Macroeconomic Impact of Pension System Upon Private Pension Funds Scheme. Empirical Evidence From Central and Eastern European Countries

Authors

  • Florin Cornel Dumiter “Vasile Goldiș” Western University of Arad
  • Ștefania Amalia Jimon “Vasile Goldiș” Western University of Arad
  • Nicolae Balteș Lucian Blaga University of Sibiu image/svg+xml

Abstract

The significance of retirement savings and private pension funds increased in the latest decades and gathered important amounts of capitals. The purpose of this paper is to investigate the macroeconomic effects of pension systems from an investment perspective in five Central and Eastern European countries. The analyzing process regarding several underlying macroeconomic effects of pension systems started from the premises that there is a strong connection between the structure of pension systems, the national economy and the development of the financial sector. The econometric tests were processed and applied by using pool data regression models and the method Pooled Instrumental Variables (IV) - Two-stage Least Squares (2SLS). The main conclusion highlights that the interest rate at deposits is correlated with the amount of incomes earned by population, inflation rate, severe material deprivation rate and the investment strategy of private pension funds.

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Published

2021-05-06

Issue

Vol. 31 No. 2 (2021): Studia Universitatis „Vasile Goldiș” Arad - Economics Series

Section

Articles

How to Cite

Macroeconomic Impact of Pension System Upon Private Pension Funds Scheme. Empirical Evidence From Central and Eastern European Countries. (2021). Studia Universitatis Vasile Goldiș Arad, Seria Științe Economice, 31(2), 1-19. https://publicatii.uvvg.ro/index.php/studiaeconomia/article/view/668