<abstract xmlns="http://www.w3.org/1999/xhtml">

<p>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.</p>
</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.

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

“Vasile Goldiș” Western University of Arad

Studia Universitatis „Vasile Goldis” Arad – Economics Series

This work is licensed under the Creative Commons Attribution 4.0 International License.

The significance of retirement savings and private pension funds increased in the latest decades and gathered important amounts of capitals. The purpose of...

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

Published Online: May 21, 2021

Page range: 1 - 19

Received: Jan 01, 2021

Accepted: Mar 01, 2021

DOI: https://doi.org/10.2478/sues-2021-0006

Keywords
Pension systems, Investment funds scheme, Equities, Macroeconomic effects

© 2021 Florin Cornel Dumiter et al., published by Sciendo

This work is licensed under the Creative Commons Attribution 4.0 International License.

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

Published Online: May 21, 2021

Page range: 1 - 19

Received: Jan 01, 2021

Accepted: Mar 01, 2021

DOI: https://doi.org/10.2478/sues-2021-0006

KeywordsPension systems, Investment funds scheme, Equities, Macroeconomic effects

© 2021 Florin Cornel Dumiter et al., published by Sciendo

This work is licensed under the Creative Commons Attribution 4.0 International License.

Keywords
Pension systems, Investment funds scheme, Equities, Macroeconomic effects