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Inside financial conglomerates: Effects in the Hungarian pension fund markets

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  • Szüle, Borbála
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    Abstract

    Financial conglomerates have evolved in many countries with a developed financial system, their presence and impact are however quite diverse in these economies. Since this phenomenon raises interesting questions about the stability and efficiency of the financial system as well, it is worth examining first of all what kind of effects the participation in a group formed by different financial firms has on the participating institutions. Motivated by this reason in this paper I examine some hypotheses concerning the impact of financial conglomerates in the Hungarian pension fund market. Based on the common view present in the related literature more effective operation and better performance of the participating funds may be assumed. In contrast to this, the results are mixed: an overall evidence in support of the greater effectiveness and better performance of the participating funds could not be found, although there are some features that show an impressive advantage of the participants in financial conglomerates. --

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    Bibliographic Info

    Paper provided by Bamberg University, Bamberg Economic Research Group in its series BERG Working Paper Series with number 42.

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    Date of creation: 2003
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    Handle: RePEc:zbw:bamber:42

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    1. Hayo, Bernd & Wrede, Matthias, 2001. "Fiscal equalisation: Principles and an application to the European Union," BERG Working Paper Series 38, Bamberg University, Bamberg Economic Research Group.
    2. Malaj, Arben & Mema, Fatmir, 2003. "Strategic privatisation: Its achievements and challenges," BERG Working Paper Series 41, Bamberg University, Bamberg Economic Research Group.
    3. Wrede, Matthias, 1999. "A note on reliefs for traveling expenses to work," BERG Working Paper Series 30, Bamberg University, Bamberg Economic Research Group.
    4. Billmeier, Andreas, 1999. "The early years of inflation targeting: Review and outlook," BERG Working Paper Series 31, Bamberg University, Bamberg Economic Research Group.
    5. Kremer, Jana, 1999. "Arbeitslosigkeit und Steuerpolitik," BERG Working Paper Series 32, Bamberg University, Bamberg Economic Research Group.
    6. Treier, Volker, 1999. "Unemployment in reforming countries: Causes, fiscal impacts and the success of transformation," BERG Working Paper Series 29, Bamberg University, Bamberg Economic Research Group.
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    Cited by:
    1. Kächelein, Holger & Imami, Drini & Lami, Endrit, 2008. "A new view into political business cycles: Household expenditures in Albania," BERG Working Paper Series 60, Bamberg University, Bamberg Economic Research Group.
    2. Kächelein, Holger, 2004. "Capital Tax Competition and Partial Cooperation : Welfare Enhancing or not?," BERG Working Paper Series 51, Bamberg University, Bamberg Economic Research Group.
    3. Franke, Reiner & Westerhoff, Frank, 2011. "Why a simple herding model may generate the stylized facts of daily returns: Explanation and estimation," BERG Working Paper Series 83, Bamberg University, Bamberg Economic Research Group.
    4. Kächelein, Holger, 2003. "Fiscal competition on the local level: May commuting be a source of fiscal crises?," BERG Working Paper Series 45, Bamberg University, Bamberg Economic Research Group.
    5. Franke, Reiner & Westerhoff, Frank, 2011. "Structural stochastic volatility in asset pricing dynamics: Estimation and model contest," BERG Working Paper Series 78, Bamberg University, Bamberg Economic Research Group.
    6. Hopp, Stefan, 2004. "J.-B. Say's 1803 Treatise and the Coordination of Economic Activity," BERG Working Paper Series 47, Bamberg University, Bamberg Economic Research Group.
    7. Imami, Drini & Lami, Endrit & Kächelein, Holger, 2011. "Political cycles in income from privatization: The case of Albania," BERG Working Paper Series 77, Bamberg University, Bamberg Economic Research Group.
    8. Alfarano, Simone & Milakovic, Mishael, 2010. "Identification of Interaction Effects in Survey Expectations: A Cautionary Note," MPRA Paper 26002, University Library of Munich, Germany.
    9. Eckel, Carsten, 2009. "International trade and retailing," BERG Working Paper Series 63, Bamberg University, Bamberg Economic Research Group.
    10. Gervai, Pál & Trautmann, László & Wieszt, Attila, 2010. "The mission and culture of the corporation," BERG Working Paper Series 74, Bamberg University, Bamberg Economic Research Group.
    11. Wenzel, Heinz-Dieter & Lackenbauer, Jörg & Brösamle, Klaus J., 2004. "Public Debt and the Future of the EU's Stability and Growth Pact," BERG Working Paper Series 50, Bamberg University, Bamberg Economic Research Group.
    12. Bexheti, Abdulmenaf, 2010. "Anti-crisis measures in the republic of Macedonia and their effects: Are they sufficient?," BERG Working Paper Series 70, Bamberg University, Bamberg Economic Research Group.

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