Modern trends of private pension institutions development in the European Union
Journal Title: Економічний аналіз - Year 2017, Vol 27, Issue 4
Abstract
Introduction. Current demographic trends and social and economic models initiate the challenges regarding the possibility of adequate pension provision of the population in many European countries. International organizations forecasts confirm the need to diversify the sources of pension benefits to the population by accelerating the development of private pension institutions. At the same time effective regulation environment of pension assets management should be provided. It must be done because of their important social value and interrelationship with financial markets, in particular in the aspect of their stable functioning. Purpose. The article aims to identify the key elements of the financial institutions functioning regarding pension assets managing in the European market. They can be determinants of the intensification of regulation modernization of private pension sector in terms of social and financial stability. Method (methodology). Structural and dynamics and correlation analysis of the private pension institutions activities in the European financial market have been considered in this research. Results. The features of EU private pension systems modern trends have been determined. They indicate an increase in financial fragility (in some countries) through the predominance of structures with a defined benefit among occupational pension programs. They also show a growth of share of more risky investments in the instruments of collective investment institutions in the structure of pension investment portfolios, high concentration of cross-border pension assets, sensitivity to cross-border contagion, taking into consideration the low values of home bias and the strategies homogeneity. Low levels of private pension programs coverage of the population, as well as a minor role in the economy (the ratio of pension assets to GDP) in many EU countries demonstrate the feasibility of stimulation the financial industry development. The key characteristics determine the necessity of development of prudential regulations (reduction of pension systems fragility), and stimulation regulations (standards implementation for the development of pan-European personal pension products, which will be standardized by main characteristics).
Authors and Affiliations
Zhanna Dovhan, Igor Kravchuk
Keywords
Related Articles
- EP ID EP313723
- DOI -
- Views 61
- Downloads 0
Банківські ризики: міжнародні та вітчизняні стандарти
Вступ. В умовах нестабільності у банківських системах країн та у світі загалом для держав постає актуальне питання про збалансування ситуацій за допомогою тих чи інших інструментів впливу. Мета. Мета наукового досліджен...
Теоретичні засади визначення якості фінансових послуг банківських установ України
Вступ. У статті розглянуто теоретичні засади визначення якості фінансових послуг банківських установ України. Обґрунтовано необхідність дослідження якості фінансових послуг банківських установ у сучасних умовах. Дослі...
Forecasting demand on the domestic electricity market on the basis of the results of social and economic indicators dynamics analysis
The works, which are devoted to the forecasting of demand for electric power, are analysed in this research. A number of these works is identified in order to use the available data. The influence of individual social an...
Theoretical ordering of the methods and tools of financial risk management of insurance companies
Essence of methods and tools of financial risk management of insurance companies are defined. It has been founf out that the methods of financial risk management of the insurer can be called a system of techniques in the...
Удосконалення оцінки ефективності інвестицій
У статті узагальнено методичні підходи до оцінки ефективності інвестиційних проектів підприємств. Критично проаналізовано чинну методику та сукупність найбільш уживаних показників ефективності інвестицій, використовувани...