Factors Affecting the Development of Voluntary Pension Schemes in CEE Countries: A Panel Data Analysis
| Dec 18, 2018
About this article
Published Online: Dec 18, 2018
Page range: 26 - 40
DOI: https://doi.org/10.1515/ceej-2017-0015
Keywords
© 2017 Edyta Marcinkiewicz published by Sciendo
This work is licensed under the Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 License.
Fig. 1
Fig. 2
Panel regression results (dependent variable: contributions)
| Dependent variable: Annual contributions to voluntary pension schemes (% GDP) | ||||
|---|---|---|---|---|
| Periods included: 9 | ||||
| Cross-sections included: 10 | ||||
| Total panel (unbalanced) observations: 85 | ||||
| Independent variables | Pooled OLS | Fixed effects (cross-section) | Random effects (cross-section) | Two-way Fixed effects |
| Constant | −0.081 | 0.451* | 0.891 | |
| (0.266) | (0.354) | (0.0266) | (0.80) | |
| ARP | −0.0002 | −0.0009 | −9.01E−05 | −0.0005 |
| (0.004) | (0.03) | (0.003) | (0.01) | |
| ARR | −0.001 | −0.0006 | −0.0002 | 0.0013 |
| (0.01) | (0.02) | (0.002) | (0.01) | |
| EDU | −0.0015 | |||
| (0.004) | (0.011) | (0.007) | (0.01) | |
| GDP_cap | 0.0036 | −0.0300 | ||
| (0.010) | (0.013) | (0.011) | (0.02) | |
| Intr_rate | −0.012 | −0.0075 | ||
| (0.008) | (0.006) | (0.006) | (0.01) | |
| ODR | −0.001 | −0.020 | ||
| (0.04) | (0.011) | (0.006) | (0.02) | |
| S80S20 | −0.013 | −0.028 | −0.020 | |
| (0.017) | (0.019) | (0.018) | (0.02) | |
| Model summary | ||||
| Adjusted R-squared | 0.54 | 0.85 | 0.02 | 0.84 |
| Breusch–Pagan test | LM = 55.64; p-value ≤0.001 | |||
| Hausman test | H = 30.22; p-value ≤0.001 | |||
| Wald test | F = 17.65; p-value ≤0.001 | |||
Panel regression results (dependent variable: number of plans)
| Dependent variable: Number of plan members as percentage of the number of employed persons | ||||
|---|---|---|---|---|
| Periods included: 9 | ||||
| Cross-sections included: 10 | ||||
| Total panel (unbalanced) observations: 85 | ||||
| Independent variables | Pooled OLS | Fixed effects (cross-section) | Random effects (cross-section) | Two-way Fixed effects |
| Constant | 0.63 | −20.88 | −28.74 | −57.23 |
| (28.72) | (19.98) | (18.72) | (45.12) | |
| ARP | 0.10 | 0.07 | 0.14 | |
| (0.40) | (0.17) | (0.17) | (0.19) | |
| ARR | 0.09 | 0.10 | 0.16 | 0.11 |
| (0.20) | (0.13) | (0.13) | (0.16) | |
| EDU | 0.25 | −0.32 | 0.61 | |
| (0.44) | (0.64) | (0.55) | (0.80) | |
| GDP_cap | ||||
| (1.10) | (0.76) | (0.72) | (1.11) | |
| Intr_rate | 0.06 | |||
| (0.86) | (0.33) | (0.33) | (0.52) | |
| ODR | 0.19 | 0.48 | 0.91 | |
| (0.45) | (0.65) | (0.54) | (0.94) | |
| S80S20 | −0.22 | −0.74 | 0.29 | |
| (1.89) | (1.09) | (1.07) | (1.16) | |
| Model summary | ||||
| Adjusted R-squared | 0.70 | 0.97 | 0.34 | 0.97 |
| Breusch–Pagan test | LM = 122.25; p-value ≤ 0.001 | |||
| Hausman test | H = 20.85; p-value = 0.004 | |||
| Wald test | F = 84.99; p-value ≤ 0.001 | |||
Private funded pension schemes in CEE countries
| Mandatory private occupational | Mandatory private personal | Voluntary private personal | Voluntary private occupational | |||||
|---|---|---|---|---|---|---|---|---|
| Contributions | ||||||||
| Country | Employee | Employer | Employee | Employer | Employee | Employer | Member | Employer |
| Bulgaria | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ||
| Croatia | ✓ | ✓ | ✓ | ✓ | ||||
| Czechia | ✓ | ✓ | ||||||
| Hungary Pensions were mandatory until 2010. | ✓ | ✓ | ✓ | ✓ | ||||
| Lithuania | ✓ | ✓ | ✓ | ✓ | ||||
| Latvia | ✓ | ✓ | ✓ | ✓ | ✓ | |||
| Poland Opening pension funds are optional within the mandatory contribution since July 2014. | ✓ | ✓ | ✓ | ✓ | ✓ | |||
| Romania | ✓ | ✓ | ✓ | |||||
| Slovakia | ✓ | ✓ | ✓ | |||||
| Slovenia | ✓ | ✓ | ✓ | ✓ | ✓ | |||
Sources of information on voluntary pension plans.
| Country | Data sources |
|---|---|
| Bulgaria | Financial Supervision Commission (FSC) |
| Croatia | Croatian Financial Services Supervisory Agency (HANFA) |
| Czechia | The Association of Pension Funds of the Czech Republic (APS CR) |
| Hungary | The Magyar Nemzeti Bank (MNB) |
| Lithuania | Official Statistics Portal (OSP) |
| Latvia | Financial and Capital Market Commission (FKTK) |
| Poland | Financial Supervision Authority (KNF) |
| Romania | The Romanian Pension Funds’ Association (APAPR) |
| Slovakia | National Bank of Slovakia (NBS) The Ministry of Labour, Social Affairs and Family of the Slovak Republic (MPSVR) |
| Slovenia | Securities Market Agency (ATVP) |
| Insurance Supervision Agency (AZN) | |
| Ministry of Labour, Family, Social Affairs and Equal Opportunities (MDDSZ) |