Current state of pension reform in Ukraine
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DOIhttp://dx.doi.org/10.21511/slrtp.8(2).2018.08
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Article InfoVolume 8 2018, Issue #2, pp. 75-85
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The current phase of Ukraine’s development characterizes by a complex of external and internal challenges, which provoked a deep economic crisis in the country, led to a serious deterioration of the living standards, exacerbated social tension. The way to overcome the economic crisis lies in the implementation of complex long-term economic reforms that require the support of the entire society based on national cohesion, unity and trust to the government. In this context, reliable social protection of the population is becoming one of the main factors of national security in Ukraine. This requires the government to rethink the fundamentals, ideology, strategy and tactics of financial policy in the field of social risk management as well as cardinal practical steps to increase the role and significance of the basic institution of social protection of the able-bodied population in market economy countries - the social insurance system. The balance of the state social insurance system depends on the financial equilibrium of the Pension Fund of Ukraine, which concentrates about 90% of its financial resources. The path to such an equilibrium lies in the transition to a three-pillar pension system. However, this is possible only if our country achieves economic stability. Premature forced state compulsory accumulative insurance (second pillar of the pension system) under the crisis conditions will create a threat of social tension aggravation. Thus, under current economic conditions, the introduction of the second pillar of the pension system, although it is an objective necessity, requires clear economic preconditions, the main are: restoration of GDP growth based on overcoming the crisis in the real sector of the economy; the hryvnia exchange rate stabilization; growth of the average monthly wage in the country etc. Actuality, practical significance as well as insufficient elaboration of this problem caused the choice of the topic of the article, determined its purpose, task, logic and content.
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JEL Classification (Paper profile tab)G23, Н55
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Investing assets of non-state pension funds in bonds
Svіtlana Achkasova
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Anastasiia Urum
doi: http://dx.doi.org/10.21511/dm.5(1).2019.01
Non-state pension funds play an important role in the development of the economy. The development of the system of non-state pension provision, which includes non-state pension funds, complies with the main aspects of the Ukraine – 2020 Sustainable Development Strategy. The importance of selecting investment areas for non-state pension funds results in the need to further explore and find ways to improve the investment process. The purpose of the article is to develop theoretical and methodological aspects of investing assets of non-state pension funds in bonds. The study object is the investment activity of non-state pension funds. The following methods are used: vertical and horizontal analysis, SWOT analysis, regression analysis, graphical and tabular methods. It is determined that effective investment of non-state pension funds’ assets provides an increase in the value of assets, which in turn enables participants of non-state pension funds to enhance the quality of life. Involving non-state pension funds in the stock market and their interaction with other entities in this market are illustrated by the investment in bonds example. The market of bonds in Ukraine for 2013-2017 has been analyzed and the tendency towards development has been determined. The possibilities and threats of investment of non-state pension funds’ assets in bonds are substantiated. The approach to determining the impact of factors on the government bond yields, in particular, bonds of domestic state loans and bonds of enterprises has been further developed. This approach, unlike the existing ones, provides for the use of regression analysis and takes into account changes in the environment according to factors (consumer price index and household income for government bonds, the number of enterprises and the discount rate of the National Bank of Ukraine for bonds of enterprises). That is of practical importance and will make it possible to improve the investment strategy of non-state pension fund assets in bonds.
