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Pension reform in the Czech Republic and its risks
Spurný, Jiří ; Krahulec, Jan (referee) ; Škapa, Stanislav (advisor)
The diploma thesis deals with the pension reform and the pension system in the Czech Republic. The paper explains fundamental terms in the field and explains their function. The main aim of the thesis is a definition and risk analysis of individual parts of the pension system. The secondary aim is guidance how to use each of the parts of the system.
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Economic Development and Pension Privatisation: Evidence from Central and Eastern European Countries and Visions for the Future
Zhang, Yunyang ; Jeřábek, Petr (advisor) ; Merrino, Serena (referee) ; Čech, František (referee)
Since the mid-1990s, to boost the macroeconomy, many countries in the Central and Eastern European region have implemented pension privatisation policies. They followed the recommendations of the World Bank and established a multi-pillar pension model, including a mandatory second pillar with the most privatised features. This paper reviews the literature on pension privatisation policy, summarising its history and development in Central and Eastern Europe, and providing a comparative analysis of privatisation reforms in individual countries. The promotion of economic development, as the most important driver of pension privatisation reforms, has not yet received a definitive conclusion. This paper aims to extend existing empirical research on the impact of pension privatisation on economic development by employing a time-varying difference-in-difference model with data from 1996 to 2022 for a sample of 11 EU countries in the Central and Eastern European region. The results of the study show that the pension privatisation policy significantly contributes to economic development and increases domestic savings, and that the contribution to economic development is greater in the long run than in the short run. As a result, the pension privatisation policy should continue to be promoted in the future.
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Pension insurance in the Czech Republic
Zelená, Jaroslava ; Vysokajová, Margerita (advisor) ; Zemanová, Jana (referee)
The purpose of the theses is an analysis of the Czech pension system. The paper is mainly focused on recent Czech pension scheme legislation with special attention to the old age pension. It describes in detail the second pillar of the pension scheme introduced by 1 January 2013 allowing participants to opt-out of state pension insurance and saving according to individual pension plans. The paper also explains changes in legislation that affect the third pillar - subsidized pension saving. The thesis result is a description of the pension scheme legislation in the Czech Republic effective from the beginning of 2013.
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Simulation of pension reform impact on Czech real estate market
Součková, Soňa ; Jandík, Tomáš (advisor) ; Hedbávný, Petr (referee)
Diplomová práce - Soňa Součková: Simulation of pension reform impact on real estate market Abstract The objective of this thesis is to estimate the impact of pension reform on commercial property market in the Czech Republic during the period of 2013 -2017. Our hypothesis is that a potential pension reform would have a positive significant impact on property investment volumes via institutions constituting the second pillar. In the first step, we provide analysis of pension reforms recently applied in Slovakia, Hungary, Poland, Lithuania, Latvia and Estonia. Given analysis of selected countries and specifics of the proposed Czech pension reform, we estimate that the institutions in the second pillar may face additional yearly cash inflows beginning on EUR 1.23 billion in 2013 and further increasing to EUR 2.59 billion in 2017. Furthermore, we estimate that a likely share allocation by second pillar institutions into real estate would lie in the region of 0 - 14% depending on the discrete decision of the regulators. Using a conservative leverage of 40% for bank financing, we estimate that the expected investment volumes allocated by second pillar institutions into real estate would be EUR 61 - 287 million in year 2013. Given the average investment volumes of EUR 1334 million p.a. allocated into commercial...
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Porovnanie dôchodkového sporenia na Slovensku s inými druhmi dlhodobého sporenia
Vanko, Juraj
This bachelor thesis studies retirement saving system in Slovakia and options of its realization. The goal of thesis is to review selected types of saving systems, which are second pillar, third pillar, collective investment and investment life in-surance. The theoretical part will be dedicated to principles of operation of each product and Sharpe ratio will be presented in this part. Theoretical knowledge will be used in the practical part for calculations of the Sharpe ratio and following comparison of selected products.
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Second pillar - critical analysis
Šuták, Pavel ; Klazar, Stanislav (advisor) ; Trgiňa, Gejza (referee)
This deals with the pension system reform in the Czech Republic with a focus on the second pension pillar. The aim of the thesis is to evaluate the already canceled second pillar, to identify the causes of the failure and to outline in which aspects it could be learned from the experiences of other countries. The thesis describes the development of the reform, its main parameters and the attitudes of individual actors. The main cause of the fall was the low interest of citizens in participation in the second pillar, which was caused mainly by political factors, inappropriate settings and poor citizens' awareness. For future reforms, it would be advisable to take lessons from reforms implemented by other states. This paper describes the reforms in Hungary, the Netherlands and Sweden.
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Pension insurance in the Czech Republic
Zelená, Jaroslava ; Vysokajová, Margerita (advisor) ; Zemanová, Jana (referee)
The purpose of the theses is an analysis of the Czech pension system. The paper is mainly focused on recent Czech pension scheme legislation with special attention to the old age pension. It describes in detail the second pillar of the pension scheme introduced by 1 January 2013 allowing participants to opt-out of state pension insurance and saving according to individual pension plans. The paper also explains changes in legislation that affect the third pillar - subsidized pension saving. The thesis result is a description of the pension scheme legislation in the Czech Republic effective from the beginning of 2013.
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Simulation of pension reform impact on Czech real estate market
Součková, Soňa ; Jandík, Tomáš (advisor) ; Hedbávný, Petr (referee)
Diplomová práce - Soňa Součková: Simulation of pension reform impact on real estate market Abstract The objective of this thesis is to estimate the impact of pension reform on commercial property market in the Czech Republic during the period of 2013 -2017. Our hypothesis is that a potential pension reform would have a positive significant impact on property investment volumes via institutions constituting the second pillar. In the first step, we provide analysis of pension reforms recently applied in Slovakia, Hungary, Poland, Lithuania, Latvia and Estonia. Given analysis of selected countries and specifics of the proposed Czech pension reform, we estimate that the institutions in the second pillar may face additional yearly cash inflows beginning on EUR 1.23 billion in 2013 and further increasing to EUR 2.59 billion in 2017. Furthermore, we estimate that a likely share allocation by second pillar institutions into real estate would lie in the region of 0 - 14% depending on the discrete decision of the regulators. Using a conservative leverage of 40% for bank financing, we estimate that the expected investment volumes allocated by second pillar institutions into real estate would be EUR 61 - 287 million in year 2013. Given the average investment volumes of EUR 1334 million p.a. allocated into commercial...
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Pension reform in the Czech Republic and its risks
Spurný, Jiří ; Krahulec, Jan (referee) ; Škapa, Stanislav (advisor)
The diploma thesis deals with the pension reform and the pension system in the Czech Republic. The paper explains fundamental terms in the field and explains their function. The main aim of the thesis is a definition and risk analysis of individual parts of the pension system. The secondary aim is guidance how to use each of the parts of the system.
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Pension systems of the Visegrad countries with the focus on 2nd and 3rd pillar.
Šiška, Matěj ; Bartůsková, Lucia (advisor) ; Vebrová, Ludmila (referee)
The first pillar of the pension system in the Czech Republic is loss-making in the long term. The population gets older which results in an increase of the pension budget deficit. The thesis elaborates that the population should no more depend on the government in pensionable age. The bachelor thesis further focuses on the analysis of the second and third pillar profitability as well as on analysis of to what extent the government should intervene in these pillars. The author provides comprehensive overview of pension systems in countries of the Visegrad Group, and reveals the correlation between their profitability and governmental interventions. Furthermore, the thesis compares attitude of particular governments towards the pension system pillars, and summarizes their advantages and drawbacks for the Czech population.
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