Public Sector Economics

1722
Views



1055
Downloads

Long-term cash flows of mandatory and voluntary pension funds in Croatia and their impact on asset allocation



Eva Horvat*
   
Mladen Latković*
Article   |   Year:  2021   |   Pages:  229 - 255   |   Volume:  45   |   Issue:  2
Received:  October 26, 2020   |   Accepted:  January 22, 2021   |   Published online:  June 6, 2021
Download citation        https://doi.org/10.3326/pse.45.2.3       


Table 1
Main characteristics of different mandatory pension funds’ categories
DISPLAY Table

Table 2
The expected returns and volatilities for fixed income and equity asset classes on Croatian (HR) and developed (DM) capital markets (in %, annualized)
DISPLAY Table

Table 3
Assumptions for correlations between asset classes
DISPLAY Table

Table 4
Expected asset allocation of MPFs in equity and fixed income asset classes (in % of funds’ assets)
DISPLAY Table

Table 5
Expected asset allocation of MPFs to Croatian (HR) and developed market (DM) asset classes (in % of funds’ assets)
DISPLAY Table

Table 6
The expected returns and volatilities of MPFs (in %, annualized)
DISPLAY Table

Figure 1
Realized and expected long-term membership dynamic (number of members at the end of period) for 2nd pillar proxy life-cycle scheme in Croatia
DISPLAY Figure

Figure 2
Realized and expected long-term net inflows (in mn HRK) to 2nd pillar proxy life-cycle scheme in Croatia
DISPLAY Figure

Figure 3
Realized and expected net asset values (in mn HRK) for 2nd pillar proxy life-cycle scheme in Croatia
DISPLAY Figure

Table 7
Expected liquidity implied asset allocation of MPFs in asset classes (in % of funds’ assets)
DISPLAY Table

Table 8
The expected returns and volatilities of MPFs after liquidity implied reallocations (in %, annualized)
DISPLAY Table

Figure 4
OVPFs membership base (left axis, in 000), AuM (left axis, in mn euro) and new members growth rate (right axis, in %)
DISPLAY Figure

Figure 5
Trend in age structure of OVPFs in Croatia – growth rate of members under 50 years and members over 50 years old in %
DISPLAY Figure

Table 9
Expected asset allocation of OVPFs in equity and fixed income asset classes (in % of funds’ assets)
DISPLAY Table

Table 10
Expected asset allocation of OVPFs in Croatian and developed market asset classes (in % of funds’ assets)
DISPLAY Table

Table 11
The expected returns and volatilities of OVPFs (in %, annualized)
DISPLAY Table

Figure 6
VPFs net inflow (left axis, in EUR mn), VPFs net inflow pessimistic (left axis, in EUR mn), VPFs net asset value (right axis, in EUR bn) and VPFs net asset value pessimistic (right axis, in EUR bn)
DISPLAY Figure

Figure 7
VPFs Liquidity requirement (left axis, in € mn), VPFs Liquidity requirement pessimistic (left axis, in € mn), share of liquidity requirement in AuM (right axis, in %), share of liquidity requirement pessimistic in AuM (right axis, in %)
DISPLAY Figure

Table 12
Expected liquidity implied asset allocation of OVPFs in asset classes (in % of funds’ assets)
DISPLAY Table

Table 13
The expected returns and volatilities of OVPFs after liquidity implied reallocations (in %, annualized)
DISPLAY Table

  June, 2021
II/2021
In order to give you a better user experience, cookies have been stored on your computer.
Accept cookie     More information