Czynniki determinujące efektywność otwartych funduszy emerytalnych
Factors determining the effectiveness of the open pension funds

Summary/Abstract: The subject of the analysis in the article is the issue of open pension funds effectiveness. An ongoing economic debate about changes in the pension system proposed by the government, has been taken as the context of analysis. The aim of the analysis is an attempt to answer the question how macroeconomic factors determined the efficiency of open pension funds in 2000-2009. Using the method of Pearson’s correlation coefficient, the strength of linear relation between variables was estimated and, consequently, statistically significant correlation was found. In addition, the study also confirms the impact of the size of open pension funds on the level of operating costs.

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