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Private Pension Funds in Hungary: Politics, Institutions, and Performance

Author

Listed:
  • Iwasaki, Ichiro
  • 岩﨑, 一郎
  • イワサキ, イチロウ
  • Sato, Kazuko
  • 佐藤, 嘉寿子
  • サトウ, カズコ

Abstract

The new pension system launched in Hungary in 1998 is epoch-making for having introduced a mandatory private pension scheme (MPPS). However, the political decision-making on pension reform and the scheme operations have been greatly influenced by conflicts of interests among ministries, political conflicts between parties, and the presence of special interest groups, including trade unions and financial institutions. This situation may have had a certain negative influence on the legal framework of the MPPS and on the management performance of private pension funds. In order for the MPPS to be sustainable in the future and to make insurance beneficiary profits a top priority, the corporate governance reform of pension funds and reinforcement of the monitoring system over them, and political neutralization of the public pension system are necessary.

Suggested Citation

  • Iwasaki, Ichiro & 岩﨑, 一郎 & イワサキ, イチロウ & Sato, Kazuko & 佐藤, 嘉寿子 & サトウ, カズコ, 2005. "Private Pension Funds in Hungary: Politics, Institutions, and Performance," Discussion Paper 255, Center for Intergenerational Studies, Institute of Economic Research, Hitotsubashi University.
    • Handle: RePEc:hit:piedp1:255
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    File URL: https://hermes-ir.lib.hit-u.ac.jp/hermes/ir/re/14317/pie_dp255.pdf
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    Cited by:

    1. Booth, Philip & Niemietz, Kristian, 2015. "Changes in the Pension System: Lessons for Privatisation in the UK /Cambios en el sistema de pensiones: Lecciones para la privatización en el Reino Unido," Estudios de Economia Aplicada, Estudios de Economia Aplicada, vol. 33, pages 659-686, Septiembr.

    More about this item

    JEL classification:

    • H55 - Public Economics - - National Government Expenditures and Related Policies - - - Social Security and Public Pensions
    • P21 - Political Economy and Comparative Economic Systems - - Socialist and Transition Economies - - - Planning, Coordination, and Reform
    • P26 - Political Economy and Comparative Economic Systems - - Socialist and Transition Economies - - - Property Rights

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