Theoretical and Applied Economics
No. 12 / 2012 (577)
The lessons of the crisis on pension funds portfolio management
Ecological University of Bucharest
Abstract. Portfolio management in crisis conditions showed that major turbulence come from within the financial system. In such a context, a first answer to the investors (and pension funds make no exception) manifests itself through the growth of liquidity preferences. Recent studies have shown that monetary political shocks have a considerable effect over the dynamic and composition of the capital flows, with influences that reach the structure on categories of assets of the pension funds’ portfolio. For example, due to an interesting profile of the risk-profit ratio, listed private equity (LPE) funds are more and more attractive for the institutional investors, among which are the pension funds administrators. Last but not least, the existence of an insuring system of the participants’ contributions and/or benefits to the pension funds is extremely useful, considering that it is able to harmonize a large variety of interests.
Contents
Proposal for the implementation of a fiscal rule system for Romania. Estimate for the reaction of the fiscal rule system to the output’s shocks
Aspects of signaling hazards and of identifying opportunities in crisis situations
The lessons of the crisis on pension funds portfolio management
The effectiveness of public policies and structural funds in enhancing tourism development. The case of Romania
Some considerations regarding the use of the fix and chained basis indices
Cultural heritage evaluation: a reappraisal of some critical concepts involved
Romanian government bond market
Aspects regarding the analysis of the rationality of the buying decision of the Romanian consumer
The influence of cluster type economic agglomerations on the entrepreneurship, in Romania
Controversies concerning the connection higher education – human capital – competitiveness
Consequences and possible solutions of financial crisis