Impact of private pension funds on capital market Final work of University Postgraduate Studies consists of 73 pages, 18 figures, 10 tables, 81 sources of literature and 3 appendixes, in Lithuanian. Key words:pensions, social security, pension reform, private pension funds, capital market. The object of research is private pension funds. The aim of research is to estimate impact of private pension funds on capital market. The objektives are: 1) specify the concept of private pension funds, 2) perform theoretical analysis of private pension funds activity, 3) estimatepossible possible position of private pension funds in capital market, 4) frame the methodology of the estimation the impact of private pension funds on capital market, 5) traverse the capital market in Lithuania and investment of private pension funds, 6) estimate the factors of private pension funds that determinant the potential impact on capital market, 7)estimate the impact of private pension funds on capital market. methods of research: analysis and synthesis of scientific literature, logical analysis and synthesis, comparable analysis, graphic methods of modeling.

Pensijų reforma Lietuvoje. Magistro darbo problema yra galima socialinė, ekonominė reformuotos pensijų sistemos, apimančios valstybinę pensijų sistemą ir privačius pensijų fondus, rizika. Pensijų sistemos rizikos veiksnių minimizavimas turi būti numatytas teisės aktuose, pačioje pensijų sistemos struktūroje, jos valdyme. Būtina ��vertinti pensijų sistemą, jos struktūrą, reformos eigą, teisinę bazę ir nustatyti būdus, kuriais galima minimizuoti pensijų sistemos reformos riziką ir užtikrinti efektyvią socialinę apsaugą visuomenei. Šis procesas turi būti tęstinis. Magistro darbo tikslas buvo išnagrinėti pensijų reformos riziką ir pasiūlyti jos minimizavimo būdus gerinant socialinę apsaugą Lietuvoje. Siekiant šio tikslo, įgyvendinti šie Magistro darbo uždaviniai: išnagrinėta pensijų reforma socialinės gerovės vystymo sąlygomis ir teoriniai pensijų sistemos rizikos veiksniai; išanalizuota pensijų reformos eiga Lietuvoje; išskirti ir išnagrinėti pensijų reformos rizikos veiksniai Lietuvoje; atlikti empiriniai tyrimai, įvertinta pensijų reformos rizika; pasiūlyti būdai pensijų reformos rizikai minimizuoti. Padaryta išvada, jog pagrindiniai būdai pensijų reformos ir sistemos rizikai minimizuoti, tai teisinės bazės tobulinimas, pensijų sistemos kontrolės ir administravimo struktūros gerinimas, visuomenės tinkamas informavimas apie pensijų sistemą, jos rezultatus ir riziką. Taip pat turi būti įdiegta privačių pensijų fondų administratorių atsakomybė. Valstybinė pensijų... [toliau žr. visą tekstą] / The pension reform in Lithuania. The problem of the research of Master’s work was the possible social, and economic risk of newly reformed pension system, including state social security system and private pension funds. The pension system risks must be managed through the laws, the management of the system and the control of the pension system. It is important to analyze the possible risk and to forecast them in order to improve its management. This process should be continuous. The main goal of the Master’s work was to analyze the risk of pension system and to identify the ways to minimize the risk. In order to research this goal, the following questions were analyzed: the theoretical aspects of pension system organization in order to seek for the social benefits in the society; the pension reform process in Lithuania; the factors causing possible risk of pension system in Lithuania. The empirical research (questioner of 100 respondents) was made in order to identify how the citizens evaluate the pension system and its risks. Finally the ways to minimize the possible pension system risk were proposed. The main ways to minimize the person risk are to improve the laws, the pension system control and administration structure, to inform the society properly about the system, its results and risk. The legal responsibility of private pension funds administrators should be implemented as well. The state social security system will be possibly meeting the risk factors too. In... [to full text]

This thesis consists of four independent papers covering macroeconomic topics such as unemployment insurance, retirement, business cycles and disability insurance. The unifying theme connecting all papers is the importance of health when addressing these issues. The first paper derives the optimal insurance against unemployment and disability in a setting where individuals can determine the probability of becoming disabled by exerting prevention effort. The second paper develops a life cycle model of labor supply and retirement to study the interactions between health and the labor supply behavior of older workers, in particular disability insurance and retirement. The third paper looks at the role of health in a business cycle framework. Here, health is treated as an asset that generates time and utility. The last paper derives a theoretical model of the application decision for disability benefits and proposes an empirical strategy for measuring screening stringency in the disability insurance program. / <p>Diss. Stockholm :  Stockholm School of Economics, 2012. Introduction together with 4 papers</p>

This thesis consists of four independent essays grouped in two parts. The first part analyzes the possibility and duration of a Pareto-improving pension reform. The second part considers some economic issues related to the tax avoidance activities. The possibility and duration of a Pareto-improving pension reform.Many countries face large problems in supporting current pay-as-you-go pension systems arising from demographic changes leading to the situation when returns on capital exceed population growth. Inefficiency arises from implicit taxation on pension contributions. In a closed economy, it is even more destructive due to its negative impact on savings and capital accumulation. Although the transition to a fully funded system is a great improvement of the economy, its implementation entails several difficulties if Pareto-efficiency is required. The first essay, “The Possibility of a Pareto Improving Pension Reform in a Heterogeneous Economy”, demonstrates that Pareto-improving transitions from pay-as-you-go to fully funded pension systems nearly always exist. To demonstrate this, I classify existing theoretical results according to the type of reformed economy, the form of pension benefits, and the policy instruments used during the transition. Then, I show that intergenerational heterogeneity should no longer be considered as an obstacle when implementing Pareto-improving pension reforms. To maintain redistributive or insurance mechanisms supported by pay-as-you-go systems, I propose to replace inefficient social security with redistributive tax and transfer payments inside one generation. This would save the economy from the inefficiency related to the implicit taxes on pension contributions imposed by pay-as-you-go systems. The second essay, “Designing Optimal Pareto Improving Pension Reforms: A More Distorted Economy Can be Reformed Faster”, investigates the optimal Pareto-improving debt-financed transition from pay-as-you-go to fully funded pension systems. In particular, I examine the relationship between key parameter values characterizing the preferences, the technology and the size of the initial system, and the necessary time for a Pareto-improving transition. My finding is that a more distorted economy can be reformed faster. This result gives an additional explanation to the success of the Chilean reform, where an initial pay-as-you-go system was the largest and, at the same time, the most distorting.An Economy with Clever Tax Avoidance Providers.In the third essay “The Importance of Income Distribution for the Price of the Tax Avoidance Service”, I design a model with a clever tax avoidance provider, who maximizes a profit by setting the price for the tax avoidance services. Therefore, the price for the tax avoidance service is endogenously defined. In that setup, the change in income distribution is not less important than changes in the tax code, which together are responsible for the tax avoidance demand. The model has a wide range of applications. In particular, I analyze the relation between inequality and the collection of tax revenue. The paper shows that tax revenue as a percentage of GDP might grow with inequality when the tax code is not significantly changed. Moreover, higher inequality implies lower marginal cost of additional revenue. This assay also considers tax base broadening, providing examples where this leads to a reduction in tax revenue.In the fourth essay, “ Tax Avoidance as a Reason for Secession”, I provide an additional explanation for the intentions to secede related to expected changes in the tax codes after the ''break down of a nation''. To demonstrate my points, I use a tax avoidance model designed in the third essay, where active tax avoidance providers make a decision about the price and quantity of their services. Secession gives the avoidance provider the option of setting different prices in separate regions.  As a consequence, the price for the tax avoidance service may fall in the poorer region and the elite of this region would be able to avoid the tax, which is impossible in union. Moreover, regional separation may lead to tremendous changes in the shape of income distribution, forcing new governments to change the tax codes. Thus, the government of the richer region may reduce tax rates in order to enlarge the tax revenue collection. To avoid a breakdown of the state, the government should reduce inefficient spending and tax duties. Promoting democracy or increasing the political influence of poor households may reduce the tendency to separate. / Diss. Stockholm : Handelshögskolan, 2002

Diss. Stockholm : Handelshögskolan, 2002.

Submitted by Marcia Morais Ferreira (marcia.ime@gmail.com) on 2018-03-06T03:09:06Z No. of bitstreams: 1 Marcia Ferreira - Texto Final pós banca com ficha.pdf: 935260 bytes, checksum: a90af28e7956b2446e25b7bd0ca47b5a (MD5) / Approved for entry into archive by Thais Oliveira (thais.oliveira@fgv.br) on 2018-03-06T19:27:00Z (GMT) No. of bitstreams: 1 Marcia Ferreira - Texto Final pós banca com ficha.pdf: 935260 bytes, checksum: a90af28e7956b2446e25b7bd0ca47b5a (MD5) / Made available in DSpace on 2018-03-07T14:31:51Z (GMT). No. of bitstreams: 1 Marcia Ferreira - Texto Final pós banca com ficha.pdf: 935260 bytes, checksum: a90af28e7956b2446e25b7bd0ca47b5a (MD5) Previous issue date: 2018-02-06 / A proposta da reforma da previdência, texto da PEC 287/16, voltou a ser tema no cenário político e econômico como parte de uma série de medidas para equalizar as contas públicas. O trabalho utilizou a PNAD e projetou a população que estará aposentada em um horizonte de tempo de 30 anos considerando as regras vigentes e analisou as características sócio demográficas de quem continua aposentado e de quem não conseguiria se aposentar com as mudanças nas regras, considerando as duas versões propostas: o texto inicial da PEC e a segunda versão, fruto do processo de negociação política. Os resultados mostram que as mulheres e os rurais são os que mais perdem na primeira proposta, efeito que é revertido pela segunda, sem grandes alterações no perfil das outras variáveis. A diminuição no valor da aposentadoria inicial é diferente entre regimes e entre propostas: no RPPS quanto maior a faixa de renda do contribuinte, maior é a perda proporcional na aposentadoria e a segunda versão produz perdas maiores. No RGPS, a primeira versão produz perdas maiores e os impactos são relativamente maiores nas faixas de 1 a 5 salários mínimos. Em ambos os regimes a mulher é a mais impactada e precisa contribui durante mais tempo para se aposentar. As projeções mostram que ambas as propostas não diminuem a proporção de contribuintes com renda de até um salário mínimo e não alteram seu benefício, ou seja, afetando de fato, a uma parcela menos carente da população. / The proposal of the pension reform, text of PEC 287/16, has once again become a theme in the political and economic scenario as part of a series of measures to equalize public accounts. The study used the PNAD and projected the population that will be retired in a time horizon of 30 years considering the current rules and analyzed the demographic characteristics of those who would still be retired and who could not retire with the changes in the rules, considering the two proposed versions: the initial text of the PEC and the second version, the result of the political negotiation process. The results show that women and rural women lose the most in the first proposal, an effect that is reversed by the second, without major changes in the profile of the other variables. The decrease in the value of the initial retirement is different between regimes and between proposals: in RPPS the greater the income range of the person, the greater is the proportional loss at retirement and the second version produces larger losses. In RGPS, first version produces larger losses and the impacts are relatively larger in the ranges of 1 to 5 minimum wages. In both regimes, woman is the most affected and needs to contribute during a longer period to retire. Projections show that both proposals do not diminish the proportion of people with incomes of up to one minimum wage and do not change their benefits, that is, by actually affecting a less deprived part of the population.

The main aim of this diploma thesis is to provide a paradigmatic view on the future development of the pension system in Czech Republic within the environment of the system dynamics. This objective incorporates the goal of creating a dynamic model that will sufficiently informative and includes the key aspects, both the current and the future form of the pension system (PS) in Czech Republic. The results of the current form of PS conclude that under the presumption of slightly unfavourable demographic development and constancy of PS is the system unsustainable. The model also points out the fact that the problem of PS could be solved through its partial adjustment. Under the assumption of gradually increasing pension tax rate, opposed with the real value of pension benefit and gradual pension age postponement up to 71 years. The results of the pension form post reformed analysis pension form are based on the assumption of intergenerational schism. That means different attitudes to the pension system reform. Pension system post reformed analysis results coincidently work with the fact that all people under 30 years (year 2009) will join the voluntary pension fund system. The current scenarios consider that the coming generation of working population will without exception enter this voluntary system. The older population (aged over 31 years) will not participate in the pension reform. Another common feature of the proposed scenarios is the fact that all individuals will join the capital pillar (the pension voluntary system) at the beginning of the year 2013. When comparing current and post reform form of the pension system a remarkable finding has arisen. The model of the post reform PS shows considerably worse results than is model of the current PS form.

The subject of the thesis is the analysis of the services that are offered within of the forthcoming pension reform in the Czech Republic, in order to find an optimal variant for the security of the citizens of the Czech Republic in the pensionable age.

The diploma work is oriented on the additional pension insurance (superannuation scheme) and on it{\crq}s value as a reserve for the retirement age. In the theoretical part there is described the history of the additional pension insurance, main terms and definition and next there are in detail described the particular pension funds and their rentability. The theoretical part finishes with the integral part of the additional pension insurance, which is the tax prefference. In the introduction of the practical part there I am concerned with the pension reform, because the additional pension insurance is an instrument used for saving for the pension age. The pension reform has three phases. The first phase already has been confirmed by the government and it{\crq}s main consequence are the rules for the retirement. Next two phases are being discussed. No matter how the discussion about the reform ends I consider as reasonable to care of securing myself in the future by using the additional pension insurance. This is demonstrated on four independent examples, where I show that it is advantageous to start saving money by additional pension insurance. In the final phase of the practical part there is the general conclusion of the diploma work and my own opinion about the importance of the additional pension insurance.

Made available in DSpace on 2017-07-10T17:55:31Z (GMT). No. of bitstreams: 1 Patricia_Bonilha_Leao.pdf: 2109690 bytes, checksum: 3ac9d36144edaedfcf15842965492834 (MD5) Previous issue date: 2013-07-29 / Coordenação de Aperfeiçoamento de Pessoal de Nível Superior / The 1988 Constitution is the Constitutional Charter was instituted more social rights, among these are pension rights, both in relation to the General Welfare, the criteria governing the granting of retirement to workers whose contract of workers are governed by the Labor Code, as the Regime of Social Security Self, the civil servants and the military. Despite these advances in social rights were the result of struggles and demands of men and women who took to the streets in search of better conditions of work and life, organized into unions, leftist parties, social movements, the promulgation of the Charter was made by elite Brazil, represented by the right. However, barely closed the adoption of this Constitution, these same groups, began working in the implementation of capitalism in its neoliberal form, starting coupled to this process of "welfare reform Brazilian". Despite attempts to implement this throughout the Collor / Itamar, this was effective only in 1998 with the approval of Constitutional Amendment. 20/98. This amendment ended with retirement for length of service, deployed retirement contribution time, set maximum limit for payment of pension benefits under the general scheme and the mandatory pension scheme, following criteria set by the World Bank, the IMF and government linked U.S. However, even getting the approval of Amendment. 20, the Cardoso government failed to move towards deregulation pension rights of public employees. This setback was achieved in the reform implemented following the end of the 1st year of the Lula government (2003), through the adoption of Constitutional Amendment 41. Our goal is to analyze the process of pension reform in Brazil, 1990-2003, from the discussions in the polls of PECs in the National Congress, thought of as political society, formed by representatives of groups with heterogeneous interests, aiming to realize the contradictions and conflicts intra / extra-class / A Constituição de 1988 é a Carta Constitucional que mais instituiu direitos sociais, dentre esses estão os direitos previdenciários, tanto em relação ao Regime Geral de Previdência Social, que rege os critérios de concessão de aposentadoria aos trabalhadores cujos contratados de trabalhado são regidos pela CLT, quanto do Regime Próprio de Previdência Social, dos servidores públicos civis e militares. Apesar desses avanços nos direitos sociais serem resultado de lutas e reivindicações de homens e mulheres, que foram às ruas em busca de melhores condições de trabalho e vida, organizados em sindicatos, partidos de esquerda, movimentos sociais, a promulgação desta Carta foi feita pela elite brasileira, representada pela direita. Todavia, mal encerrou o processo de aprovação desta Constituição, esses mesmos grupos, começaram a atuar na implantação do capitalismo em sua forma neoliberal, iniciando atrelado a este o processo de reforma da previdência social brasileira . Apesar das tentativas de implantação desta ao longo do governo Collor/Itamar, esta foi efetivada somente em 1998 com a aprovação da Emenda Constitucional nº 20/98. Essa emenda acabou com a aposentadoria por tempo de serviço, implantou a aposentadoria por tempo de contribuição, definiu teto máximo para pagamento de benefícios previdenciários do regime geral e instituiu o regime de previdência complementar, seguindo critérios definidos pelo Banco Mundial, atrelado ao FMI e governo estadunidense. No entanto, mesmo conseguindo a aprovação da EC nº 20, o governo FHC não conseguiu avançar no sentido da desregulamentação dos direitos previdenciários dos servidores públicos. Esse retrocesso foi conseguido na reforma seguinte implantada ao final do 1º ano do governo Lula (2003), através da aprovação da Emenda Constitucional nº 41. Nosso objetivo é analisar o processo da reforma previdenciária brasileira, de 1990 a 2003, a partir das discussões realizadas nas votações das PECs no âmbito do Congresso Nacional, pensado enquanto sociedade política, formada por representantes de grupos com interesses heterogêneos, visando perceber as contradições e conflitos intra/extraclasse