Public Sector Economics

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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       


  1. 1. Azoulay, Y., Kudryavtsev, A. and Shahrabani, S., 2016. Accumulating approach to the life-cycle pension model: practical advantages. Financial theory and practice, 40(4), pp. 413-436 [CrossRef]
    2. Dimson, E., March, P. and Staunton, M., 2020. Credit Suisse Global Investment Returns Yearbook 2020. Zurich: Credit Suisse Research Institute.
    3. Draženović, B., Hodžič, S. and Maradin, D, 2019. The Efficiency of Mandatory Pension Funds: Case of Croatia. South East European Journal of Economics and Business, 14(2), pp. 82-94 [CrossRef]
    4. HANFA, 2020. HANFA reports. Zagreb: Croatian Financial Services Supervisory Agency.
    5. Horizon Actuarial Services, 2020. Survey of Capital Market Assumptions: 2020 Edition. Atlanta: Horizon Actuarial Services. 
    6. Kovačević, R. and Latković, M., 2015. Risk analysis of the proxy life-cycle investments in the second pillar pension scheme in Croatia. Financial theory and practice, 39(1), pp. 31-55 [CrossRef]
    7. Kudryavtsev, A., Shahrabani, S. and Azoulay, Y., 2017. Frequency of Adjusting Asset Allocations in the Life-Cycle Pension Model: When Doing More Is Not Necessarily Better. Bulletin of Applied Economics, 4(1), pp. 13-33
    8. Latković, M. and Liker, I., 2009. Sensitivity Analysis of the Pension System. Financial Theory and Practice, 33(4), 445-461.  
    9. Matek, P. and Radaković, M., 2015. Is active management of mandatory pension funds in Croatia creating value for second pillar fund members? Financial Theory and Practice, 39(3), pp. 245-278 [CrossRef]
    10. Matek, P., Lukač, M. and Repač, V., 2016. Performance appraisal of Croatian mandatory pension funds. Financije i pravo, 4(1), 7-30
    11. Novaković, D., 2015. Evaluation of the financial performance of pension funds in Croatia. Ekonomski vjesnik/Econviews - Review of Contemporary Business, Entrepreneurship and Economic Issues, 28(1), pp. 199-212.  
    12. Potočnjak, Ž. and Vukorepa, I., 2012. Modeling of life-cycle portfolios in capital-funded pension systems with defined contributions. Economic Trends and Economic Policy, 22(130), pp. 29-59
    13. Šorić, K., 2000. Izračun mirovine na temelju individualne kapitalizirane štednje. Računovodstvo i financije, (5), pp. 75-87.
    14. Vukorepa, I., 2011. Mirovinski sustavi: kapitalno financiranje kao čimbenik socijalne sigurnosti. Doctoral dissertation. Zagreb: Pravni fakultet Sveučilišta u Zagrebu. 
    15. Vukorepa, I., 2012. Mirovinski sustavi - kapitalno financiranje kao čimbenik socijalne sigurnosti. Zagreb: Pravni fakultet Sveučilišta u Zagrebu. 
    16. Zakon o dobrovoljnim mirovinskim fondovima (Voluntary Pension Funds Act), NN 19/14, 29/18, 115/18. Zagreb: Narodne novine.
    17. Zakon o obveznim i dobrovoljnim mirovinskim fondovima (Mandatory and Voluntary Pension Funds Act), NN 49/99, 63/00, 103/03, 177/04, 140/05, 71/07, 124/10, 114/11, 51A/13. Zagreb: Narodne novine.
    18. Zakon o obveznim mirovinskim fondovima (Mandatory Pension Funds Act), NN 19/14, 93/15, 64/18, 115/18, 58/20. Zagreb: Narodne novine.


  2. Dimson, E., March, P. and Staunton, M., 2020. Credit Suisse Global Investment Returns Yearbook 2020. Zurich: Credit Suisse Research Institute.

  3. Draženović, B., Hodžič, S. and Maradin, D, 2019. The Efficiency of Mandatory Pension Funds: Case of Croatia. South East European Journal of Economics and Business, 14(2), pp. 82-94 [CrossRef]

  4. HANFA, 2020. HANFA reports. Zagreb: Croatian Financial Services Supervisory Agency.

  5. Horizon Actuarial Services, 2020. Survey of Capital Market Assumptions: 2020 Edition. Atlanta: Horizon Actuarial Services.

  6. Kovačević, R. and Latković, M., 2015. Risk analysis of the proxy life-cycle investments in the second pillar pension scheme in Croatia. Financial theory and practice, 39(1), pp. 31-55 [CrossRef]

  7. Kudryavtsev, A., Shahrabani, S. and Azoulay, Y., 2017. Frequency of Adjusting Asset Allocations in the Life-Cycle Pension Model: When Doing More Is Not Necessarily Better. Bulletin of Applied Economics, 4(1), pp. 13-33.

  8. Latković, M. and Liker, I., 2009. Sensitivity Analysis of the Pension System. Financial Theory and Practice, 33(4), 445-461.

  9. Matek, P. and Radaković, M., 2015. Is active management of mandatory pension funds in Croatia creating value for second pillar fund members? Financial Theory and Practice, 39(3), pp. 245-278 [CrossRef]

  10. Matek, P., Lukač, M. and Repač, V., 2016. Performance appraisal of Croatian mandatory pension funds. Financije i pravo, 4(1), 7-30.

  11. Novaković, D., 2015. Evaluation of the financial performance of pension funds in Croatia. Ekonomski vjesnik/Econviews - Review of Contemporary Business, Entrepreneurship and Economic Issues, 28(1), pp. 199-212.

  12. Potočnjak, Ž. and Vukorepa, I., 2012. Modeling of life-cycle portfolios in capital-funded pension systems with defined contributions. Economic Trends and Economic Policy, 22(130), pp. 29-59.

  13. Šorić, K., 2000. Izračun mirovine na temelju individualne kapitalizirane štednje. Računovodstvo i financije, (5), pp. 75-87.

  14. Vukorepa, I., 2011. Mirovinski sustavi: kapitalno financiranje kao čimbenik socijalne sigurnosti. Doctoral dissertation. Zagreb: Pravni fakultet Sveučilišta u Zagrebu.

  15. Vukorepa, I., 2012. Mirovinski sustavi - kapitalno financiranje kao čimbenik socijalne sigurnosti. Zagreb: Pravni fakultet Sveučilišta u Zagrebu.

  16. Zakon o dobrovoljnim mirovinskim fondovima (Voluntary Pension Funds Act), NN 19/14, 29/18, 115/18. Zagreb: Narodne novine.

  17. Zakon o obveznim i dobrovoljnim mirovinskim fondovima (Mandatory and Voluntary Pension Funds Act), NN 49/99, 63/00, 103/03, 177/04, 140/05, 71/07, 124/10, 114/11, 51A/13. Zagreb: Narodne novine.

  18. Zakon o obveznim mirovinskim fondovima (Mandatory Pension Funds Act), NN 19/14, 93/15, 64/18, 115/18, 58/20. Zagreb: Narodne novine.

  June, 2021
II/2021
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