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Funded pension systems: Evidence from the Netherlands, Denmark, and Sweden

Pudova D.O. Financial Research Institute of Ministry of Finance of Russian Federation, Moscow, Russian Federation ( dpudova@nifi.ru )

Journal: National interests: priorities and security, #11, 2017

Importance The article discusses the practice of using funded pension schemes in the Netherlands, Denmark and Sweden.
Objectives I perform a comparative analysis of methods that exist in OECD countries to involve citizens into mandatory/quasi-mandatory pension plans. I review the mandatory/quasi-mandatory format of pension plan formation. The article also presents my analysis and summary of the relevant experiences in the Netherlands, Sweden and Denmark.
Methods To accomplish the objective, I use information, analytical materials and laws of OECD countries.
Results Analyzing the best foreign practices of promoting the pension plans among the population, I provide the scientific and methodological rationale how the best foreign practices can be used in the Russian Federation to involve the population into mandatory/quasi-mandatory pension schemes. The article presents my proposals for promoting non-governmental pension plans in the Russian Federation.
Conclusions and Relevance The quasi-mandatory model of pension plans can be used only if it proves beneficial in terms of public involvement, coverage, efficiency, distribution of the risk exposure and costs.


Evaluating the economic efficiency of linkers: The methodology overview

Pudova D.O. Research Financial Institute under Ministry of Finance of Russian Federation, Moscow, Russian Federation ( dpudova@nifi.ru )

Journal: Financial Analytics: Science and Experience, #32, 2016

Importance Nowadays, financial regulatory authorities use various methods to attract financing. Index-linked bonds are one of possible solutions. The article discusses the methodology developed by the UK Debt Management Office that assesses the effectiveness of index-linked bond issue.
Objectives The study aims to consider the specifics of index-linked bonds and their distribution, to examine the methodology, its benefits and limitations, to assess the feasibility of its application for structured assessment of the bonds’ issue efficiency.
Methods The study employs the concept of break-even inflation rate, which is taken as an indexation tool for an artificial bond. The difference in cash flows from the newly created bond and a ‘linker’ is an indicator of efficiency.
Results The analysis enables to evaluate the efficiency of the index-linked bond issuance, to choose the best maturity and the volume of issuance, considering different inflation forecasts. The analysis enables federal and municipal authorities to evaluate the efficiency of index-linked bonds, which is necessary for decision-making on debt financing.
Conclusions The model is a useful tool for index-linked bonds efficiency evaluation. Nevertheless, it is vital to apply it with other methods organized in a system. The model has some limitations and requires high quality forecasts.


Economic cycles and risks of sovereign debt management

Pudova D.O. Financial Research Institute under Ministry of Finance of Russian Federation, Moscow, Russia ( dpudova@nifi.ru )

Journal: Financial Analytics: Science and Experience, #37, 2016

Importance The article overviews economic cycles, which help to detect, identify and evaluate the projected economic situation, decide on the budgetary policy, being interesting for professional market actors. The article also focuses on risks of sovereign debt management in line with economic cycles.
Objectives The research traces risks associated with a choice of borrowing policies in Russia in terms of economic cycles and their study. The research analyzes the practice of monitoring cyclicality factors in the Mexican economy. I also evaluate whether it is possible to use practices and experience of the National Institute of Statistics and Geography (Mexico) to monitor economic cycles in Russia. The research analyzes the risk monitoring process when borrowing policies are articulated in line with economic cycles of the Russian Federation.
Methods To detect the cyclicality, I check the selected indicator against highs and lows of the global indicator of real economic activity. The trend and fluctuations are assessed with the Hodrick –Prescott filter and STATA software.
Results The comprehensive system for evaluation and monitoring of economic cycles in Mexico allows to effectively trace changes in borrowing policies of the State, thus confirming my assertions. When analyzing indicators for monitoring of various sovereign debt management risks, I found indicators having strong and weak cyclical component.
Conclusions and Relevance After sovereign debt management is analyzed, I selected some indicators with definable cyclicality. Such monitoring seems practicable so to take decisions on public budgetary policies. The analysis and conclusions are relevant to trace cycles in order to formulate and implement successful debt management policies at the corporate and governmental levels


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