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Analysis of the Romanian Private Pensions Evolution and Investments

Author

Listed:
  • Adina Elena Dănuleţiu

    (“1 Decembrie 1918” University of Alba Iulia, Romania)

  • Dan Constantin Dănuleţiu

    (“1 Decembrie 1918” University of Alba Iulia, Romania)

Abstract

Transformation of the Romanian pension system into a three-pillar system was one of the most important decision regarding the evolution of pensions. This action was taken as a measure to prevent some of the negative effects generated by the deficits of the public pension fund because of population ageing. Evolution of the second and third pillars in the period 2008-2017 are analyzed under the perspective of the total assets, investments structure or number of participants. Based on data provided by Financial Supervisory Authority (ASF), the evolutions of the two pillars analyzed are relatively similar from the investment structure point of view, but very different as regards the total assets and the number of participants. In our opinion, some of the explanations for such evolutions could be low income of many households or lack of trust in this system from a part of the population.

Suggested Citation

  • Adina Elena Dănuleţiu & Dan Constantin Dănuleţiu, 2018. "Analysis of the Romanian Private Pensions Evolution and Investments," Annals of the University of Petrosani, Economics, University of Petrosani, Romania, vol. 18(1), pages 57-66.
    • Handle: RePEc:pet:annals:v:18:y:2018:i:1:p:57-66
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    References listed on IDEAS

    as
    1. Alexandra DARMAZ-GUZUN, 2018. "Analysis of the investments made on the Romanian capital market by the privately managed pension funds – Pillar II," Theoretical and Applied Economics, Asociatia Generala a Economistilor din Romania / Editura Economica, vol. 0(3(616), A), pages 49-60, Autumn.
    2. Michiel Bijlsma & Johannes Bonekamp & Casper Ewijk & Ferry Haaijen, 2018. "Funded Pensions and Economic Growth," De Economist, Springer, vol. 166(3), pages 337-362, September.
    3. Mr. Jochen R. Andritzky, 2012. "Government Bonds and their Investors: What Are the Facts and Do they Matter?," IMF Working Papers 2012/158, International Monetary Fund.
    4. Alexandra Horobet & Livia Ilie & Cosmin Joldes, 2008. "Asset Allocation Policies Of Romanian Pension Funds And Capital Market Development," Revista Economica, Lucian Blaga University of Sibiu, Faculty of Economic Sciences, vol. 40(4), pages 5-12.
    5. Constantin Durac, 2016. "Dynamics of Assets and Investments in Romania Voluntary Pension Funds," Annals of the University of Petrosani, Economics, University of Petrosani, Romania, vol. 16(1), pages 113-124.
    6. Oana Claudia Ionescu & Elisabeta Jaba, 2013. "The Evolution and Sustainability of Pension Systems the Role of the Private Pensions in Regard to Adequate and Sustainable Pensions," Journal of Knowledge Management, Economics and Information Technology, ScientificPapers.org, vol. 3(6), pages 1-13, December.
    7. Stewart, Fiona, 2014. "Proving incentives for long-term investment by pension funds -- the use of outcome-based benchmarks," Policy Research Working Paper Series 6885, The World Bank.
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    More about this item

    Keywords

    private pension funds; mandatory private pensions; facultative private pensions; investment policies; investment structure;
    All these keywords.

    JEL classification:

    • G00 - Financial Economics - - General - - - General
    • G23 - Financial Economics - - Financial Institutions and Services - - - Non-bank Financial Institutions; Financial Instruments; Institutional Investors

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