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Does Risk Aversion Matter for Foreign Asset Holdings of Pension Funds – The Case of Poland


In this study we explore the issue of foreign assets in mandatory pension funds portfolios. First we provide an overview of the regulatory policies regarding international assets and indicate the externalitieswhich may account for the observed differences among the CEE states. Then, taking the perspective of portfolio theory, we run a simulation study to measure the diversification benefits that may be achieved by greater international asset allocation. By applying the specific constraints and exchange rate volatility to our optimization procedure, the study reflects the perspective of the Polish pensioner. However, the findings regarding risk aversion intensity and the discussed directions of further research should be of a universal character.

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The Efficiency of a Supplementary Old-Age Pension System – the Case of Polish Voluntary Pension Funds

/12/2018). Marcinkiewicz, E. (2015). Dobrowolne fundusze emerytalne w Polsce – analiza działalności i wyników inwestycyjnych. In F. Chybalski, E. Marcinkiewicz (Ed.). Współczesne problemy systemów emerytalnych. Wybrane zagadnienia (196-209). Łódź: Wydawnictwo Politechniki Łódzkiej. Rutecka, J. (2014b). Country Case: Poland. In: J. Berthon, D. Davydoff, L. Gabaut, M. Klages, G. Prache, M. Rossi, J. Rutecka, K. Struwe, J.M., Viver (Eds.), Pension Savings: The Real Return. 2014 Edition. Brussels: Better Finance. Rutecka, J. (2015). Realokacja czy nowe oszczędności? - O efektach

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Towards the Goals of the Europe 2020 Strategy: Convergence or Divergence of the European Union Countries?

References Directive 2012/27/EU of the European Parliament and of the Council of 25 October 2012 on energy efficiency, amending Directives 2009/125/EC and 2010/30/EU and repealing Directives 2004/8/EC and 2006/32/EC, Official Journal of the European Union, L 315/1. Domański Cz. (ed.), Białek J., Bolonek-Lasoń K., Mikulec A. (2011), Nieklasyczne metody oceny efektywności i ryzyka. Otwarte fundusze emerytalne . PWE, Warszawa. Dziechciarz J. (ed.) (2003), Ekonometria. Metody, przykłady, zdania . Wydawnictwo Akademii Ekonomicznej im. Oskara

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Open Pension Funds in Poland: The Efects of the Pension Privatization Process

Republic of Hungary, 2012, Convergence Program of Hungary 2011–2015, Budapest, http:// (1.07.2012) Góra M., Chłoń A., Rutkowski M., 1999, Shaping pension reform in Poland: security through diversity, Working Paper, No. 20852, Te World Bank, Warsaw GUS 2010, Otwarte Fundusze Emerytalne w systemie zabezpieczenia społecznego 1999–2010, GUS, Warszawa Hirose K., 2011, Pension reform in Central and Eastern European times of crisis, austerity and beyond, International

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