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2020, vol. 49, br. 2, str. 10-39
Efikasnost investicione politike i politike povećanja doprinosa u održavanju dugoročne fundiranosti sponzorisanih penzijskih planova
Univerzitet u Kragujevcu, Ekonomski fakultet

e-adresadstojkovic@kg.ac.rs, slukovic@kg.ac.rs
Ključne reči: sponzorisani penzijski planovi; investiciona politika; politika povećanja doprinosa; nivo fundiranosti; bootstrap reuzorkovanje
Sažetak
Sponzorisani penzijski planovi sa definisanim naknadama su suočeni sa dugoročnim izazovima u održavanju nivoa fundiranosti koji je propisan nacionalnom regulativom koja uređuje penzijski sistem. U relativno kratkom periodu od svega dve decenije, privatni penzijski fondovi su se suočili sa dve finansijske krize (dot.com kriza s početka 21. veka i globalna finansijska kriza iz 2008. godine), višegodišnjim periodom niskih kamatnih stopa nakon globalne finansijske krize, a odskora i negativnim efektima epidemije korona virusa. U takvom ambijentu, aktuelno je pitanje koji je mehanizam najefikasniji za postizanje i održavanje adekvatnog nivoa fundiranosti sponzorisanih penzijskih planova sa definisanim naknadama. Cilj rada se ogleda u ispitivanju efikasnosti investicione politike i politike povećanja doprinosa u održavanju dugoročne fundiranosti penzijskog plana, korišćenjem VAR modela i bootstrap reuzorkovanja za simuliranje posmatranih varijabli. Rezultati analize pokazuju da je investiciona politika efikasniji alat za postizanje fundiranosti u dugom roku, uz ograničenja u pogledu agresivnosti investicione politike.
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O članku

jezik rada: srpski, engleski
vrsta rada: izvorni naučni članak
DOI: 10.5937/bankarstvo2002010S
objavljen u SCIndeksu: 26.07.2020.
Creative Commons License 4.0