The impact of the integration in the European Union on the evolutions of the macro-economic variables with influence on the pension funds profitableness
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AFANASE, Constantin, MODIGA, Georgeta. The impact of the integration in the European Union on the evolutions of the macro-economic variables with influence on the pension funds profitableness . In: Drept, Economie şi Informatică, 2008, nr. 1(Galati), pp. 5-13. ISSN 1810-8725.
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Drept, Economie şi Informatică
Numărul 1(Galati) / 2008 / ISSN 1810-8725

The impact of the integration in the European Union on the evolutions of the macro-economic variables with influence on the pension funds profitableness

CZU: 330.1+336.531.2:364

Pag. 5-13

Afanase Constantin, Modiga Georgeta
 
"Dunarea de Jos" University of Galati
 
 
Disponibil în IBN: 26 iunie 2023


Rezumat

During the last decade of the 20th century, modelling the macro-economic evolutions and implicitly modelling the evolutions in the social insurance systems, including and especially the pension systems, gained a very strong “anchor”, which allowed and allows at present the realization of multiple evolution scenarios, with a pretty big probability of achievement. This anchor, or better said this anchor-variable is the “inflation rate”, usually calculated as the consumption price index, respectively as its percentage variation from one period of time to another. The last decades of the 20th century and the first five years of the 21st century were characterised by an extremely accelerated rhythm of innovation, as well as by an acceleration and a multiplication of capital flows, which practically led to the phenomenon known as “economy globalisation” or simply as “globalisation”, as it extended outside the economical sphere towards all the spheres and sectors of the social life. This process has been accelerated by the “transition from plan to market” of the economies from Central and Eastern Europe, as a consequence of the fall of the totalitarian communist system, which dominated this part of Europe half a century, and of the end of the era known as “the Cold War”. The economic globalisation movement, together with the transition from plan to marketas well as with China’s entering into the international economic circuits, grew enormously the investment possibilities and thus the possibilities of placing the capital accumulated in the western countries during the autarchy period which characterised the Cold War era.