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1. The Story of the Open Pension Funds and the Employee Capital Plans in Poland. Will It Succeed This Time?

Author:
Barbara Blaszczyk
Publication Date:
04-2020
Content Type:
Working Paper
Institution:
Center for Social and Economic Research - CASE
Abstract:
Poland’s new Employee Capital Plans (PPK) scheme, which is mandatory for employers, started to be implemented in July 2019. The article looks at the systemic solutions applied in the programme from the perspective of the concept of the simultaneous reconstruction of the retirement pension system. The aim is to present arguments for and against the project from the point of view of various actors, and to assess the chances of success for the new system. The article offers a detailed study of legal solutions, an analysis of the literature on the subject, and reports of institutions that supervise pension funds. The results of this analysis point to the lack of cohesion between certain solutions of the 1999 pension reform and expose a lack of consistency in how the reform was carried out, which led to the eventual removal of the capital part of the pension system. The study shows that additional saving for old age is advisable in the country’s current demographic situation and necessary for both economic and social reasons. However, the systemic solutions offered by the government appear to be chiefly designated to serve short-term state interests and do not create sufficient incentives for pension plan participants to join the programme.
Topic:
Labor Issues, Employment, Social Policy, and Capital
Political Geography:
Eastern Europe and Poland

2. Developing a National Standard to Regulate the Operation and Management of Venture Capital Guiding Funds

Author:
Pangoal Institution
Publication Date:
12-2016
Content Type:
Special Report
Institution:
Pangoal Institution
Abstract:
Though National Development and Reform Commission, Ministry of Finance and Ministry of Commerce jointly released theGuiding Opinions on Guiding Funds in 2008 and local governments also issued relevant guiding opinions when they set up guiding funds, these guiding opinions lack the administrative regulations and concrete standards for the operation of venture capital guiding funds. The establishment and operation of the 40-billion-RMB Emerging Industry Venture Capital Guiding Fund will drive the new round of peak for the establishment of venture capital guiding funds in China. To better standardize the operation and management of guiding funds, improve the operation efficiency, and prevent through systems rent-seeking behaviors such as connected transactions and inbreeding, it is imperative to formulate a national standard for guiding funds.
Topic:
Regulation, Investment, Capital, and Venture Capital
Political Geography:
China and Global Focus

3. A Note on Credit Allocation, Income Distribution, and the Circuit of Capital (pdf)

Author:
Paulo dos Santos
Publication Date:
08-2013
Content Type:
Working Paper
Institution:
School of Oriental and African Studies - University of London
Abstract:
This note considers the relationship between credit allocation and the aggregate, class distribution of income in the Circuit of Capital. Production and consumption credit inject means of purchase in different locations in the monetary circuits of capitalist reproduction. On the basis of comparative-dynamic analysis of the properties of steady-state evolutions, the note shows that production credit increases the wage share in total income, while consumption credit increases profit shares. These findings hold in general for any evolution in which sectoral revenue- elasticities of outlays measure less than unity. The note also motivates a new endogenous approach to the aggregate distribution of income, and offers new analytical tools facilitating work based on demand-constrained models of the Circuit of Capital.
Topic:
Inequality, Income Inequality, Economic Theory, Credit, and Capital
Political Geography:
Global Focus