Miseva, Kristina (2019) The effects of the pension funds on the Macedonian capital market. In: 3rd AFU International Conference: Towards Advanced Scientific Knowledge in Business Sciences, 1-2 May 2019, Dubai, UAE . (Unpublished)
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Abstract
The last two decades the Macedonian government was challenged to deliver a set of new Laws and By-laws and to settle a completely new national pension system based on three pillars (public fund, private mandatory pension funds and voluntary pension funds). The implementation of pension reforms from one pillar system (Pay-As-You-Go) to three-pillar system comprise in order to establish long-term social and financial stability in the country. This caused establishing new financial institutions and developing new financial instruments in the Macedonian financial system. In spite the fact that last year the Macedonian stock exchange has rapidly increase the index value, the pension funds were not fully opened to trade at the Macedonian stock exchange. The investment policy of the pension funds is strictly coordinate by provisions in the Law on Mandatory Fully Funded pension Insurances and Law on voluntary fully funded pension insurance, Securities Law etc. Having in mind the asset of these types of investment intermediaries they could be one of the crucial traders at the national capital market.
Following the latest development in the country has opened many questions addressed to lack of trading and investments by the pension management companies that are conducting the private funds in the country. This paper will explore why these pension companies does use the traditional way of investing and do not enjoy the wide-open access to the national securities market. The annual reports has showed that these companies will rather trade at other stock exchange markets in the world, that in the national one. This research will explore the effects of the private pension funds on the Macedonian capital market.
The author will use the comparative method to compare the relevant national Laws and the EU regulation, the analytical method to analyze the investment policy ant he annual reports of the two national private pension funds, and will make interviews with the relevant authorities. Also, mixed method will be used to deliver results that will be of relevance to all involved stakeholders. The main aim is to give an answer how the pension companies could enjoy the possibility and the advantages by trading at the Macedonian stock exchange
| Item Type: | Conference or Workshop Item (Speech) |
|---|---|
| Subjects: | Social Sciences > Law |
| Divisions: | Faculty of Law |
| Depositing User: | Kristina Miseva |
| Date Deposited: | 12 Aug 2019 07:36 |
| Last Modified: | 12 Aug 2019 07:36 |
| URI: | https://eprints.ugd.edu.mk/id/eprint/22245 |
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