Naslov
CHALLENGES IN PROXY LIFE-CYCLE PORTFOLIO MODELING OF MANDATORY PENSION FUNDS IN THE REPUBLIC OF CROATIA

Autori
Novaković, Dražen ; Ileš, Marija ; Karačić, Domagoj

Vrsta, podvrsta i kategorija rada
Poglavlja u knjigama, znanstveni

Knjiga
Economics and Aging

Urednik/ci
Barković Bojanić, Ivana ; Erceg, Aleksandar

Izdavač
Ekonomski fakultet Sveučilišta Josipa Jurja Strossmayera u Osijeku

Grad
Osijek

Godina
2022

Raspon stranica
83-97

ISBN
978-953-253-192-3

Ključne riječi
Pension funds ; Proxy life-cycle model ; Risk ; Financial literacy ; Croatia

Sažetak
The introduction of proxy life-cycle portfolio modeling in Croatian mandatory pension funds in 2014 has resulted in the emergence of pension fund categories A, B, and C. Category A has more risk appetite, while category C is conservative in these terms. The goal of this pension system reform was to provide higher returns to younger members and to allow a gradual transition to a safer, more conservative investment profile as retirement age approaches. The aim of this paper is to analyze the current situation as well as the challenges encountered and to explore the possibilities for a more complete implementation of this model under Croatian conditions. A descriptive statistical analysis of the results achieved between 2014 and 2020 was conducted. Expectations at the time of the introduction of this concept and a comparative analysis of theoretical life cycle portfolio management models were considered. It was found that the age structure of the participants of the A, B and C funds is approaching the optimum, while the improvement of the financial literacy of the whole society can be considered as the main social implication of this paper.

Izvorni jezik
Engleski

Znanstvena područja
Ekonomija

POVEZANOST RADA