All articles by Krystyna Krzyzak – Page 13
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Features
Towards point of convergence
Asset management in the central and east European (CEE) states has been booming as solid growth leads to more disposable income. The eight CEE states set for EU membership in May 2004 – Czech Republic, Estonia, Hungary, Latvia, Lithuania, Poland, Slovakia and Slovenia – are all recording growth higher than ...
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Features
Capital markets
While developed economy stock markets suffered losses, the exchanges in central and eastern Europe have put in an impressive performance. As of late November stock prices in dollar terms had risen by 32% year to date in Hungary and 24% in the Czech Republic. Even Poland, which had seen poor ...
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Features
New government faces reform challenge
After its predecessor’s failure to push through a package of pensions reforms, the new government that took power in June will be trying again. The June elections once again returned a centre-left Czech Social Democratic Party (CSSD)-dominated government. Unlike its predecessor, a minority administration that relied on the tacit support ...
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Features
‘Transformation of Pension Systems in Central and Eastern Europe'
This is a book edited and written by social policy academics on the state pensions systems of the “Visegard four” central European states (Czech Republic, Hungary, Poland and Slovakia) and the three Baltic republics (Estonia, Latvia and Lithuania). It provides a brief overview of their respective social security systems before ...
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Features
Second pillar funds still have to overcome timing
Hungarian mandatory and voluntary pension funds have broadly similar investment limits, with two exceptions. Second pillar funds, unlike third-pillar ones, cannot invest directly into real estate (although they can do so through real estate investment units). They also have a 50% maximum limit on equity investment against 60% for third-pillar ...
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Features
Market-friendly faces needed
Hungary’s change of government following the April elections heralds more changes for the pensions industry. The centre-right Fidesz government of prime minister Victor Orban lost by a narrow majority to the Hungarian Socialist Party/Alliance of Free Democrats coalition headed by former finance minister Peter Medgyessy. Although left of centre on ...
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Features
Funds seek fewer investment limits
Like many other Polish financial reforms, the private pensions system was designed to boost the local capital markets. OFEs operate under a range of investment caps – except in the case of state treasuries where investment is unlimited – including a 40% limit on publicly traded Polish equities, 10% in ...
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Features
DB to DC in record time
The Polish pension reforms of 1999 rank as one of the fastest implementations of a switch from defined benefit to defined contributions schemes. Marek Gora, professor at the Warsaw School of Economics and co-designer of the programme, started work on the scheme in late 1996, producing the blueprint in early ...
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Features
New market set for consolidation
Poland’s centre-left government was returned to power last autumn by a population disgruntled with rising unemployment, deteriorating public finances and a rapidly decelerating economy. The one undoubted success of the outgoing government was pension reform, which in 1999 replaced an unsustainable defined benefits system with a three-pillar system partly funded ...
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Features
Central European about turn
Private equity investment in central and eastern Europe recovered last year after the prolonged hiatus caused by Russia’s financial collapse in August 1998. According to Kurt Geiger, head of financial institutions at European Bank for Reconstruction and Development (EBRD), between December 1998 and September 1999 the bank was unable to ...
