scholarly journals Fondová schémata jako možná řešení finanční udržitelnosti dánského penzijního systému

2021 ◽  
Vol 10 (4) ◽  
pp. 49-60
Author(s):  
Jan Pokorný ◽  
Pavlína Hejduková
Keyword(s):  
Time Series Data ◽  
Pension System ◽  
Population Aging ◽  
Synthesis Method ◽  
Series Data ◽  
Financial Sustainability ◽  
Private Companies ◽  
The Public ◽  
Pension Systems ◽  
The World Bank

The financial sustainability of pension systems is one of the crucial topics in the context of population aging. The issue of financial sustainability is primarily associated with public unfunded pension schemes, where there is an increase in future expenditures and a reduction in income due to the demographic structure. A possible solution to this problem is represented by the introduction of fund schemes into the design of the pension system which is recommended by the World Bank. But it brings certain risks for pension systems. An example of the implementation is Denmark, where the public fund scheme ATP exists in the first pillar and the second pillar is funded and managed by private companies. The aim of this paper is to present the Danish pension system with a focus on fund schemes and their differences with emphasis on management. This paper uses a literature review and analysis of quantitative data in the form of a time series. Data are used from Stat Bank and Forsikring & Pension. Next, the synthesis method is used to summarize the findings. The conclusions of the paper provide a basic overview of Danish pension fund schemes and can be an inspiration for possible reforms of pension systems in other countries.

scholarly journals The impact of pension systems on financial development: An empirical study

2014 ◽  
Vol 4 (3) ◽  
pp. 119-130 ◽  
Author(s):  
Shouji Sun ◽  
Jiye Hu
Keyword(s):  
Financial Development ◽  
Pension Fund ◽  
Time Series Data ◽  
Pension System ◽  
Panel Data Analysis ◽  
Pension Funds ◽  
Series Data ◽  
Legal Origin ◽  
Pension Systems ◽  
The Impact

The impact of pension assets on financial development is both quantitatively and qualitatively. On quantitatively, pension funds increase capital supply to financial market. On qualitatively, pension funds as institutional investors could promote corporate governance, information disclosure and transaction efficiency. Based on regression results of 55 countries and regions, we find that different pension systems formed different size of pension fund; every 1% increase of the pension funds’ assets could bring about 0.15%-0.23% increase of the market value, which could explain cross-countries difference of financial development. Based on panel data analysis, we find that the impact of pension fund on financial development is very significant especially in civil law and underdeveloped countries. By using co-integration analysis and vector auto regression model (VAR) with time series data of Chile, we find positive relationship between pension funds and financial development again. The empirical results indicate that legal origin, endowment and pension fund views are not exclusive but compatible. A country cannot change its legal origin and endowment, but it can change pension policies and reform social security system. A funded pension system with accumulates pension assets could promote a country’s financial development and economic growth.

Revisiting the growth effects of government bonds in the emerging capital market.

2019 ◽  
Vol 3 (1) ◽  
pp. 32-38
Author(s):  
Temitayo O. Olaniyan ◽  
Samuel O. Ekundayo
Keyword(s):  
Method Of Moments ◽  
Capital Market ◽  
Time Series Data ◽  
Stock Exchange ◽  
Annual Reports ◽  
Series Data ◽  
Government Bonds ◽  
Market Growth ◽  
The Public ◽  
Generalised Method Of Moments

We revisited the effects of government bonds for the growth on the Nigerian capital market. Utilising time-series data obtained from the Nigeria Stock Exchange (NSE) annual reports for the period from 2010 to 2017, this study through the Generalised Method of Moments (GMM) regression estimator found that the value and the number of listed government bonds’ positively and significantly affect capital market growth in Nigeria. Furthermore, low capitalisation of government bonds negatively affects the growth of the market. The null hypothesis of the Hansen J-statistics is accepted; hence this implies that the IVs used in the GMM model is valid. We concluded that government bonds have positive and significant effects on the growth of the Nigerian capital market, thus government bonds have made the NSE All-Share Index grow over the period under investigation. Following the findings from the study, it was recommended, inter alia, that there should be more issuance of government bonds to the public and further to enhance the efficiency of the capital markets, both primary and secondary, while the funds raised from the capital market through government issuance should be channelled towards Nigeria’s productive sectors to promote an all-inclusive growth in the Nigerian economy.

scholarly journals FAKTOR – FAKTOR YANG MEMPENGARUHI KONSUMSI GAS DI INDONESIA

2021 ◽  
Vol 3 (2) ◽  
pp. 69
Author(s):  
Rohim Rohim ◽  
Mike Triani
Keyword(s):  
Time Series ◽  
World Bank ◽  
Time Series Data ◽  
Secondary Data ◽  
Series Data ◽  
Industrial Growth ◽  
A Value ◽  
The World Bank ◽  
The World ◽  
Gas Consumption

The purpose of this research is to determine (1) the effect of income on gas consumption in Indonesia (2) the effect of population on gas consumption in Indonesia (3) the effect of industrial growth on gas consumption in Indonesia. This type of research is descriptive and associative. The data used in this research is secondary data from Indonesia in the form of time series data from 1970 to 2019 and this data was obtained from official institutions of the World Bank and BP Statistic World. The data were processed using multiple linear regression. The results showed that the income had a negative and significant effect on gas consumption with a probability value of 0.0005 <0.05, the population had a positive and significant effect on gas consumption with a value of prob t-count of 0.0010 <0.05 and industrial growth had a positive and significant effect on gas consumption.  The significant to gas consumption in Indonesia with a value of prob t-count value of 0.5219 <0.05 and suggestions for further researchers to be able to analyze other factors that affecting gas consumption in Indonesia.  Because from the gas sectors, there are still many factors that affected gas consumption until the research results will be better

scholarly journals Analysis of Budget Imbalance Dynamics in Kenya

2018 ◽  
Vol 4 (4) ◽  
pp. 352
Author(s):  
Alex Oguso ◽  
Francis M. Mwega ◽  
Nelson H. Wawire ◽  
Purna Samanta
Keyword(s):  
Public Sector ◽  
Time Series Data ◽  
Supply And Demand ◽  
Series Data ◽  
Fiscal Consolidation ◽  
The Public ◽  
Distributed Lag ◽  
Seeking Behavior ◽  
Development Goals ◽  
The Government

<p><em>Kenya needs substantial and sustained fiscal consolidation to create fiscal space for financing the government’s election pledges, the Vision 2030 development projects, and sustainable development goals. However, the government has found it hard to sustain its fiscal consolidation attempts. This study investigates the fiscal consolidation constraints that act through the budget imbalance dynamics in Kenya using the </em><em>Olivera-Tanzi effect approach.</em><em> The study covers the period 2000-2015</em><em> using time series data and employs three </em><em>Auto-regressive Distributed Lag (ARDL) error correction models</em><em> in the analysis. The study showed that a </em><em>rise in the general price levels in the economy, adjustment of minimum wages, rise</em><em> in perceived levels of corruption in the public sector and the political budget cycles (occurrence of a general election) worsen the budget imbalances (deficits) thus </em><em>constrain fiscal consolidation efforts in Kenya. The study also demonstrated that </em><em>budget imbalance dynamics in Kenya could partly be explained by the Olivera-Tanzi proposition. </em><em>The study rec</em><em>ommends measures to reduce the fiscal imbalance gap in Kenya, which include controlling both supply and demand side inflationary pressure and dealing with rent seeking behavior in the public sector.</em></p>

scholarly journals AN ANALYTICAL STUDY OF TOTAL FDI INFLOW, OUTFLOW AND NET FDI OF FIVE SOUTH ASIAN COUNTRIES OVER THE PERIOD 1992–2019

2021 ◽  
pp. 417-435
Author(s):  
Sushanta Kumar Tarai ◽  
Prof. Sudhakar Patra
Keyword(s):  
Sri Lanka ◽  
South Asian ◽  
Analytical Study ◽  
Time Series Data ◽  
Secondary Data ◽  
Series Data ◽  
Asian Countries ◽  
Causality Test ◽  
Development Indicators ◽  
The World Bank

This present research aims to analyze the total FDI inflow, outflow and net FDI of five South Asian countries over the period 1992–2019.This study is based on 28years Time series data taken from the World Bank Development Indicators. In order to compare the FDI inflow, outflow and net FDI inflow of India, Pakistan, Sri Lanka, Bangladesh, Nepal over the period 1992–2019,both descriptive and inferential statistical tools such as correlation test, paired t test, the familiar linear regression model, Granger-Causality test, percentage analysis and tables, are used for analysis, hypothesis testing and interpretation of data. This study used various secondary data. Economic development of the developing countries like India, Pakistan, Sri Lanka, Bangladesh, and Nepal largely rely on FDI. However, the study also reveals that in the last two decades, India received 23 times more FDI than Bangladesh, Pakistan, Sri Lanka and Nepal. For attracting more FDI, these nations require to create more congenial and favorable atmosphere towards the foreign investors. It is also concluded that the after implementing make in India campaign investing countries in total FDI inflow are increased. KEYWORDS: FDI inflow, FDI outflow, GDP growth.

Die Finanzierungslücke der Gesetzlichen Rentenversicherung in Deutschland – Eine Simulationsstudie zu Lösungsmöglichkeiten

2014 ◽  
Vol 63 (2) ◽  
Author(s):  
Steffen Bollacke
Keyword(s):  
Pension System ◽  
Population Aging ◽  
Financial Burden ◽  
Public Pension ◽  
Demographic Factor ◽  
Public Pensions ◽  
Calculation Formula ◽  
Pension Systems ◽  
Public Pension System ◽  
Reform Processes

AbstractPopulation aging challenges pay-as-you-go pension systems. Solving the associated funding problem constantly motivates reform processes. In addition to an aging population, specific regulations of the German public pension system lead to an increasing financial burden of national finances. To ensure sustainable funding of pensions, the calculation formula of the German public pension system will be investigated in this paper. It will be shown, that there are two alterable parameters, which are not optimally used regarding the funding of public pensions. Simulations show that a variable demographic factor to calculate public pensions can reduce the financial burden of national finances.

Does Government Pay Attention to the Public? The Dynamics of Public Opinion and Government Attention in Posthandover Hong Kong

2019 ◽  
Vol 32 (4) ◽  
pp. 641-658
Author(s):  
Chuanli Xia ◽  
Fei Shen
Keyword(s):  
Hong Kong ◽  
Public Opinion ◽  
Central Government ◽  
Time Series Data ◽  
Theory And Practice ◽  
Series Data ◽  
The Public ◽  
Government Response ◽  
Dynamic Relationships ◽  
Public Opinion Polls

Abstract Government response to public opinion is essential to democratic theory and practice. However, previous research on the relationship between public opinion and government attention predominantly focuses on western societies. Little is known about such relationship in nonwestern or nondemocratic societies. Drawing upon time-series data of public opinion polls and government press releases, this study examines the dynamic relationships between public opinion and government attention in posthandover Hong Kong. The findings reveal that the responsiveness of the Hong Kong government to public opinion varies across issue domains and is constrained by the political power from the central government in Beijing.

scholarly journals Impact of Remittances on Economic Growth: Evidence from Selected West African Countries (Cameroon, Cape Verde, Nigeria and Senegal)

2015 ◽  
Vol 1 (2) ◽  
Author(s):  
Muriel Adarkwa ◽  
Keyword(s):  
Economic Growth ◽  
Time Series Data ◽  
West African ◽  
Cape Verde ◽  
Series Data ◽  
African Countries ◽  
The World Bank ◽  
Negative Effect ◽  
The Impact ◽  
Positive Effect

Remittances from abroad play a key role in the development of many West African countries. Remittances tend to increase the income of recipients, reduce shortage of foreign exchange and help alleviate poverty. This research examines the impact of remittances on economic growth in four selected West African countries: Cameroon, Cape Verde, Nigeria and Senegal. Using developmentalist, structuralist and pluralist views on remittances, a linear regression was run on time series data from the World Bank database for the period 2000–2010. After a critical analysis of the impact of remittances on economic growth in these four countries, it was found that inflow of remittances to Senegal and Nigeria has a positive effect on these countries’ gross domestic product whereas for Cape Verde and Cameroon it had a negative effect. Cameroon benefitted the least from remittances and Nigeria benefitted the most within the period. One contribution of this study is the finding that remittance inflows need to be invested in productive sectors. Even if remittances continue to increase, without investment in productive sectors they cannot have any meaningful impact on economic growth in these countries.

scholarly journals The Effect of Financing on Credit Risk: Empirically on Indonesian Islamic Banking

2021 ◽  
Vol 5 (1) ◽  
pp. 503
Author(s):  
Fitri Zaelina ◽  
Dwi Nastiti
Keyword(s):  
Time Series Data ◽  
Linear Regression Analysis ◽  
Multiple Linear Regression Analysis ◽  
Series Data ◽  
Islamic Banking ◽  
Islamic Banks ◽  
The Public ◽  
Analysis Techniques ◽  
Independent Variables ◽  
Financing Risk

Islamic banking has an important role in the economy, especially in moving the real sector. Islamic banking provides funding to the public in the form of financing. The financing provided cannot be separated from various risks that can threaten the health of the bank, one of which is financing risk. For that, the purpose of this study is to analyze the effect of financing on financing risk in Islamic banks for the period 2015 to 2020. The method used in this study is quantitative with multiple linear regression analysis techniques. This study uses time-series data and the variables in this study are mudharabah, musyarakah, murabahah, ijarah financing, and total assets as independent variables and NPF as a dependent variable. The results of the study concluded that total assets had a negative and significant effect on NPF and murabahah financing had a positive and significant effect on NPF. Meanwhile, mudharabah, musyarakah, and ijarah financing has no significant effect on NPF.

scholarly journals FINANCIAL AND SOCIAL SUSTAINABILITY PENSION SYSTEMS IN THE FACE OF DEMOGRAPHIC RISKS

2017 ◽  
Vol 5 ◽  
pp. 331-336
Author(s):  
Alexander Nepp ◽  
James Okrah
Keyword(s):  
Distribution System ◽  
Pension Fund ◽  
Pension System ◽  
Financial Sustainability ◽  
Macroeconomic Factors ◽  
Pension Systems ◽  
The Status ◽  
The Face ◽  
The Russian Federation ◽  
Main Instrument

The ongoing distribution of the pension system is on the threshold of losing its sustainability, financially, which has produced a deficit in the budget of the Pension Fund of the Russian Federation and the deflection of pension funds to the distribution system in 2014. This situation was to some extent caused by demographic risks. Funded systems could become the main instrument for mitigating the demographic problem of the distribution pension system. But the problem is, these systems are unprotected to demographic risks as well.The paper examines the effect of demographic uncertainty on funded pension systems. It describes the process necessary for the financial sustainability of a funded pension system under the force of demographic and macroeconomic factors. It explores the conformity of Russian funded pension systems and that of OECD countries with the status of financial sustainability in the time from 1958 to 2012, making a prognosis for the financial viability prospects.

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