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Competition and performance in the Hungarian second pillar

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Author Info
Impavido, Gregorio
Rocha, Roberto

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Abstract

The performance of the Hungarian second pillar since inception has been mixed. This is partly due to a less than satisfactory support for the 1997 pension reform, conservative fund portfolio distributions, the hybrid nature of the mandatory pension fund system, the segmented nature of the market in terms of costs, and a less than aggressive commitment on the part of the Hungarian Financial Supervisory Authority to a low-cost, transparent, and competitive equilibrium. In the accumulation phase, the authorities would need to further promote transparency and comparability of information on costs and investment performance, facilitate migration to lower cost funds, and more generally promote competition. The regulatory framework of the payout phase needs to be overhauled before the first cohort of workers retires.

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Paper provided by The World Bank in its series Policy Research Working Paper Series with number 3876.

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Date of creation: 01 Apr 2006
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Handle: RePEc:wbk:wbrwps:3876

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Related research
Keywords: Investment and Investment Climate; Economic Theory&Research; Economic Stabilization; Financial Intermediation; Settlement of Investment Disputes;

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This paper has been announced in the following NEP Reports: References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Martin Feldstein & Jeffrey B. Liebman, 2001. "Social Security," NBER Working Papers 8451, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
    Other versions:
    • Feldstein, Martin & Liebman, Jeffrey B., 2002. "Social security," Handbook of Public Economics, in: A. J. Auerbach & M. Feldstein (ed.), Handbook of Public Economics, edition 1, volume 4, chapter 32, pages 2245-2324 Elsevier. [Downloadable!] (restricted)
  2. Gábor Orbán & Dániel Palotai, 2005. "The sustainability of the Hungarian pension system: a reassessment," MNB Occasional Papers 2005/40, Magyar Nemzeti Bank (The Central Bank of Hungary). [Downloadable!]
  3. Peter A. Diamond, 2000. "Administrative Costs and Equilibrium Charges with Individual Accounts," NBER Chapters, in: Administrative Aspects of Investment-Based Social Security Reform, pages 137-172 National Bureau of Economic Research, Inc. [Downloadable!]
    Other versions:
  4. Peter Diamond, 2004. "Social Security," American Economic Review, American Economic Association, vol. 94(1), pages 1-24, March. [Downloadable!]
  5. Hess, David & Impavido, Gregorio, 2003. "Governance of public pension funds : lessons from corporate governance and international evidence," Policy Research Working Paper Series 3110, The World Bank. [Downloadable!]
  6. Bateman, Hazel & Mitchell, Olivia S., 2004. "New evidence on pension plan design and administrative expenses: the Australian experience," Journal of Pension Economics and Finance, Cambridge University Press, vol. 3(01), pages 63-76, March. [Downloadable!]
  7. Benediktsson, Haukur C & Herbertsson, Tryggvi Thor & Orszag, J Michael, 2001. "The Charge Ratio on Individual Accounts and Investment Plans in Iceland," Applied Economics, Taylor and Francis Journals, vol. 33(8), pages 979-87, June. [Downloadable!] (restricted)
  8. Matits, Agnes, 2004. "Supplementary Pension Funds in Hungary," Discussion Paper 208, Center for Intergenerational Studies, Institute of Economic Research, Hitotsubashi University. [Downloadable!]
  9. Dobronogov, Anton & Murthi, Mamta, 2005. "Administrative fees and costs of mandatory private pensions in transition economies," Journal of Pension Economics and Finance, Cambridge University Press, vol. 4(01), pages 31-55, March. [Downloadable!]
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(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Hélène Poirson, 2007. "Financial Market Implications of India's Pension Reform," IMF Working Papers 07/85, International Monetary Fund. [Downloadable!]
  2. Andras Simonovits, 2009. "Hungarian Pension System and its Reform," IEHAS Discussion Papers 0908, Institute of Economics, Hungarian Academy of Sciences. [Downloadable!]
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