This thesis aims to investigate pension funds'investment behavior in times of a capital markets crisis; to discuss actions taken and changes of an investment policy; and to point out legislative issues. Another topic is a discussion over the contribution of each investment tool to the portfolio performance, and a prediction of the investment policy of pension funds. An important part of this thesis is the analysis of the detailed portfolio of PF Stabilita. The outcome of this paper is not to predict a future developement of capital markets, although a broad prediction for each investment tool is made, but to investigate a reaction of pension funds to the 2008 capital markets turmoils.

The topic of social security systems and pension reforms are discussed a lot recently. Pension reform in Slovakia started in 2004. After parametric reform in mandatory state pay-as-you-go pillar a mandatory funded pillar was set up and changes in voluntary private funded pillar were approved. The goal of this diploma thesis is to describe and analyse impacts of these changes in pension system.

This thesis focuses on the analysis of non-traditional approach to reforming the pay-as-you-go pension system by introducing a link between the number of children and the amount of pension, which is known as the Children PAYG. An analysis of the concept in general and of specific proposals for reform with its application is performed in the analytical part. Attention is also given to related topics. One of them is to assess the impact of the pension system on fertility. Further issue is to examine the costs of raising a child that are shared by parents and society as a whole. One of the main outputs of this thesis is a summary of positive and negative features of the Children PAYG concept. The concept is considered applicable in domestic conditions based on this analysis. Finally there are two recommended approaches to the Czech pension reform, the first one is based on the concept of Children PAYG with limiting the role of family policy, the second one is based on maintaining current pay-as-you-go system in a limited form of so-called flat-rate pension with strengthening the role of family policy in financing the costs of raising children.

The diploma thesis deals with the privatization of the pay-as-you-go pension systems, and it aims to theoretically and empirically disconfirm the widely spread imaginary benefits of the transfer to the fully funded social security system. These so-called social security myths are inherently connected with the transformation of the implicit pension debt to the explicit debt which, as confirmed by the designed multiple regression model, has a negative influence on rating and therefore on financing expenses of certain states. The thesis also focuses on legislative modifications of pension funds in the Czech Republic which fundamentally add to almost zero real annual yield. After subtraction of deferred expenses and revaluation reserve held in equity of particular pension funds, the average real annual yield in recent fifteen years is actually negative.

This dissertation deals with current trends in insurance. The aim of this thesis is to find the development trends, which have affected the insurace market the most in the last years. The first chapter is focused on the implementation of regulatory projects in insurace main Solvency II. The second part of disertation familiarizes the trends in the products of life and non-life insurace. At the end of this dissertation, there is the prognosis of the future development in insurance.

Financial unsustainability of pension systems in developed economies looms large on the horizon due to increasing life expectancy and continuous drop in fertility. In spite of a broad discussion, there has been but a little consensus on appropriate remedy. One aspect partially neglected in the literature is vulnerability of pension systems to market imperfections and economic shocks. I present three basic types of pension schemes adopted across all developed countries - pure PAYG, fully-funded, and mixed (multipillar) scheme - and examine effects of various risks -- particularly market risk, interest rate risk, investment risk, and longevity risk -- on their functioning. The analysis shows that while no pension scheme is immune to external influences, the multipillar scheme provides the best results thanks to appropriate risk diversification.

This diploma thesis deals with two state interventions within the labour market. The first intervention focuses on minimum wage. Most economists purport that the high ratio of minimum wage to average wage leads to a higher rate of unemployment amongst younger people (15 -- 24). This thesis analyses this issue in countries that are involved in the Organisation for Economic Co-operation and Development ("OECD countries"). The results differ between countries; however, it can generally be said that the high ratio of minimum wage to average wage leads to a higher rate of employment amongst younger people than between members of other analysed age groups. The second intervention focuses on the "pay as you go" pension system ("PAYG") as compared with a fully funded plan. This thesis compares the two major pension systems with the aim of determining which plan is more profitable. In the Czech Republic, between the years of 1995 and 2012, the fully funded plan was more profitable in eight of the nine pension funds analysed. Future estimations are dependent on population fluctuations and technological progress within the Czech Republic.

The thesis examines various parameters of pre-funded pension systems with individual accounts that are in some aspects mandatory. Instead of describing such systems comparatively in detail, rationale of some of the system design choices is discussed. Main focus is on institutional design, cost containment and investment regulation. It is argued that given the mandatory nature of such systems, governments should seek to regulate them in ways that promote cost-effectiveness, while allowing for meaningful investment return on system assets. Also, where sound, adequate use should be made of existing industry and regulatory structures as a cost-containment and confidence-building measure.

This thesis is focused on products used to cover the needs of the people in retirement in the conditions of the Czech Republic, which can be a suitable complement to the constantly decreasing values of the retirement pension paid by the State. At first I will describe the current situation of the Czech pension system and its compulsory transformation into a multi-pillar system. The following chapters are devoted to analyzing individual products in terms of making savings for retirement. In the last chapter I compare different products and try to find out the best way how to secure individuals savings for life in the retirement according to a particular state revenues and expenditures.

Main goal of the Master thesis is comparsion of present pension systems in Germany, Austria, Poland, Hungary, Czech Republic and Slovakia. It compares not only compulsory pay as you go pillars but even structural reforms of past twenty years, implementation of the 2nd funded pillar in post-communist countries and motivational schemes of the 3rd pillar. The Master thesis briefly touches history and development of pension systems in the region of Central Europe. Using the metod of on-line survey it discovers base kowledge bound with pensions, demographical issues and future problems of the system. Analyse of the written and on-line sources and results of the survey followed by synthese closes the Thesis with set of recommendations how to upgrade all three pillars of conterporary pension system in Czech Republic.