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Pension Funds In Central Europe And Russia
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Book Synopsis Pension Funds in Central Europe and Russia by : Dimitri Vittas
Download or read book Pension Funds in Central Europe and Russia written by Dimitri Vittas and published by World Bank Publications. This book was released on 1995 with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Pension Funds in Central Europe and Russia by : Dimitri Vittas
Download or read book Pension Funds in Central Europe and Russia written by Dimitri Vittas and published by . This book was released on 1999 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: May 1995 The severe financial pressures on the social pension systems of transitional countries in Central Europe and Russia could be alleviated by downsizing and restructuring the public pillar of the system and by creating private pension funds. Private pension funds could help modernize capital markets and also help improve corporate governance. Social pension systems in most countries in Eastern Europe and the former Soviet Union face severe financial pressure. Aging populations are increasing that pressure, which stems mainly from design flaws and incompatible incentives in the systems. Vittas and Michelitsch describe the features of the pension systems that have led to the current dire predicament: a big discrepancy between system and demographic dependency ratios, unsustainable targeted replacement rates, the high contribution rates needed, growing evasion, and growing deficits. Radical basic reform is inevitable, they say, but may not be politically feasible or even advisable in the short run. After reviewing experience in other countries, they conclude that restructuring and downsizing the social pension system will leave adequate but affordable (thus sustainable) benefits and will allow for the creation and growth of private pension funds. The shortcomings of company-based defined benefit plans (limited portability, restricted vesting, inadequate funding) suggest that transitional economies should opt in the longer run for nonemployer, defined contribution plans based on individual capitalization accounts with full immediate vesting, full portability, and full funding. To cope with the need for a targeted replacement rate, such schemes could operate with variable contribution rates, reset each year in accord with the salary growth of each worker, the cumulative investment return on his/her account, and the targeted pension benefit. Once private pension funds are established, long-term financial resources should accumulate rapidly. They can then play a major role in modernizing securities markets, stimulating innovation, fostering better accounting and auditing standards, and promoting more disclosure of information. They could also greatly help improve corporate governance and the monitoring of corporate performance. Their voice in corporate affairs could be exercised more effectively through collective bodies. They could thus help create more robust structures of corporate governance, lower monitoring costs, and avoid the problems caused by free riding. This paper is a product of the Financial Sector Development Department. It is a slightly revised version of a paper presented at the Conference on Corporate Governance in Central Europe and Russia, December 15-16, 1994, organized by the World Bank and the Central European University Privatization Project.
Book Synopsis Corporate Governance in Central Europe and Russia by : Roman Frydman
Download or read book Corporate Governance in Central Europe and Russia written by Roman Frydman and published by . This book was released on 1996 with total page 360 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this, the first of three volumes to be published by the CEU Press on corporate governance in Central Europe and Russia, distinguished economists, legal scholars, political scientists and sociologists examine the emerging institutions of corporate governance in privatized firms in transition economies. They investigate the role of banks, investment funds, and pension funds, as well as the role and impact of residual state ownership. Each paper combines experience from advanced market economies with in-country empirical work in transition settings. Together these papers represent the most comprehensive and up-to-date comparative analysis yet undertaken of privatization struggles and their impact on corporate governance in Central Europe and Russia.
Book Synopsis Corporate Governance in Central Europe and Russia by : Roman Frydman
Download or read book Corporate Governance in Central Europe and Russia written by Roman Frydman and published by Central European University Press. This book was released on 1996-01-01 with total page 351 pages. Available in PDF, EPUB and Kindle. Book excerpt: The studies in this two-volume work shed new light on the range and viability of the emerging corporate governance institutions in the transitional economies of Central Europe. Regional specialists and experts on corporate governance in advanced economies examine the emerging forms of ownership and complementary monitoring institutions in leading transition companies.
Book Synopsis Private Pensions Series Reform and Challenges for Private Pensions in Russia by : OECD
Download or read book Private Pensions Series Reform and Challenges for Private Pensions in Russia written by OECD and published by OECD Publishing. This book was released on 2006-03-29 with total page 98 pages. Available in PDF, EPUB and Kindle. Book excerpt: This report provides a critical review of reform initiatives undertaken by the Russian government to overhaul retirement provision in Russia and documents recent evolution occurring in the Russian private pension market.
Book Synopsis New Conservatives in Russia and East Central Europe by : Katharina Bluhm
Download or read book New Conservatives in Russia and East Central Europe written by Katharina Bluhm and published by Routledge. This book was released on 2018-08-14 with total page 312 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book explores the emergence, and in Poland, Hungary, and Russia the coming to power, of politicians and political parties rejecting the consensus around market reforms, democratization, and rule of law that has characterized moves toward an "open society" from the 1990s. It discusses how over the last decade these political actors, together with various think tanks, intellectual circles, and religious actors, have increasingly presented themselves as "conservatives," and outlines how these actors are developing a new local brand of conservatism as a full-fledged ideology that counters the perceived liberal overemphasis on individual rights and freedom, and differs from the ideology of the established, present-day conservative parties of Western Europe. Overall, the book argues that the "renaissance of conservatism" in these countries represents variations on a new, illiberal conservatism that aims to re-establish a strong state sovereignty defining and pursuing a national path of development.
Book Synopsis Balancing Protection and Opportunity by :
Download or read book Balancing Protection and Opportunity written by and published by World Bank Publications. This book was released on 2000-01-01 with total page 94 pages. Available in PDF, EPUB and Kindle. Book excerpt: The conversion from planned to market economies spawned new opportunities and challenges in Central and Eastern Europe and Central Asia. Since the social safety nets of guaranteed employment and retirement security disintegrated, the transition governments are trying to develop new social protection systems or adapt the old ones to emerging welfare needs and fiscal realities. Political upheavals, macroeconomic instability, and the difficulty of implementing reforms have hampered progress. Thus the World Bank needs to address social protection issues to inform future Bank activities. To that end, this report presents a social protection strategy for transition economies rooted in three pillars of analysis: a conceptual framework based on risk management, an understanding of the context, challenges, and choices in each country, and Bank experience in social protection in the region.
Book Synopsis Private Pension Funds in Hungary by : Dimitri Vittas
Download or read book Private Pension Funds in Hungary written by Dimitri Vittas and published by World Bank Publications. This book was released on 1996 with total page 46 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Pension Reform and the Development of Pension Systems by : Emily S. Andrews
Download or read book Pension Reform and the Development of Pension Systems written by Emily S. Andrews and published by World Bank Publications. This book was released on 2006 with total page 198 pages. Available in PDF, EPUB and Kindle. Book excerpt: "Formal pension systems are an important means of reducing poverty among the aged. In recent years, however, pension reform has become a pressing matter, as demographic aging, poor administration, early retirement, and unaffordable benefits have strained pension balances and overall public finances. Pension systems have become a source of macroeconomic instability, a constraint to economic growth, and an ineffective and/or inequitable provider of retirement income."
Book Synopsis Eastern Europe, Russia and Central Asia 2003 by :
Download or read book Eastern Europe, Russia and Central Asia 2003 written by and published by Taylor & Francis. This book was released on 2000 with total page 716 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Assisting Russia's Transition by : Gianni Zanini
Download or read book Assisting Russia's Transition written by Gianni Zanini and published by World Bank Publications. This book was released on 2002-01-01 with total page 168 pages. Available in PDF, EPUB and Kindle. Book excerpt: This evaluation assesses the development effectiveness of the World Bank's lending and non-lending assistance to the Russian Federation since 1991, a 10-year period of tumultuous political, economic, and social change. This report concludes that an assistance strategy, concentrating on analytical and advisory services with limited financial support for Russia, would have been more appropriate than one involving large volumes of adjustment lending.
Book Synopsis Political Economy of Transition by : Jozef M. van Brabant
Download or read book Political Economy of Transition written by Jozef M. van Brabant and published by Routledge. This book was released on 2012-11-12 with total page 659 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book addresses the policy questions surrounding the challenge of transforming eastern European economies from their planned, administrative past to vibrant market-based entities. Jozef van Brabant considers in turn, the wider set of challenges facing these economies - stabilization, privatization, liberalization, institution building, and developing and maintaining the sociopolitical consensus - before examining the evolving role of the state. Using concrete examples from the eastern European countries throughout, including the Czech Republic and Bulgaria, this work systematically examines, in a society-wide context, the initial conditions of transformation, the policy tasks ahead and the manner in which policies have been pursued.
Book Synopsis Challenges at the Bank for International Settlements by : Elmar B. Koch
Download or read book Challenges at the Bank for International Settlements written by Elmar B. Koch and published by Springer Science & Business Media. This book was released on 2007-10-20 with total page 365 pages. Available in PDF, EPUB and Kindle. Book excerpt: Challenges facing central bankers are expertly examined and analyzed. The book explores monetary policy and financial crisis as well as insolvency, collective action clauses, international mediation, and management of central banks. The author has worked as an economist at the Monetary and Economic Department of the Bank for International Settlements and as an international mediator for the Secretariat of the G10 Ministers and Governors.
Book Synopsis Pensions in Development by : Roger Charlton
Download or read book Pensions in Development written by Roger Charlton and published by Routledge. This book was released on 2018-03-29 with total page 531 pages. Available in PDF, EPUB and Kindle. Book excerpt: This title was first published in 2001. Challenging conventional approaches to the delivery of sustainable "social protection" to the elderly in developing countries (DCs) and assessing their implications, this work discusses the appropriateness of the public management of funded systems in DCs with relatively large formal sectors. The combination of social assistance approaches to social protection for the elderly facilitates the formation of an original unbiased "pensions in development" approach. Arguing for expeditious implementation of non-contributory tax (or aid) financed universal old-age "pensions" provision in all DCs and advocating industry flexibility and inclusivity, the book provides a treatment of a growing issue in worldwide development.
Book Synopsis Pension Fund Capitalism by : Leokadia Oręziak
Download or read book Pension Fund Capitalism written by Leokadia Oręziak and published by Routledge. This book was released on 2022-04-10 with total page 122 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book examines the origins and consequences of so-called pension fund capitalism, which has spread around the world since 1981, when the pension system was completely privatized in Chile. The author highlights the driving forces behind the privatization of pensions, its forms and tools used in practice, and the risks and costs related to private pensions. The reader can also learn about the experiences of various developed countries (including the USA, Canada, Australia, and Germany), as well as Latin American (including Chile) and Eastern European countries, related to the privatization of pensions. Particular attention is paid to Poland as an example of a country where such privatization failed completely. This book provides a source of serious reflection on what this privatization has led to, what its real economic and social consequences are and what the likelihood is of reversing it and strengthening the public pension system. Academic researchers and students of economics and finance, as well as social and political sciences, will find the book invaluable in understanding the problems arising from the privatization of pensions. It will also be of interest to professionals: institutions that shape or influence economic and social policy, including political parties, trade unions, non-governmental organizations, the media, and institutions operating on the financial market.
Book Synopsis How Capitalism Was Built by : Anders Aslund
Download or read book How Capitalism Was Built written by Anders Aslund and published by Cambridge University Press. This book was released on 2013 with total page 441 pages. Available in PDF, EPUB and Kindle. Book excerpt: This second edition updates all chapters and covers the impacts of the global financial crisis and the European Union.
Book Synopsis Reforming Public Pensions Sharing the Experiences of Transition and OECD Countries by : OECD
Download or read book Reforming Public Pensions Sharing the Experiences of Transition and OECD Countries written by OECD and published by OECD Publishing. This book was released on 2004-01-07 with total page 344 pages. Available in PDF, EPUB and Kindle. Book excerpt: This conference proceedings compares public pension reform efforts in Central and Eastern Europe with those in other OECD countries, looking at the reasons for reform, policy choices and constraints, the well-being of older people, distributional consequences of reform, and implementation.