Publication:
Competition and Performance in the Hungarian Second Pillar

dc.contributor.author Impavido, Gregorio
dc.contributor.author Rocha, Roberto
dc.date.accessioned 2012-06-18T19:49:24Z
dc.date.available 2012-06-18T19:49:24Z
dc.date.issued 2006-04
dc.description.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. en
dc.identifier http://documents.worldbank.org/curated/en/2006/04/6691780/competition-performance-hungarian-second-pillar
dc.identifier.uri http://hdl.handle.net/10986/8331
dc.language English
dc.publisher World Bank, Washington, DC
dc.relation.ispartofseries Policy Research Working Paper; No. 3876
dc.rights CC BY 3.0 IGO
dc.rights.holder World Bank
dc.rights.uri http://creativecommons.org/licenses/by/3.0/igo/
dc.subject ACCOUNTING
dc.subject ACCOUNTING STANDARDS
dc.subject ASSET MANAGEMENT
dc.subject ASSET MANAGEMENT COMPANIES
dc.subject ASSETS
dc.subject BENCHMARK
dc.subject BONDS
dc.subject CAPITAL MARKETS
dc.subject CAPITAL REQUIREMENTS
dc.subject DEBT
dc.subject DISCLOSURE
dc.subject DISCLOSURE RULES
dc.subject DOMESTIC INVESTMENT
dc.subject EQUITY MARKETS
dc.subject FINANCIAL INSTITUTIONS
dc.subject FINANCIAL SECTOR
dc.subject FISCAL ADJUSTMENT
dc.subject FISCAL DEFICIT
dc.subject FISCAL DEFICITS
dc.subject FISCAL POLICY
dc.subject FIXED INCOME
dc.subject GDP
dc.subject GOVERNMENT BALANCE
dc.subject GOVERNMENT BONDS
dc.subject GOVERNMENT DEBT
dc.subject GOVERNMENT SECURITIES
dc.subject GROSS NATIONAL SAVINGS
dc.subject INDEXATION
dc.subject INFLATION
dc.subject INFLATION RATE
dc.subject INFLATION RATES
dc.subject INTEREST RATE
dc.subject INTEREST RATES
dc.subject INVENTORIES
dc.subject INVESTMENT REGULATION
dc.subject INVESTMENT RETURN
dc.subject LIQUIDITY
dc.subject MERGERS
dc.subject MUTUAL FUND
dc.subject MUTUAL FUND SHARES
dc.subject NOMINAL INTEREST RATES
dc.subject PAYOUT
dc.subject PENSION FUND
dc.subject PENSION FUNDS
dc.subject PENSION REFORM
dc.subject PENSION SYSTEMS
dc.subject PER CAPITA INCOME
dc.subject PORTFOLIO
dc.subject PORTFOLIO COMPOSITION
dc.subject PORTFOLIOS
dc.subject PRIVATE EQUITY
dc.subject PRIVATE PENSION
dc.subject PROFIT MOTIVE
dc.subject PUBLIC DEBT
dc.subject PUBLIC SECTOR
dc.subject RATE OF RETURN
dc.subject RATES OF RETURN
dc.subject REAL INTEREST RATES
dc.subject REAL RATE OF RETURN
dc.subject REAL RATES OF INTEREST
dc.subject REAL WAGE
dc.subject REGULATORY FRAMEWORK
dc.subject RISK PREMIUM
dc.subject SECURITIES
dc.subject T-BILLS
dc.subject TRANSPARENCY
dc.subject TRUSTS
dc.subject VALUATION
dc.subject WAGES
dc.title Competition and Performance in the Hungarian Second Pillar en
dspace.entity.type Publication
okr.doctype Publications & Research :: Policy Research Working Paper
okr.doctype Publications & Research
okr.docurl http://documents.worldbank.org/curated/en/2006/04/6691780/competition-performance-hungarian-second-pillar
okr.globalpractice Macroeconomics and Fiscal Management
okr.globalpractice Finance and Markets
okr.globalpractice Governance
okr.identifier.doi 10.1596/1813-9450-3876
okr.identifier.externaldocumentum 000012009_20060329093828
okr.identifier.internaldocumentum 6691780
okr.identifier.report WPS3876
okr.language.supported en
okr.pdfurl http://www-wds.worldbank.org/external/default/WDSContentServer/WDSP/IB/2006/03/29/000012009_20060329093828/Rendered/PDF/wps38760rev0pdf.pdf en
okr.region.administrative Europe and Central Asia
okr.region.country Hungary
okr.topic Economic Theory and Research
okr.topic Law and Development :: Settlement of Investment Disputes
okr.topic Macroeconomics and Economic Growth :: Investment and Investment Climate
okr.topic Finance and Financial Sector Development :: Financial Intermediation
okr.topic Macroeconomics and Economic Growth :: Economic Stabilization
okr.unit Development Research Group (DECRG)
okr.volume 1 of 1
relation.isSeriesOfPublication 26e071dc-b0bf-409c-b982-df2970295c87
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