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The Efficiency of the Retirement Income System in Australia During Financial Reforms

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  • Matarr Njie

Abstract

This paper uses the Malmquist Productivity Index-type DEA technique to measure the efficiency levels in Australia’s retirement income system over the period 2000-2005. It covers important segments of the industry focusing on the different fund types and analyses market dynamics under Australia’s financial reforms of its pension system. The paper describes the competitive nature of the industry and provides an empirical analysis of the nature of the technical and scale efficiency and the factors driving these efficiencies and finds that overall, the reforms have had efficiency-enhancing effects. Contrary to popular theory, the paper also finds that a key driver of the changes in efficiency in the retirement income system in Australia include the government, which suggests that despite the number of financial reforms introduced since 1992, government interventions can still have positive influences on the country’s pension system.

Suggested Citation

  • Matarr Njie, 2006. "The Efficiency of the Retirement Income System in Australia During Financial Reforms," NFI Working Papers 2006-WP-08, Indiana State University, Scott College of Business, Networks Financial Institute.
  • Handle: RePEc:nfi:nfiwps:2006-wp-08
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    File URL: http://www.indstate.edu/business/sites/business.indstate.edu/files/Docs/2006-WP-08_Njie.pdf
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    References listed on IDEAS

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    1. Berger, Allen N. & Humphrey, David B., 1991. "The dominance of inefficiencies over scale and product mix economies in banking," Journal of Monetary Economics, Elsevier, vol. 28(1), pages 117-148, August.
    2. Humphrey, David B & Pulley, Lawrence B, 1997. "Banks' Responses to Deregulation: Profits, Technology, and Efficiency," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 29(1), pages 73-93, February.
    3. Schaffnit, Claire & Rosen, Dan & Paradi, Joseph C., 1997. "Best practice analysis of bank branches: An application of DEA in a large Canadian bank," European Journal of Operational Research, Elsevier, vol. 98(2), pages 269-289, April.
    4. Dariusz Stanko, 2003. "Polish Pension Funds, Does The System Work? Cost, Efficiency and Performance MeasurementIssues," Public Economics 0302001, University Library of Munich, Germany.
    5. Charnes, A. & Cooper, W. W. & Rhodes, E., 1978. "Measuring the efficiency of decision making units," European Journal of Operational Research, Elsevier, vol. 2(6), pages 429-444, November.
    6. David E. Allen & Jerry T. Parwada, 2004. "Effects of Bank Funds Management Activities on the Disintermediation of Bank Deposits," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 31(7-8), pages 1151-1170.
    7. Fare, Rolf & Shawna Grosskopf & Mary Norris & Zhongyang Zhang, 1994. "Productivity Growth, Technical Progress, and Efficiency Change in Industrialized Countries," American Economic Review, American Economic Association, vol. 84(1), pages 66-83, March.
    8. Darrell Parsons & Calvin Gotlieb & Michael Denny, 1993. "Productivity and computers in Canadian banking," Journal of Productivity Analysis, Springer, vol. 4(1), pages 95-113, June.
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