Pension Funds and Financial Markets: Evidence from the New EU Member States

摘要: The recently established pension funds in the new EU Member States face investment risks that stem from a challenging macroeconomic environment, including, inter alia, volatile inflation and shallow domestic capital markets. question arises whether move to funded system such economic environment always increases long-term sustainability of public finances. Against this background, paper surveys main challenges for systems finances provides evidence on fund performance recent years. We conclude some these countries limited diversification assets, impact high as well financial market turmoil may have indeed reduced positive systemic reforms fiscal sustainability.