Private pensions

Women entrepreneurship benefit from a process of expansion all over the world. Business established and developed by women are an important source of wealth and improved living standards in many countries. Even though women represent 46% of Europe's working population, which means in theory that trend of this type entrepreneurship can only go upward, however entrepreneurship is still considered an activity for men. Entrepreneurship has an active role in employment, economic development and quality of life, constituting a dynamic part of any developed economy. Supporting women in their involvement in setting up new start-ups and small business and unlock their potential is an important part of government actions to foster entrepreneurial activities. Global Entrepreneurship Monitor (GEM) study found out that economies of Eastern European countries are in poor condition in terms of women's participation in entrepreneurial activity. Romania is no exception. This paper analyze wo...

Resumo: Este artigo apresenta uma análise crítica do modelo previdenciário brasileiro, com ênfase no Instituto Nacional do Seguro Social (INSS), cuja estrutura é comparada a um esquema de pirâmide legalizado, sustentado por contribuições compulsórias e promessas futuras de retorno sem garantias reais. A pesquisa examina como o discurso da solidariedade e da proteção social é utilizado para mascarar um modelo colapsado, baseado na transferência intergeracional de renda e na perpetuação de uma lógica atuarial insustentável. O estudo também evidencia o uso político das reformas previdenciárias como instrumentos de contenção fiscal, que mantêm o sistema em funcionamento às custas da base ativa da população economicamente produtiva. A partir de uma abordagem jurídico estrutural, são identificadas inconsistências normativas e violações ao princípio da confiança legítima, além da ausência de mecanismos de transparência e controle efetivo sobre os recursos arrecadados. Conclui-se que o atual modelo não apenas compromete a eficácia da seguridade social, mas também afronta valores constitucionais fundamentais, como a justiça distributiva e a dignidade da pessoa humana. Ao final, propõe-se a necessidade urgente de reformulação estrutural do sistema, com base em racionalidade jurídica, sustentabilidade econômica e efetividade social, a fim de romper com a perpetuação do engano institucionalizado.

Products and policies which provide protection against longevity risk -the risk that an individual might outlive his or her resources -are increasingly important in an era characterized both by increased life expectancy and increased uncertainty surrounding longevity. Yet the reality is that, as privately managed defined contribution (DC) retirement saving gains greater importance globally, both governments and the private sector are retreating from the provision of longevity insurance. The lack of formal structures and products offering such insurance does not mean that the risk has decreased, even though its financial implications may not find their way to the balance sheets of commercial or government institutions. Rather, the absence of organized longevity insurance structures suggests that when the outcomes are realized, the response will be arbitrary and likely to be driven by political exigency. Rewards for careful planning on the part of individuals, or of careful management by financial institutions, may be compromised by short-term policy reaction to circumstances which, in the large, can be anticipated now but for which current structures do not encourage planning. Nowhere is this more true than in Australia, where heavy reliance for income replacement in retirement is placed on a mandatory DC structure, administered through private institutions. Accumulations are available as lump sums or income streams, free of any tax on withdrawal at age 60, and the tax, social security, and regulatory framework make it easier and less expensive to choose non-annuitized benefits. 1 The demand for immediate annuities, and particularly life annuities, in Australia has always been small and incentives to take annuitized products, introduced in conjunction with the private mandatory arrangements, have been gradually withdrawn. As a result, the market for life annuities has virtually disappeared. In 2001, only 1,927 life annuities were sold in Australia. By 2009, this had fallen to fewer than twenty. While a relatively generous and widely accessed safety net exists, there are therefore no structures in place in Australia to encourage or mandate OUP UNCORRECTED PROOF -REVISES, 5/4/2011, SPi

This paper was prepared at the request of Estelle James, to whom we are grateful for detailed comments on an earlier draft. Geoffrey Kingston also offered valuable insights. The research reported here was supported by the Australian Research Council. 1.

The number of participants in the private pension funds, as well as the volume of their contribution, differs significant in each development region. It goes without saying that the territorial distribution of the indicators related to pension funds are influenced, on the one hand, by the offer of these financial products, which we estimate counting the number of marketing agents authorized by the supervisory committee and, on the other hand, by the solvent demand, which is also determined by a series of economic, social, cultural and institutional. Since the emergence of pension funds in Romania is relatively new, for developing the econometric model we had to use monthly data series, which has induced a number of restrictions related to the information available in this format. Also, to increase the model's number of degrees of freedom, the data on the indicators will be detailed in the 42 counties, local structures corresponding to NUTS-III level.

In the paper we analyze the economic, social, cultural, institutional and political factors that determine regional demand for services like "insurance". As economic factors, we analyze the impact of non-governmental credit over the insurance market. Development of an econometric model is based not only on the actual loan methodology (involving the securities, life insurance for applicants and guarantors), but also on direct connections from the range of credit risk insurance products. On the other hand, non-government credit growth, by enhancing repayment commitments, leads to a reduction in financial resources that can be used, for example, to voluntary/optional insurances, not directly linked with loan process. Last but not least, above-mentioned interferences put footprint on specific partnerships, such as – for example – bancassurance. The residues from the regression equation specific to each region can be explained by social and cultural characteristics. Based on th...

"ne unfortunate aspect of life in the United States today is that guesses about inflation really matter. We have to consider expected changes in the cost of living when negotiating our wages. Similarly, we need to think about future inflation when computing both the returns to investing and the cost of borrowing. Explicitly or implicitly, inflation expectations have become an integral part of all our economic decisions.

Abstract:
Bridging the gap between countries, and thus decresing poverty, is the greatest challenge of European
countries in the context of the European social cohesion. The risk of future economic difficulties caused by
the size of budget deficits is beared by the funds to be allocated to social inclusion in the EU and the EU
member countries. They will be concerned in the post-crisis period with aligning the requirements of
progress, of poverty reduction, but also of ensuring the sustainability of public finances.
For Romania, cohesion is particularly important as most regions show significant differences as
compared to the EU average and the national average. This group also includes the South Muntenia Region,
which has many advantages for faster progress and to be able to exploit the opportunities offered by the
implementation of the Europe 2020 strategy.
Keywords: regional development, inter-regional economic development gaps, economic and social
cohesion, Europe 2020
JEL Classification: O18, R11, R12

Bridging the gap between countries, and thus decresing poverty, is the greatest challenge of European countries in the context of the European social cohesion. The risk of future economic difficulties caused by the size of budget deficits is beared by the funds to be allocated to social inclusion in the EU and the EU member countries. They will be concerned in the post-crisis period with aligning the requirements of progress, of poverty reduction, but also of ensuring the sustainability of public finances. For Romania, cohesion is particularly important as most regions show significant differences as compared to the EU average and the national average. This group also includes the South Muntenia Region, which has many advantages for faster progress and to be able to exploit the opportunities offered by the implementation of the Europe 2020 strategy.

Si bien la solidaridad intrafamiliar e intergeneracional es todavía una estrategia utilizada con frecuencia en Colombia, la suficiencia y estabilidad de los ingresos en la vejez deberían ser garantizadas principalmente por el pago de una pensión. Este artículo tiene como propósito primordial hacer una reseña de los principales mecanismos y programas contemplados en la legislación colombiana para atender las necesidades de ingreso de la población adulta mayor y verificar de forma descriptiva si pueden considerarse adecuados y suficientes. Del análisis se deriva que alcanzar una cobertura pensional cuantitativamente suficiente y cualitativamente adecuada para la creciente población adulta mayor representa un gran reto para el país. Al respecto, se contemplan algunas sugerencias de política.

The paper 1 approaches some of the issues regarding the external competitiveness of the Romania regions and counties, by the means of the competitive advantage concept and by providing answers to the questions: (i) Which are the regions and counties that contribute most to the country's exports? (ii), Which are the economic sectors/groups of products in which these regions/counties are (eventually) specialized? and (iii) Which are the competitive advantages of those regions/counties (if they exists)? The results point out to a significant presence of the analyzed regions and counties in three groups of manufacturing industries: low skilled, labor-intensive; natural resource-intensive and medium-to-high skilled, more sophisticated ones, and also to increased export concentration/specialization in/of certain regions and counties.

The current development regions are composed by counties with very different development levels, and the urban centres they include are also characterised by different polarisation abilities. Great differences persist among the Romanian development regions, created in order to mitigate the development discrepancies existing in Romania. The comparative analysis of socio-economic development, attractiveness and quality of life benchmarks, from the beginning of these territorial constructions to the current time, seeks to outline the extent to which they have led to a rebalancing or, on the contrary, to greater disparities, not only within the development areas themselves, but also at national level

The current development regions are composed by counties with very different development levels, and the urban centres they include are also characterised by different polarisation abilities. Great differences persist among the Romanian development regions, created in order to mitigate the development discrepancies existing in Romania. The comparative analysis of socio-economic development, attractiveness and quality of life benchmarks, from the beginning of these territorial constructions to the current time, seeks to outline the extent to which they have led to a rebalancing or, on the contrary, to greater disparities, not only within the development areas themselves, but also at national level

Sistemul public de pensii din România are o problemă structurală și amenințat de aproape fiecare tendință demografică și economică. România  se va confrunta cu o expansiune rapidă a populației care beneficiază de pensie, deoarece cea mai mare cohortă a populației sale va ajunge la vârsta de pensionare începând cu 2031.
Contribuțiile la sistemul public de pensii,  sunt în realitate mai degrabă asemănătoare cu niște impozite  ascunse, iar acest sistem reduce efectiv productivitatea cetățenilor prin  prelevarea de către stat a 21,25% din veniturile lor în schimbul promisiunii  unei pensii viitoare.
În ultimele două decenii, sistemul public de pensii a funcționat constant cu deficit, contribuind la deficitul bugetar al guvernului și crescând datoria publică explicită. Cu toate acestea, adevărata magnitudine a poverii sale nu apare în conturile publice. Datoria implicită a sistemului românesc de pensii publice este estimată la 267% din PIB.
Pe lângă amenințările demografice și economice, sistemul public de pensii se află mereu sub presiuni politice: noi scheme de pensionare anticipată nejustificate și pensii speciale se adaugă la cele vechi, ceea ce reduce contribuțiile și crește beneficiile promise.
Necesitatea reformei este pe larg recunoscută, dar este limitată la „ajustarea parametrică fină”: creșterea ratelor de impozitare, a numărului minim de ani de contribuție, a vârstei de pensionare. Aceste măsuri nepopulare sunt fie anulate în anii electorali, fie ele doar amână tăierea semnificativă și inevitabilă a pensiilor viitoare.
Alternativa la sistemul de pensii prin repartiție, sau Pay-As-You-Go în engleză, adică „Pilonul 1”, există deja din 2008: ea este reprezentată de „Pilonul 2”, un fond de pensii administrat privat, cu contribuții la conturi individuale capitalizate pe întreaga viață activă. Dacă contribuțiile la pensii ar fi investite în loc să fie cheltuite imediat pentru pensiile curente, un român ar câștiga în medie de 3,23 ori mai mult decât suma promisă de sistemul public actual. Pentru moment, Pilonul 2 este văzut doar ca o completare  la Pilonul 1, deși el ar trebui să devină substitutul acestuia.

Amaç-Ülkemizde uygulanmakta olan bireysel emeklilik sisteminin gelişimine yönelik yapılan reformlardan birisi olan devlet katkısı uygulamasının genel olarak sistem bileşenleri üzerindeki etkisini araştırmayı amaçlayan bu çalışmada, devlet katkısı uygulaması öncesi ve devlet katkısı uygulaması sonrası dönemlerde bireysel emeklilik sisteminin gelişim yönündeki değişiminin ortaya konulması temel amaç olarak görülmüştür. Yöntem-Araştırmanın evrenini oluşturan ve Türkiye'de faaliyet gösteren 18 emeklilik şirketinin Emeklilik Gözetim Merkezi'ne aktarmış oldukları veriler IBM SPSS (Statistical Package for the Social Sciences) ortamında analiz öncesi yeniden tasarlanarak çalışmada kullanılmıştır. Devlet katkısı öncesi ve sonrası yapısal farklılığı ortaya koymak üzere araştırma modeli tasarlanmış ve devlet katkısı fon tutarının gelişim modeli oluşturulmuştur. Bu doğrultuda sistem bileşenleri zaman serileri analizlerinden trend analizi, yapısal kırılma testlerinden chow sınaması ile incelenmiştir. Yapısal farklılığın kaynağının tespiti açısından da yapay değişken etkisine bakılmıştır. Bulgular-İstatistiksel analiz yöntemleri kullanılarak sistem bileşenlerinin çözümlemesi yapılmış olup yapılan çözümleme neticesinde devlet katkısı uygulaması ile sistemde yapısal farklılık meydana geldiği tespit edilmiştir. Bu bağlamda elde edilen bulgulardan hareketle sistemin gelişim yönündeki eğiliminin devlet katkısı uygulamasından sonra daha güçlü olduğu görülmektedir. Tartışma-Bu araştırma ile sistemin gelişimi açısından devlet katkısı uygulamasının etkinliği ortaya konulmuştur. Devlet katkısı uygulamasının sürdürülebilirliği ve geliştirilebilirliği yönündeki yönelimler açısından araştırmanın önem arz ettiği düşünülmektedir.

Even if it has not a legal status yet, the Bucharest Metropolitan Area (BMA) project is in an advanced preparation phase, already producing effects in the real economy. Conventionally, BMA imbeds the entire Ilfov county (which surrounds it and form together the Bucharest-Ilfov region (NUTS 2)) as well as localities from other four counties of the South - Muntenia region (also NUTS 2). As Bucharest-Ilfov region appears as an enclave within South-Muntenia region, in a broader view it is considered that BMA influences all seven surrounding counties belonging to the South-Muntenia region. This region as a whole (apart from the localities of the four counties that are to be incorporated in the metropolitan area) plus Bucharest MA are viewed as the Bucharest metropolitan region, in other words the South-Muntenia region is the BMA external hinterland. In technical terms, the metropolitan area is a zone of direct city impact in which the relationships are strong and permanent (functional ur...

Bridging the gap between countries, and thus decresing poverty, is the greatest challenge of European countries in the context of the European social cohesion. The risk of future economic difficulties caused by the size of budget deficits is beared by the funds to be allocated to social inclusion in the EU and the EU member countries. They will be concerned in the post-crisis period with aligning the requirements of progress, of poverty reduction, but also of ensuring the sustainability of public finances. For Romania, cohesion is particularly important as most regions show significant differences as compared to the EU average and the national average. This group also includes the South Muntenia Region, which has many advantages for faster progress and to be able to exploit the opportunities offered by the implementation of the Europe 2020 strategy.

The role of the manager in an organization is very important due to his communicative skills, personality and to his specific activities that need to be fulfilled succesfully. The manager of an organization has to maintain a cordial relationship with his employees, show respect and stimulate employees. Some of the suggestions how to become a succesfull manager and leader, could be: establish who is in charge, what is the goal and the way of reaching it, let employees know what you expect, find out what others expect from you and know the role of each and everyone in the organization. In order to reach these goals, one need to know how to use different methods of communication such as power of words, communication abilities, solving conflicts, taking decisions, negotiation.

EN RESUMEN I Es una constante preocupación en los padres garantizar la protección personal y patrimonial de sus hijos con discapacidad para que puedan tener una vida digna una vez que falten sus principales apoyos. El Estado, consciente de los cambios sociales producidos en las últimas décadas, ha previsto mecanismos para proteger a las personas más vulnerables, pero muchas veces se revelan insuicientes, debiendo las familias planiicar los apoyos y recursos necesarios para que sus familiares con discapacidad mantengan una vida plena. En este trabajo se relexiona sobre los principales instrumentos de protección patrimonial en favor de las personas con discapacidad, con especial referencia a su iscalidad y a la incidencia que tienen en la participación en el coste de los servicios prestados en el marco de la llamada "Dependencia". ABSTRACT I A common concern for parents of children with a disability is the question: "What will happen when we're gone?". The Administration is aware of this growing problem and has developed several policies to care for vulnerable people, especially persons with disabilities. But frequently the State action is not enough, and families need to plan how to ensure that the needs and concerns of their relatives are addressed. This paper analyses the main techniques used to support the needs of the child, during and beyond the lifetime parents (trusts for disabled people, pension funds, …), with particular reference to tax law matters. We also attempt to determine whether providing for the support of a disabled person can disqualify him or her from receiving other government beneits.

Development gaps are a common feature throughout the regions of the European Union, and Romania is no exception. Despite all the political and financial efforts, the convergence process is lengthy and complex, and the gaps with the deepest economic and social roots are the most difficult to be dealt with. Using a broad range of indicators and statistical and econometric techniques, the authors present a detailed picture of the development gaps and their dynamics in the Sud Muntenia region of Romania. The results show the presence of an overall development process in the region and its counties, accelerated after the accession of Romania to the European Union, but also hit by the global crisis. The inter-county and intra-county economic and social imbalances however persist, and the inadequate use of territorial resources is still an issue to be addressed by the regional and local government authorities and the private actors. Policy recommendations are proposed to address the challenges and threats to the balanced development of the Sud Muntenia region of Romania, especially considering the significant changes in the implementation of the regional development policy envisaged by the Romanian government in the very near future.

The COVID-19 pandemic was a genuine stress test for societies around the globe. Societal values were put under public scrutiny, while fear reigned supreme allowing large margins of maneuver for governments in taking restrictive measures promising at least to win some time for health systems to adapt to the new challenges. Along with health systems governments, judicial systems and societies at large had to change the way they function to face the pandemic. In this paper we will present a case study on Romania and the usage of sanctioning mechanisms by the Police and Gendarmerie during the state of emergency, March 16–May 14, 2020. We will explore the challenges regarding the adoption of a sound legal basis for restrictive measures in line with the constitutional provision and the actual implementation of these restrictions with a focus on the performance of two enforcement institutions – the Romanian Police and the Gendarmerie – in this process. In times of crisis, or particularly i...

Este trabalho pretende abordar o reconhecimento das modificações ocorridas em alguns institutos jurídicos nos vínculos obrigacionais, notadamente nas relações de contratualização das relações privadas e, com especial ênfase, suas decorrências para os contratos de seguro e coberturas securitárias. A partir da crise do modelo clássico consagrado no Estado liberal e suas exportações para os negócios jurídicos, perquirimos o surgimento de um dirigismo contratual no século XX e a consequente mudança das condições de contratação em virtude dos processos de produção em massa, especialmente para abordar o tratamento regulatório nas diversas modalidades securitárias. A partir de tal fotografia verifica-se o campo para a atuação futura dos princípios da Lei de Liberdade Econômica.

Dünya'da kamu sosyal güvenlik sistemlerinde son yıllarda başlayan krizler, çeşitli reformlar ve düzenlemelerle engellenmeye çalışılmıştır. Dünyada baş gösteren krizlere benzer şekilde ülkemizde de sosyal güvenlik sistemi finansman ve işlev anlamında bir darboğazla karşılaşmış ve bir reform ihtiyacı doğmuştur. Türkiye'de sosyal güvenlik alanındaki reformun bir parçası olan Bireysel Emeklilik Sistemi, gönüllülük esasına dayanmakta olup, katılımcılar tarafından yapılan ödemeler emeklilik şirketlerince yatırıma dönüştürülmektedir. Bu sayede sistemin etkileri açığa çıkmakta, tasarruf artışı ile makroekonomik istikrar ve finansal piyasalarda gelişme amaçlanmaktadır. Türkiye'nin özellikle ihtiyacı olan tasarruf konusu ise bireysel emeklilik sistemi ile bir miktar da olsa çözülebilecektir. Bu amaçla 6327 sayılı Kanun ile çeşitli vergisel düzenlemeler yanında devlet katkısı uygulaması getirilmiştir. Söz konusu Kanun'un uygulanmaya başlamasıyla gerek katılımcı sayısında gerekse de tasarruf miktarında bir artış gözlenmektedir. Bu nedenle çalışmada düzenlemelerin devam etmesi önerilmektedir.

Este trabalho pretende abordar o reconhecimento das modificações ocorridas em alguns institutos jurídicos nos vínculos obrigacionais, notadamente nas relações de contratualização das relações privadas e, com especial ênfase, suas decorrências para os contratos de seguro e coberturas securitárias. A partir da crise do modelo clássico consagrado no Estado liberal e suas exportações para os negócios jurídicos, perquirimos o surgimento de um dirigismo contratual no século XX e a consequente mudança das condições de contratação em virtude dos processos de produção em massa, especialmente para abordar o tratamento regulatório nas diversas modalidades securitárias. A partir de tal fotografia verifica-se o campo para a atuação futura dos princípios da Lei de Liberdade Econômica.

The variance in the collectively accumulated assets of a given cohort of individuals is predicted to grow as the cohort ages together over the life-cycle. This variance in assets is attributed to individual differences in risks associated with earnings and asset returns which accumulated over time. Institutions that share risk across individuals, such as Social Security, have been theorized to limit the rate at which this variance in assets grows. This study tests each of these theoretical predictions with empirical evidence by providing the conditions under which these theories can be accepted or rejected, and alternative explanations are offered where discrepancies between theory and evidence exist. The relationship of the variance in assets on age is shown to hold positive and significant for all asset classes except retirement assets. The variance in total assets grows at 1.3 percent per each year of age, while the variance in financial and non-financial assets grow at less than 1 percent per each year of age. The variance in retirement assets linearly decreases with age, declining at a rate of 4.2 percent per each year of age. There is a statistically significant negative relationship of variance in assets on the percentage of defined-benefit holders that holds across all asset classes, while a positive significant relationship holds for the variance in assets on the percentage of defined-contribution holders across all asset classes. A one percent increase in the percentage that hold defined-benefit plans in a given industry decrease the variance in assets by 0.7 percent. As the percentage of defined-contribution holders in a given industry increased by one percent, the variance in assets grows by 0.8 percent. The evidence highlight the importance of the age structure on the dynamics of the relative well-being of individuals, as seen through the variance in assets. The evidence also identifies one particular outcome of the changing retirement landscape in the United States and other developed countries and stresses the importance of the traditional role of Social Security and similar schemes that share risk across individuals. Data p. Evidence p. Conclusions p. 32 References p.

Starting with 2007 he is a Ph.D. candidate in statistics having the main goal to develop a method for intellectual capital measure. His research objectives are connected with financial econometrics, human and intellectual capital measure, regional analysis, statistical analysis etc.

A Lei da Liberdade Econômica brasileira alterou o art. 113 do Código Civil, incluindo o § 1º, inciso V, no qual se indica que na interpretação e integração do negócio jurídico deve o intérprete recorrer à racionalidade econômica das partes. Assim, pretende explorar a problemática do significante “racionalidade econômica das partes” para construir resultados preliminares sobre as dualidades entre direito e economia quanto preenchimento de seu significado a partir da metodologia do Direito Civil Constitucional. A partir do método dedutivo obteve-se a conclusão de que o significado de racionalidade econômica das partes deve ser construído conforme a linguagem do sistema jurídico axiologicamente ordenado pela Constituição.

Sistemet e pensioneve evoluojnë mes ndryshimit të ekonomisë dhe tregut të punës. Ruajtja e përshtatshmërisë dhe mjaftueshmërisë së tyre mund të kërkojë rishqyrtimin e burimeve të financimit. Ndërsa shumë reforma kanë vazhduar për të promovuar jetëgjatësi të punës, një numër shtetesh fqinje dhe në BE kanë ndërmarrë veprime për promovimin e daljes në pension të mëvonshëm nëpërmjet stimujve, përmirësimin e kapacitetit të mbajtjes së të ardhurave dhe gjithëpërfshirjen e sistemeve të pensioneve, përpjekjet e vazhdueshme për të zgjeruar masat mbrojtëse të varfërisë, si përfitimet minimale dhe reformimin e financimit të pensioneve.

This paper analyzes the effect of private supplementary pensions (and the tax reliefs that aim to stimulate such plans) on national saving in Spain. It tries to test the alleged positive effects of private pension plans on savings. Using a longitudinal dataset and fixed-effects methods, we find that tax-favored contributions to a pension fund are not associated with a lower consumption level, which implies that this policy does not increase national saving. The empirical results on the impact of contributions on private household wealth are less clear.

This work is licensed under Creative Commons Attribution-NonCommercial 4.0 International License ÖZ Bireysel Emeklilik Sistemi (BES) ülkemizde sigortacılık sektörünün hayat ve emeklilik branşının önemli bir unsurudur. BES, kişilerin çalıştıkları dönemde yaptıkları tasarruflarının uzun vadeli olarak değerlendirilmesi ve süreç sonunda kişiye toplu para ödenmesi esasına dayanır. Ülkemizde henüz 18 yıllık bir geçmişi bulunan bu sistem, çalışanlara, sermaye piyasasına, sigorta sektörüne ve bir bütün olarak ülke ekonomisine çeşitli açılardan fayda sağlamaktadır. BES, gönüllülük esaslı Bireysel Emeklilik Sistemi (Gönüllü BES) ve zorunluluk esaslı Otomatik Katılım Sistemi (OKS) seçeneklerinden oluşmaktadır. BES'e katılan kişiler istediği fonu seçerek yatırımlarını dilediği gibi yönlendirebilmektedir. Kişinin sistemdeki toplam birikim tutarı, aylık tasarruf miktarına, seçtiği fonların getirisine ve teşvik amaçlı devlet katkısına ve devlet katkısının getirisine göre değişmektedir. BES emeklilik yatırım fonları faizli ve faizsiz olmak üzere ikiye ayrılmıştır. Bireysel emeklilik şirketlerinin OKS kapsamında sisteme dahil olan şirketlere faizsiz fon seçeneğini sunması zorunlu tutulmuştur. OKS'de katılımcıların yarıdan fazlasının faizsiz emeklilik plan ve fonlarını tercih etmiş olması dikkat çekmektedir. Ancak Gönüllü BES'in fonları çok daha büyük olduğundan, sistemdeki toplam paranın %16 kadarı faizsiz fonlardadır. Bu çalışmanın amacı faizsiz BES'in Türkiye'deki mevcut uygulamasının İslam hukukunun belirlediği kurallar açısından değerlendirilmesidir. Girişte Bireysel Emeklilik Sisteminin ve faizsiz BES seçeneğinin ülkemizdeki mevcut durumu ve gelişim süreci hakkında bilgi verilecektir. Ardından faizsiz (katılım) BES uygulamasının mevzuatı, faizsiz emeklilik planları ve emeklilik yatırım fonları, devlet katkısı, emeklilik şirketi ve portföy yönetim şirketleriyle ilişkiler ve danışma komitesinin görevi gibi konuların fıkhi boyutuna değinilecektir. Netice olarak faizsiz (katılım) BES emeklilik planlarının fıkhi hükmü ortaya konularak dikkat edilmesi gereken sakıncalı hususlara işaret edilecektir.

Romania may become overwhelmed by its ageing population in the future. One of the worrying issues is the falling support rate, which shows the relationship between the working population who is paying taxes and the nonworking population, aged 65 years or over (the pensioners). This paper has a regional focus, this ratio and some of the factors influencing it (fertility rate, immigration or life expectancy) being studied in different regions of Romania between 1996 to 2017. Forecasts by 2060 highlight that pensioners-employees ratio will increase over time if no legislative reforms are designed to increase the social security budget (and implicitly the pension system). The findings indicate that an increase in fertility rate and immigration will contribute to better support of pensioners. Since many people migrate to developed countries, Romania is not attracting immigrants to improve its labor force. Hence, a measure to redress the demographic decline and support the pensioners could be the increase in the rate of fertility, which could be sustained by the initiation and implementation of pronatalist policies, the increase in the economic status of the family. Among the results, it is also highlighted that an increase in life expectancy will deter the support because the ageing population will grow. As a result, it is necessary to explore and to implement measures to balance the country's social security budget having as target the old-age population.

Los planes de pensiones son un instrumento de gran utilidad para canalizar el ahorro privado y complementario de las pensiones publicas, pues constituyen una modalidad de inversion a largo plazo, con un papel muy importante como complemento de renta sobre la prestacion por jubilacion procedente de la Seguridad Social y con un ventajoso tratamiento fiscal con respecto de otras formas de inversion financiera. Esta obra colectiva tiene por objeto realizar, a partir de un breve analisis economico de la prevision social publica y complementaria y una aproximacion al sistema publico de prevision social, un estudio detallado del regimen tributario de los diferentes sistemas de prevision complementaria. Se trata, sin duda alguna, de un tema de innegable actualidad y de gran interes social. A los efectos de incentivar la contratacion de planes de pensiones, el legislador ha establecido una serie de beneficios fiscales, especialmente en el ambito del impuesto sobre la renta de las personas fi...

The size and distribution of the taxation supports for private pension provision has been a contentious issue. Research produced or commissioned by representative groups of the pensions industry in Ireland maintains that the tax supports are merely tax deferment, and the effective tax relief is lower  than the ‘headline’ relief on pension contributions. Research by the OECD, on the other hand, suggests that pension savings are essentially tax free to the majority of pension savers. This paper estimates the value of the favourable tax treatment to private pensions provision, expressed as a percentage of the original amount invested, and analyses how it varies with income level, gender, saving period, and other factors. The net effective tax relief on pension savings on each Euro invested in a private pension is estimated by comparing the increase in the present value of pension savings over the lifetime of the individual when compared to other savings. We report that the net effectiv...

Se caracteriza la fisonomía actual del Grupo Solari, cuya principal trinchera económica es Falabella, uno de los dos actores más importantes del mercado del retail chileno. A diferencia de Cencosud, su competidor, y de los grupos empresariales que han edificado su fortuna a partir de subsidios estatales, este caso muestra un patrón de acumulación construido sobre la base del sobreendeudamiento de los consumidores. Al perfeccionarse, aquel mecanismo le ha permitido alcanzar importantes niveles de ventas, posibilitando su salto de expansión económica hacia el exterior, mientras, internamente, le permite detentar un mayor liderazgo en los espacios de constitución del gran empresariado chileno.

The purpose of the paper is to give an overview of the changes in the structure of industries in Romania, specifically on the questions (1) whether the industrial structures become more similar or more different in the Romanian regions and (2) whether the Romanian industries become more concentrated or more dispersed. EUROSTAT regional data on Gross Value Added and employed population for the period of 2000-2013 are used in order to calculate several statistical indices of specialization and concentration (Krugman, Entropy, Hirschman-Herfindahl, Lilien Index and Gini coefficient). By comparing the values of these different measurements, the main finding is that Romanian regions become less specialized, while industries become slightly more concentrated. The speed of structural changes in all Romanian regions registered a noticeable slowdown of the speed of sectoral changes after the economic crisis. Our conclusions provide useful information for the economic policy makers in investm...

The beginning of the second millennium coincided with major pension reforms in many countries. This global movement also included Poland where a pension market was created in 1999. The first 15 years were a period of expansion of Open Pension Fund market in Poland. This changed with the Reform of 2014, which brought new standards applicable to OFE investment policy. Half of the assets were transferred to Social Insurance Institution (ZUS) and legal investment limits for Open Pension Funds undergone a major changes. Evolution of investment policy of Open Pension Funds during last fifteen years is analyzed with special emphasis on the global perspective.

Günümüzde finans sistemi, ülke ekonomilerinin tamamlayıcısı ve vazgeçilemez bir aktörü haline gelmiştir. Finans sistemi içerisinde yer alan sigortacılık sektörü özellikle gelişmiş ülkelerde önemli bir yere sahiptir. Gelişmekte olan ülkelerde ise sigortacılık yüksek bir büyüme ivmesi sergilemektedir. Bu büyüme ivmesi Swiss Re’nin 2022 yılında hazırlamış olduğu raporlarda da görülmektedir. İlgili rapora göre 2022 yılında tüm dünyada sigorta sektörünün üretmiş olduğu prim hacminin 7 trilyon doları aşarak rekor kıracağı belirtilmektedir (Sigma, 2022). Bu denli büyüme potansiyeline sahip sektöre yönelik yatırımcıların ilgisi artarken araştırmacılar
ve akademisyenler de sigortacılığa yönelik çok yönlü çalışmalar
yapmaktadır.
Sigorta sektörü, bireylerin ve işletmelerin tasarruflarını sermaye piyasasına ve reel sektöre aktararak ekonomik kalkınma ve büyümede önemli rol oynamaktadır. Her geçen gün finansal piyasalarda sigorta sektörünün önemi artmakla birlikte çeşitli zorlukların olduğu da göz ardı edilmemelidir. Bu anlamda sigortacılığın gelişimini etkileyen faktörlerin analizi sektörün gelişimi ve beklenilen potansiyeline ulaşabilmesi için önem arz etmektedir. Bu çalışma, Türkiye’deki katılım ve konvansiyonel sigorta sektörünün gelişimini etkileyen faktörlerin incelenmesine odaklanmıştır. 2009Q4-2022Q2 dönemine ait verilerinin ele alındığı çalışmada panel veri analizi yöntemi kullanılmıştır. Sigorta sektörü üzerinde etkili olan değişkenler literatürdeki çalışmalar dikkate alınarak (Brokešová vd., 2014; Guérineau ve Sawadogo, 2015; Zerriaa ve Noubbigh, 2016; Mathew ve Sivaraman, 2017; Lee vd., 2018; Polat ve Akın, 2021; Kabrt, 2022; Kolapo vd., 2022; Kaya vd., 2022; Dragotă vd., 2022) Gsyh (Gayrı Safi Yurtiçi Hasıla), bankacılık sektörü, dış ticaret hacmi, enflasyon, faiz oranı ve sosyal güvenlik harcamalarından oluşturulmuştur. Ayrıca bu çalışmada COVID-19 salgının da sigorta primleri üzerindeki etkisi araştırılmıştır. İlgili veriler Türkiye Sigorta Birliği (TSB), Türkiye İstatistik Kurumu (TÜİK) ve Türkiye Cumhuriyet Merkez Bankası (TCMB) web sitelerinden temin edilmiştir.
Araştırma bulgularına göre sigorta sektörü üzerinde gsyh, bankacılık, dış ticaret hacmi, faiz oranı ve sosyal güvenlik harcamalarının pozitif bir etkiye sahip olduğu, COVID-19 salgınının ise negatif etkilediği görülmüştür. Enflasyon değişkeninin ise sigorta sektörünü hem pozitif hem de negatif etkilediği tespit edilmiştir. Katılım ve konvansiyonel sigorta sektörünün gelişimi elde edilen bu bulguların derinlemesine analizi ile önem kazanacaktır. Analiz sonuçları çerçevesinde sektördeki uygulayıcılar, müşteriler, kamu otoritesi ve araştırmacılar gibi birçok paydaşının sigorta sektörünün belirleyicilerinin etkilerine yönelik kapsamlı analizler yaparak sigortacılık hakkında fikir sahibi olmaları mümkün olacaktır. Literatürde katılım ve konvansiyonel sigortacılığın belirleyicilerinin birlikte ele alındığı herhangi bir çalışmaya rastlanılmamış olması, bu çalışmayı mevcut çalışmalardan ayrıştırmakta ve literatüre katkı sağlamayı hedeflemektedir.
Çalışma beş kısımdan oluşmaktadır. Giriş kısmının devamında ikinci kısımda Türkiye’de katılım ve konvansiyonel sigortacılığa dair teorik bilgilere yer verilerek üçüncü kısımda literatür çalışmaları ele alınmıştır. Dördüncü kısımda metodoloji ve uygulama yer almaktadır. Son kısımda ise genel değerlendirme yapılmıştır.

The 18 th and 19 th centuries represented a period of important changes for Moldavia, changes that occurred at the level of the ethnical structure of the population of this province, first of all because more persons from different ethnical groups established in this area. A part of this people often chose to become citizens of other states, generally of European ones, based on many reasons, the phenomenon amplifying during the 19 th century. The presence of these foreign subjects on the territory of Moldavia, but also on the territory of other Romanian provinces outside the Carpathians Mountains had some specific features and played an important role in the economic, social and cultural life of these provinces.

Using official data and new econometric models based on how the industry actually works, we show the benefits of scale for members are limited, and confined to the non-profit sector which is structured to incur relatively low fixed costs compared with much higher variable costs. In Australian institutional superannuation, most efficiency gains, such as those from economies of scale, are captured as profits for financial intermediaries, with little benefit for members. Recent regulatory reforms on fee disclosure and scale requirements have the unintended consequences of further reducing competition and benefiting the large financial conglomerates.

Bridging the gap between countries, and thus decresing poverty, is the greatest challenge of European countries in the context of the European social cohesion. The risk of future economic difficulties caused by the size of budget deficits is beared by the funds to be allocated to social inclusion in the EU and the EU member countries. They will be concerned in the post-crisis period with aligning the requirements of progress, of poverty reduction, but also of ensuring the sustainability of public finances. For Romania, cohesion is particularly important as most regions show significant differences as compared to the EU average and the national average. This group also includes the South Muntenia Region, which has many advantages for faster progress and to be able to exploit the opportunities offered by the implementation of the Europe 2020 strategy.

La protection sociale d'entreprise semble de moins en moins viable dans le contexte américain. Créés à une période où les salariés étaient plus souvent atta-chés pendant une carrière entière à l'em-ployeur ou à un seul métier, les régimes de retraite professionnels versent des pensions d'un montant significatif aux sala-riés qui ont connu une carrière stable dans certains types d'entreprises et de secteurs. Avec le déclin de l'emploi à long terme dans le secteur privé, beaucoup d'em-ployeurs, et parfois leurs salariés, ont reje-té ce type de dispositif. Se développent à leur place des plans d'épargne, profession-nels ou individuels, qui laissent aux indivi-dus la décision de conserver le capital pour la période de la retraite ou non. Ces plans conviennent à un marché du travail où les salariés sont plus mobiles qu'aupa-ravant, mais ils ne garantissent pas des re-venus de retraite. Dans un avenir proche, si les tendan-ces actuelles se poursuivent, les ...

The individual pension system covers the management of the funds invested by the participants on a voluntarily basis. These funds are important in terms of increasing the country's savings rate as well as increasing the welfare of individuals and the country with the transformation of funds into capital market investments. In recent years, states have increasingly supported the private pension system to provide resources to the investments and increase the saving rates. The aim of this study is to measure the effectiveness of individual pension companies in Turkey between the years 2011-2016 with data envelopment analysis method. In the analysis phase, while total assets, equity and contribution rates were used as input variables, premium production and investment income were used as output variables. The majority of companies included in the analysis in the first years were below the efficiency limit and in the following years an increase was observed in the efficiency values of the related companies.

Se aplican para ello las medidas tradicionales de performance, correspondientes a los autores Sharpe, Treynor y Jensen, poniendo para ello de mani esto, que su funcionamiento correcto depende de una serie de circunstancias, que no siempre se cumplen en los mercados nancieros. En estos casos se aplican medidas alternativas de medición de la performance, las cuales eliminan las incoherencias detectadas. Estas medidas fueron desarrolladas por los profesores Ferruz y Sarto (1997). El presente estudio comprende el periodo 2000-2005. Se analizan rentabilidades mensuales correspondientes a 196 fondos mutuos de renta variable. Los índices alternativos no hicieron más que rati car el resultado de los índices originales. Se concluye además que las gestoras con mayor patrimonio administrado no poseen los mejores índices de performance, similar situación ocurre con aquellas gestoras pertenecientes a la industria bancaria.

Türkiye'de gönüllü bireysel emeklilik sistemi ve özellikle otomatik katılım sisteminde konvansiyonel (faize dayalı) plan ve ürünler yanında faizsiz emeklilik plan ve fonlarının tercih edilme ve artış hızı önemlidir. Bu çalışmanın amacı sigortacılık sektörünün hayat ve emeklilik branşının önemli bir unsuru olan faizsiz birysel emekliliğin değerlendirilmesi ve analiz edilmesidir. Çalışma verileri Emeklilik Gözetim Merkezi ve Sermaye Piyasası Kurulu resmi web sitelerinden alınmıştır. Method olarak SWOT analiz metodu kullanılmıştır. Çalışma bulgularına göre; Türkiye'de, faizsiz bireysel emekliliğin güçlü yanı, bireylerin genel anlamda kamu emeklilik sistemi yanında özel emekliliğe duydukları ihtiyacın önem kazanması ve faiz hassasiyeti olan bireylerin artan oranda bu ürünleri talep etmesidir. Zayıf ve gelişime açık alan olarak faizsiz emeklilik fonlarının yatırım seçeneklerinin faizli sisteme göre daha sınırlı olmasıdır. Fırsatlar olarak emeklilik sisteminin gelişem potansiyeli öne sürülebilir, pazar henüz büyüme aşamasındadır. Diğer yandan, sistemin karşılaşabileceği tehdit ise iktisadi konjonktüre bağlı olarak yeni katılımcıların (bireysel yatırımcıların) sisteme giriş sayısındaki artış hızının azalma riskidir.