Pension Funds In Central Europe And Russia

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Pension Funds In Central Europe And Russia

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Author : Dimitri Vittas
language : en
Publisher: World Bank Publications
Release Date : 1995

Pension Funds In Central Europe And Russia written by Dimitri Vittas and has been published by World Bank Publications this book supported file pdf, txt, epub, kindle and other format this book has been release on 1995 with Centraleuropa categories.

Pension Funds In Central Europe And Russia

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Author : Dimitri Vittas
language : en
Publisher:
Release Date : 1999

Pension Funds In Central Europe And Russia written by Dimitri Vittas and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1999 with Electronic books categories.

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.

Corporate Governance In Central Europe And Russia

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Author : Roman Frydman
language : en
Publisher:
Release Date : 1996

Corporate Governance In Central Europe And Russia written by Roman Frydman and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1996 with Business & Economics categories.

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.

Corporate Governance In Central Europe And Russia

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Author : Roman Frydman
language : en
Publisher: Central European University Press
Release Date : 1996-01-01

Corporate Governance In Central Europe And Russia written by Roman Frydman and has been published by Central European University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 1996-01-01 with Business & Economics categories.

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.

Current Politics And Economics Of Russia Eastern And Central Europe

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Author :
language : en
Publisher:
Release Date : 2002

Current Politics And Economics Of Russia Eastern And Central Europe written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2002 with Europe, Central categories.

Corporate Governance In Central Europe And Russia

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Author : Roman Frydman
language : en
Publisher:
Release Date : 1996

Corporate Governance In Central Europe And Russia written by Roman Frydman and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1996 with Business & Economics categories.

In this, the second 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 look at the nature of control exercised by insiders in Central and Eastern European firms and the emergence of indigenous corporate governance institutions. The volume also addresses the role of foreign investors and the many issues involved in the design of corporate and securities law. 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.

Private Pensions Series Reform And Challenges For Private Pensions In Russia

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Author : OECD
language : en
Publisher: OECD Publishing
Release Date : 2006-03-29

Private Pensions Series Reform And Challenges For Private Pensions In Russia written by OECD and has been published by OECD Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006-03-29 with categories.

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.

New Conservatives In Russia And East Central Europe

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Author : Katharina Bluhm
language : en
Publisher: Routledge
Release Date : 2018-08-14

New Conservatives In Russia And East Central Europe written by Katharina Bluhm and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018-08-14 with Social Science categories.

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.

Balancing Protection And Opportunity

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Author :
language : en
Publisher: World Bank Publications
Release Date : 2000-01-01

Balancing Protection And Opportunity written by and has been published by World Bank Publications this book supported file pdf, txt, epub, kindle and other format this book has been release on 2000-01-01 with Political Science categories.

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.

Pension Reform And The Development Of Pension Systems

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Author : Emily S. Andrews
language : en
Publisher: World Bank Publications
Release Date : 2006

Pension Reform And The Development Of Pension Systems written by Emily S. Andrews and has been published by World Bank Publications this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006 with Business & Economics categories.

"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."