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

Dumiter Florin Cornel (), Jimon Ștefania Amalia () and Balteș Nicolae ()
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Dumiter Florin Cornel: “Vasile Goldiș” Western University of Arad, Romania
Jimon Ștefania Amalia: “Vasile Goldiș” Western University of Arad, Romania
Balteș Nicolae: “Lucian Blaga” University of Sibiu, Romania

Studia Universitatis „Vasile Goldis” Arad – Economics Series, 2021, vol. 31, issue 2, 1-19

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.

Keywords: Pension systems; Investment funds scheme; Equities; Macroeconomic effects (search for similar items in EconPapers)
JEL-codes: E43 E44 J32 (search for similar items in EconPapers)
Date: 2021
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Persistent link: https://EconPapers.repec.org/RePEc:vrs:suvges:v:31:y:2021:i:2:p:1-19:n:5

DOI: 10.2478/sues-2021-0006

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