International Journal of Advances in Management and Economics (IJAME)

ISSN:2278-3369
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TitlePension Regulation between Global Challenges and National Peculiarities
AuthorDan Constantinescu
AbstractThe present study intends to examine two of the main implications of the pension system reform meaning: the impact on the capital market and financing the costs of transitions, in a context in which the interference of different segments of the financial market is unanimously accepted.The common coordinates of pension systems (the public system peculiarities, the market size and its performances) represent as many variability elements, to which the boundary permeability, specific to the globalization phenomenon, adds new dimensions.The general conclusion, that the mutual empowering of pension funds market and capital market is established by their level of development, should not surprise us. These markets are, themselves, in a competition climate and it is known that an authentic and benefic competition to the business environment implies (relatively) equal partners.More, the pension system reform presumes a series of significant changes that bear costs, whose financing cannot be realized only with administrative and fiscal measures but implies new financial interferences.Thus, book debts financing (governmental bonds issuing) seems to be the most attractive politically speaking, as the real total costs glide toward the future tax payers, the participant generations, mainly, to the pension system reform by contributing to financing its introduction.
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