Dynamic accumulation model for the second pillar of the Slovak pension system

Finance a Uver - Czech Journal of Economics and Finance

Volumn 56, Issue 11-12, 2006, Pages 506-521

  Kilianová, Soňa ^a   Melicherčík, Igor ^a   Ševčovič, Daniel ^a  

^a Physics and Informatics   (Slovakia)

Author keywords

Bellman equation; Dynamic stochastic programming; Funded pillar; Pension portfolio simulations; Risk aversion; Slovak pension system; Utility function

Indexed keywords

EID: 33846855521     PISSN: 00151920     EISSN: None     Source Type: Journal    
DOI: None     Document Type: Article

References (12)

1. BENCZÚR, P. (1999): Changes in the Implicit Debt Burden of the Hungarian Social Security. National Bank of Hungary, Working Paper, August 1999.
2. CHLON, A. - GÓRA, M. - RUTKOWSKI, M. (1999): Shaping Pension Reform in Poland: Security Through Diversity. The World Bank, Social Protection Discussion Paper Series, August 1999.
3. FRIEND, I. - BLUME, M. E. (1975): The Demand for Risky Assets. The American Economic Review, vol. 65, 1975, no. 5, pp. 900-922.
4. FULTZ, E. (2002): Pension Reform in Central and Eastern Europe. Vol. 1. Budapest, ILO, 2002.
5. GOLIAS, P. (2003): Pension Calculations for the PAYG and the Funded Pension System in Slovakia. Academia Istropolitana Nova, Professional Programme in Applied Economics and Finance, August 2003.
6. MEHRA, R. - PRESCOTT, E. (1985): The Equity Premium: a Puzzle. Journal of Monetary Economics, vol. 15, 1985, pp. 145-161.
7. MELICHERČÍK, I. - UNGVARSKÝ, C. (2004): Pension Reform in Slovakia: Perspectives of the Fiscal Debt and Pension Level. Finance a úvěr - Czech Journal of Economics and Finance, vol. 54, 2004, no. 9-10, pp. 391-404.
8. PALACIOS, R. - ROCHA, R. (1998): The Hungarian Pension System in Transition. In: L. Bokros - J. Dethier (eds.): Public Finance Reform during the Transition: The Experience of Hungary. The World Bank, Washington, D.C., 1998, pp. 177-216.
9. PRATT, J. W. (1964): Risk Aversion in the Small and in the Large. Econometrica, vol. 32, 1964, no. 1-2, pp. 122-136.
10. SIMONOVITS, A. (2000): Partial Privatization of a Pension System: Lessons from Hungary. International Journal of Development, vol. 12, 2000, pp. 519-529.
11. THOMAY, M. - SVEJNA, I. - ORAVEC, J. (2002): Koncepcia reformy dôchodkového systému. The F. A. Hayek Foundation, Bratislava, June 2002.
12. YOUNG, H. P. (1990): Progressive Taxation and Equal Sacrifice. The American Economic Review, vol. 80, 1990, no. 1, pp. 253-266.