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POLAND AND GERMANY-A COMPARISON OF SYSTEMS AND PENSION REFORMS IN BOTH COUNTRIES (Polska i Niemcy - porównanie systemów i reform emerytalnych obu krajów)

100%
Ruzik-Sierdzinska A.
Ekonomia. Rynek, Gospodarka, Społeczeństwo
|
2011
|
issue 27
6-23
EN
Aim of the following paper was to compare changes in the German and Polish pension systems caused by demographic and labour market trends observed in recent decades. Since 1990s, those changes were similar in two systems although ways to reach the goal differed. Both countries have obligatory public components of the pension system. There are also so called second pillars, i.e. employees pension plans in Germany and obligatory open pension funds in Poland. Then, there exists the third pillar-voluntary savings for the old age-linked to tax exemptions or subsidies. The result of the described reforms are more favourable forecasts of the financial stability of both pension systems. Another one is also future (and already observed in Germany) increase in the effective retirement age and employment rate of older workers.
2

EVALUATION OF THE INVESTMENT POLICY OF OPEN-END PENSION FUNDS (OFES)

63%
Golebiowska A.
Optimum. Studia Ekonomiczne
|
2007
|
issue 1(33)
121-130
EN
The paper attempts to analyze and evaluate the investment policy of open-end pension funds. The authoress discusses the investment efficiency of the funds. She also indicates the present and past methods for such evaluation. The paper also describes the types of assets that the pension funds may invest in, along with the investment limits. The ending part of the paper is an evaluation of the investment performance of the entire pension market in the year of good investment results, i.e. 2005. This evaluation allows do demonstrate the influence of the investment policy on the functioning of an open-end investment fund. The results obtained by the funds and the way they invest the money of their members will, after all, determine the level of benefits for future pensioners.
3

Can actuaries wriggle out of their straitjackets? Comments on Miklos Arato's contribution on Janos Stahl's article.

63%
Nemeth G.
Kozgazdasagi Szemle (Economic Review)
|
2006
|
vol. 53
|
issue 6
560-567
EN
Janos Stahl's article and Miklos Arato's contribution on it show that the reason for the absence of a solution to a problem seen as technical by outside observers and an internal professional matter by expert insurance mathematicians - the annuities provided to their members by the pension funds making up the second pillar of the pension system - must be sought largely in the lack of an economic grounding, or deficiencies in it. The answers that have been impeding progress suffer from lack of clarity, misconceptions or plain mistakes of principle and theory, and these have been preventing progress for almost a decade. The basic condition for a solution is to escape from the straitjacket of the actuarial thinking of those schooled in insurance practice. The author of this discussion article eventually arrives at almost the same point as Janos Stahl, but not by the same route and drawing different conclusions. Stahl strained at the actuarial framework and met with incomprehension, while the author of these lines seeks a solution to an economic problem..
4
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PENSION FUNDS IN CENTRAL AND EASTERN EUROPEAN COUNTRIES. SOME LEGAL, ORGANIZATIONAL AND ECONOMIC ASPECTS (Fundusze emerytalne w krajach Europy Srodkowo-Wschodniej. Wybrane aspekty prawne, organizacyjne i ekonomiczne)

51%
Chybalski F.
Polityka Społeczna
|
2009
|
vol. 36
|
issue 2(419)
21-26
EN
The political and economic transformation in Central and Eastern European Countries in the last decade the 20th century coincided with the high unemployment and unfavorable demographical trends. Those factors resulted in the necessity of pension reforms in CEE countries. The main aim of the article is the characteristics of the selected legal, organizational and economic aspects of the pension funds functioning. The author describes the construction of pension system in selected countries, characterizes pension fund markets, legal aspects of pension funds investment activity and the pension companies reward system for managing pension funds
5
Content available remote

MARKET SOCIALIZIATION AND GLOBALISATION PROCES. THE CASE OF THE PENSION FUNDS (Uspolecznienie rynku a proces globalizacji. Przypadek funduszy emerytalnych)

51%
Zabkowicz A.
Ekonomia. Rynek, Gospodarka, Społeczeństwo
|
2008
|
issue 21
11-27
EN
The paper discusses the idea of socialized market, developed among others by Karl Polanyi and German ordoliberalism and institutionalized in the framework of the welfare state. The idea is eroding since labour interests, backed by the capitalist state have come under pressure of global business. Under globalized competition the welfare state seems to submit the idea of socialized market on behalf of the idea of free market. The European Union which is an association of national welfare states, paradoxically, seems to follow the economic liberalism (neoliberalism). Poland in spite of constitutional declaration on behalf of social market economy actually seems to undertake the UE drift. A study of pension funds has been undertaken in order to illustrate the trend observed, namely the shrinking of socialized sphere on behalf of the expansion of private global interests. The study refers to operations of so called 'second pillar' of the pension system in Poland.
6

'THE END OF THE GOLDEN AGE' THE DEVELOPMENT OF VENTURE CAPITAL IN CENTRAL AND EASTERN EUROPE (Az aranykor vege. A kockazatitoke-agazat fejlodese Kozep-Kelet-Europaban)

51%
Karsai J.
Kozgazdasagi Szemle (Economic Review)
|
2009
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vol. 56
|
issue 1
46-68
EN
The current downturn in the American and West European economies combined with increasing regulatory pressure on private equity throughout the developed world have made emerging markets an attractive destination for private equity. As part of such a market, the private equity industry of Central and Eastern Europe (CEE) was an accidental beneficiary of this, its attractiveness boosted also by the fact that the value added was resulting from the integral growth of companies rather than from leverage utilization. The crisis in the autumn of 2008 has turned growth financed by loans into a synonym for risk, so that the CEE countries as emerging markets have been placed at a disadvantage The current downturn in the American and West European economies combined with increasing regulatory pressure on private equity throughout the developed world have made emerging markets an attractive destination for private equity. As part of such a market, the private equity industry of Central and Eastern Europe (CEE) was an accidental beneficiary of this, its attractiveness boosted also by the fact that the value added was resulting from the integral growth of companies rather than from leverage utilization. The crisis in the autumn of 2008 has turned growth financed by loans into a synonym for risk, so that the CEE countries as emerging markets have been placed at a disadvantage
7

A PERFORMANCE AND RISK ANALYSIS ON THE SLOVAK PRIVATE PENSION FUNDS MARKET

51%
Miťková V., Mlynarovič V.
Ekonomický časopis (Journal of Economics)
|
2007
|
vol. 55
|
issue 3
232-249
EN
This paper presents the results from two methodological approaches to the analysis of performance and risk of the private pension funds in the Slovak Republic. In the first approach, the problem is formulated as a multiple criteria decision model, and Promethee methodology is used for outranking the pension funds. The second approach uses modern portfolio theory to analyse the pension funds in a risk-return space, and presents the results of the analysis of the efficiency on the private pension funds market in the Slovak Republic. Modern portfolio theory is used to construct the efficient frontiers in the selected risk-return spaces, using mean-CVaR and mean-standard deviation. The Black-Litterman approach is used to overcome a problem of sensitivity to the small changes in inputs in mean-variance portfolio optimisation.
8

Harmonizacja opodatkowania instytucji zbiorowego inwestowania – szanse i zagrożenia dla unijnych i polskich podmiotów od 2011 roku

44%
Płókarz R.
Roczniki Naukowe Wyższej Szkoły Bankowej w Toruniu
|
2011
|
issue 10
425-438
EN
The article presents the new tax and legal framework for Polish and international undertakings for collective investments (UCI) that came into force in January 2011. Prior to 2011, there were some tax obstacles within the Polish tax system that made competitive advantage in favor of domestic UCIs, and therefore were not in line with European regulations. The tax harmonization voted at the end of 2010 by Polish Parliament lifted those barriers, but at the same time gave birth to new threats and opportunities.
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