The oligopolistic structure of the open pension funds in Poland implies homogeneity of their behaviors on the market. In particular, it influences low competitive pressure between the funds. This Article draws attention to poor competitiveness of the funds, both in the area of price competition,...

Regulation in countries that have adopted defined contribution (DC) pension systems based on savings accounts typically includes minimum return guarantees (MRG) provisions to limit the risk of financial downturns. This paper studies the consequences of this regulation over asset allocation...

High employment protection in the public sector results in strategic over-employment if government divisions compete for budgets in a dynamic setting. Bureaucrats who are interested in maximising their divisions' output employ excess labor, since this induces the sponsor to provide complementary...

Abstract: Die wirtschaftliche Globalisierung und die Alterung der Bevölkerung stellen die öffentlichen Haushalte wie auch die Systeme der sozialen Sicherung vor enorme Herausforderungen. Vor diesem Hintergrund unternehmen die Autoren der vorliegenden Festschrift, die unterschiedlichen...