The paper presents the needs of a reliable pension fund system as a consequence of the ageing of the population. The sustainability of the privately administrated pension funds is given by the administrators’ investment decision. The pension fund participants would aim for a low contribution...

The paper aims the analysis the investment strategies adopted by the private pension funds in OECD countries and the relation between the level of development of the financial system and the impact pension funds have on the capital market in these countries. On the short term, in the countries...

Asset-liability management (ALM) is a term whose meaning has evolved. It is used in slightly different ways in different contexts. ALM was pioneered by financial institutions, but corporations now also apply ALM techniques. In banking, asset and liability management is the practice of managing...

The major changes that took place in the last decades in the European economic environment, prompted by the deregulation of the financial markets, the European integration process and lately by the financial crisis started in 2007 have determined also shifts in the corporate governance models...

Due to the importance of the financial instability and of its negative consequences within the economies, especially in the emerging ones, it is important to sstudy the link between financial instability and investments, as a factor of economic stability. Therefore, the paper aims to analyze the...

Credit risk is defined as that risk of financial loss caused by failure by the counterparty. According to statistics, for financial institutions, credit risk is much important than market risk, reduced diversification of the credit risk is the main cause of bank failures. Just recently, the...

We analyzed the evolution of systematic risk (beta) for a sample of 436 non-financial companies from five Central and Eastern European countries for the period 2002- 2012. We found that Polish companies present the higher systematic risk, while Latvian companies, on average prove to be less...

The combination of slow economic growth and the effects of accelerating population ageing had a big impact on the social and economic environment. But despite this, in the recent period could be observed that the social security systems best able to manage the crisis’ social and economic...

During the current global financial crisis has called into question the role and objectives of the regulation of financial markets and its scope of action. Liberalization of financial services under the impact of globalization and strong innovative character of the financial system, architecture...

Romania has a long tradition as regards social security, which is a modern system, since the early twentieth century. Although they are based on increasing the contribution of each citizen, in proportion to the amount being fixed it, PAYG pension system implies certain redistribution based on...