long-term and short-term sustainability challenges in several countries. Possible replacement of standard pension system might be in a form of private pension savings. Private pension savings are meaningful only if they provide sufficiently high returns. The aim of this manuscript is to analyse performance of Slovak pension funds and factors impacting this performance, especially government interventions. This manuscript is focused on enhanced Carhart four-factor model, Bollen and Busse four-factor model, and Fama and French five-factor model based on 23 pension funds from Slovakia from period starting September 2012 and ending September 2019. These models have been extended by other variables describing bond market factors and impact of regulatory interventions on performance of pension funds. Results of analysis have proved that legislative interventions have impact on performance of analysed pension funds. Each legislative intervention has caused average daily yield to decrease by about 0.01% to 0.03%. Findings described in this manuscript can contribute to better knowledge of pension funds for both contributors who need to decide whether to participate in the second pillar or not, as well as for regulators who develop legislation measurements in this area.

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Section: Introductionmentioning

confidence: 99%

Comprehensive Analysis of Regulatory Impacts on Performance of Slovak Pension Funds

Papík

Papíková

2021

Journal of Business Economics and Management

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“…The main principles of the pension reform in Lithuania are similar to that of many other post-communist countries (Latvia, Estonia, Poland etc. ), where pension systems were reformed earlier (see Égert, 2012;Volskis, 2012).…”

Section: Introductionmentioning

confidence: 99%