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Competition and performance in the Hungarian second pillar

  • Impavido, Gregorio
  • Rocha, Roberto

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
Date of revision:
Handle: RePEc:wbk:wbrwps:3876
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  1. Peter Diamond, 2004. "Social Security," American Economic Review, American Economic Association, vol. 94(1), pages 1-24, March.
  2. Whitehouse, Edward, 2000. "Administrative charges for funded pensions: An international comparison and assessment," MPRA Paper 14172, University Library of Munich, Germany.
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  4. Palacios, Robert & Rocha, Roberto, 1998. "The Hungarian pension system in transition," Social Protection Discussion Papers 20048, The World Bank.
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  7. Haukur Benediktsson & Tryggvi Thor Herbertsson & J. Michael Orszag, 2001. "The charge ratio on individual accounts and investment plans in Iceland," Applied Economics, Taylor & Francis Journals, vol. 33(8), pages 979-987.
  8. 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.
  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.
  10. Matits, Agnes, 2004. "Supplementary Pension Funds in Hungary," Discussion Paper 208, Center for Intergenerational Studies, Institute of Economic Research, Hitotsubashi University.
  11. David Blake & Bruce N. Lehmann & Allan Timmermann, 2002. "Performance clustering and incentives in the UK pension fund industry," LSE Research Online Documents on Economics 24945, London School of Economics and Political Science, LSE Library.
  12. Gábor Orbán & Dániel Palotai, 2005. "The sustainability of the Hungarian pension system: a reassessment," MNB Occasional Papers 2005/40, Magyar Nemzeti Bank (Central Bank of Hungary).
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