Dependent variable: Annual contributions to voluntary pension schemes (% GDP) | ||||
---|---|---|---|---|
Periods included: 9 | ||||
Cross-sections included: 10 | ||||
Total panel (unbalanced) observations: 85 | ||||
Independent variables | Pooled OLS | Fixed effects (cross-section) | Random effects (cross-section) | Two-way Fixed effects |
Constant | −0.081 | 0.451* | 0.891 | |
(0.266) | (0.354) | (0.0266) | (0.80) | |
ARP | −0.0002 | −0.0009 | −9.01E−05 | −0.0005 |
(0.004) | (0.03) | (0.003) | (0.01) | |
ARR | −0.001 | −0.0006 | −0.0002 | 0.0013 |
(0.01) | (0.02) | (0.002) | (0.01) | |
EDU | −0.0015 | |||
(0.004) | (0.011) | (0.007) | (0.01) | |
GDP_cap | 0.0036 | −0.0300 | ||
(0.010) | (0.013) | (0.011) | (0.02) | |
Intr_rate | −0.012 | −0.0075 | ||
(0.008) | (0.006) | (0.006) | (0.01) | |
ODR | −0.001 | −0.020 | ||
(0.04) | (0.011) | (0.006) | (0.02) | |
S80S20 | −0.013 | −0.028 | −0.020 | |
(0.017) | (0.019) | (0.018) | (0.02) | |
Model summary | ||||
Adjusted R-squared | 0.54 | 0.85 | 0.02 | 0.84 |
Breusch–Pagan test | LM = 55.64; p-value ≤0.001 | |||
Hausman test | H = 30.22; p-value ≤0.001 | |||
Wald test | F = 17.65; p-value ≤0.001 |
Dependent variable: Number of plan members as percentage of the number of employed persons | ||||
---|---|---|---|---|
Periods included: 9 | ||||
Cross-sections included: 10 | ||||
Total panel (unbalanced) observations: 85 | ||||
Independent variables | Pooled OLS | Fixed effects (cross-section) | Random effects (cross-section) | Two-way Fixed effects |
Constant | 0.63 | −20.88 | −28.74 | −57.23 |
(28.72) | (19.98) | (18.72) | (45.12) | |
ARP | 0.10 | 0.07 | 0.14 | |
(0.40) | (0.17) | (0.17) | (0.19) | |
ARR | 0.09 | 0.10 | 0.16 | 0.11 |
(0.20) | (0.13) | (0.13) | (0.16) | |
EDU | 0.25 | −0.32 | 0.61 | |
(0.44) | (0.64) | (0.55) | (0.80) | |
GDP_cap | ||||
(1.10) | (0.76) | (0.72) | (1.11) | |
Intr_rate | 0.06 | |||
(0.86) | (0.33) | (0.33) | (0.52) | |
ODR | 0.19 | 0.48 | 0.91 | |
(0.45) | (0.65) | (0.54) | (0.94) | |
S80S20 | −0.22 | −0.74 | 0.29 | |
(1.89) | (1.09) | (1.07) | (1.16) | |
Model summary | ||||
Adjusted R-squared | 0.70 | 0.97 | 0.34 | 0.97 |
Breusch–Pagan test | LM = 122.25; p-value ≤ 0.001 | |||
Hausman test | H = 20.85; p-value = 0.004 | |||
Wald test | F = 84.99; p-value ≤ 0.001 |
Mandatory private occupational | Mandatory private personal | Voluntary private personal | Voluntary private occupational | |||||
---|---|---|---|---|---|---|---|---|
Contributions | ||||||||
Country | Employee | Employer | Employee | Employer | Employee | Employer | Member | Employer |
Bulgaria | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ||
Croatia | ✓ | ✓ | ✓ | ✓ | ||||
Czechia | ✓ | ✓ | ||||||
Hungary Pensions were mandatory until 2010. | ✓ | ✓ | ✓ | ✓ | ||||
Lithuania | ✓ | ✓ | ✓ | ✓ | ||||
Latvia | ✓ | ✓ | ✓ | ✓ | ✓ | |||
Poland Opening pension funds are optional within the mandatory contribution since July 2014. | ✓ | ✓ | ✓ | ✓ | ✓ | |||
Romania | ✓ | ✓ | ✓ | |||||
Slovakia | ✓ | ✓ | ✓ | |||||
Slovenia | ✓ | ✓ | ✓ | ✓ | ✓ |
Country | Data sources |
---|---|
Bulgaria | Financial Supervision Commission (FSC) |
Croatia | Croatian Financial Services Supervisory Agency (HANFA) |
Czechia | The Association of Pension Funds of the Czech Republic (APS CR) |
Hungary | The Magyar Nemzeti Bank (MNB) |
Lithuania | Official Statistics Portal (OSP) |
Latvia | Financial and Capital Market Commission (FKTK) |
Poland | Financial Supervision Authority (KNF) |
Romania | The Romanian Pension Funds’ Association (APAPR) |
Slovakia | National Bank of Slovakia (NBS) The Ministry of Labour, Social Affairs and Family of the Slovak Republic (MPSVR) |
Slovenia | Securities Market Agency (ATVP) |
Insurance Supervision Agency (AZN) | |
Ministry of Labour, Family, Social Affairs and Equal Opportunities (MDDSZ) |