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Individual pension capital: Prospects of implementing

Bundin M.A. Financial Research Institute of Ministry of Finance of Russian Federation, Moscow, Russian Federation ( bundin@nifi.ru )

Journal: Financial Analytics: Science and Experience, #12, 2017

Importance The paper examines the Russian pension system. Individual pension capital is an alternative direction to the current system of non-State pension funding.
Objectives The author is to consider the embedding of the individual pension capital concept. He also aims at analyzing the advantages and disadvantages of the concept.
Methods The study uses the correlation-regression analysis and the analysis of the research information base on the surveyed topic.
Results The article allows acknowledging the dependence between the expansion of the incapacitated group of citizens and the consumer price index growth. Besides, it allows to determine the main risks of the proposed concept.
Conclusions and Relevance The main internal risks of the proposed pension reform include: a massive refusal to participate in the new system; the decreasing of participants' contributions tariffs to funds up to 0.1 percent; high-level costs (for funds).


Issue of index-linked federal loan bonds in line with expected inflation: Some aspects

Bundin M.A. Financial Research Institute under Ministry of Finance of Russian Federation, Moscow, Russian Federation ( bundin@nifi.ru )

Journal: Financial Analytics: Science and Experience, #44, 2016

Importance The research pursues modeling the inflation in the consumer market in line with inflation and devaluation expectations. It also reviews how it would be possible to use results of inflation forecast for evaluating the parameters of index-linked federal loan bonds upon their redemption.
Objectives The research forecasts annual inflation trends in the consumer market up to 2017 and baseline Consumer Price Index until the redemption of the index-linked federal loan bonds. I also evaluate the basic parameters of issue 52001 of index-linked federal loan bonds.
Methods The research involves a correlation and regression analysis of time series, using the Demetra+ and Gretl software.
Results The growth rate of consumer prices are expected to gradually slow down until 2017. Applying results of the inflation modeling to evaluate future parameters of the inflation linkage of federal loan bonds, I estimated their average annual yield and par value of the bonds as of the redemption date and the date before the issue.
Conclusions and Relevance Issued by the Ministry of Finance of the Russian Federation, index-linked bonds can be considered as anti-inflation safeguards in regard with data on their nominal yield assessed in line with projected inflation.


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