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EN
The article presents the causes of population aging and the consequent reform of pension systems. The problem that emerged in the last several years was faster than expected lengthening of life expectancy of retirees. This led to the depletion of funds accumulated by pension funds to pay future retirement benefits. The solution to this problem was the launch of market instruments enabling the transfer of longevity risk exposure of pension funds to investors accepting this risk. Although not very successful in the beginning, this market began to develop in recent years. The article presents its current shape and main segments.
EN
The article presents in a synthetic way the performance budget issue. In addition to the indication of the characteristics of this type of public financial management mechanism, literature studies, which aim was to show the mechanisms of efficiency in the management of budget expenditures, was carried out. The Authors made also an attempt to locate the performance budget issue in the perspective of integration with the euro area and the necessity of meeting the Maastricht criteria.
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