{"id":2927,"date":"2020-07-30T20:41:50","date_gmt":"2020-07-30T20:41:50","guid":{"rendered":"https:\/\/revista.isfin.ro\/?p=2927"},"modified":"2020-07-30T20:46:04","modified_gmt":"2020-07-30T20:46:04","slug":"optimizarea-alocarii-activelor-fondurilor-de-pensii-administrate-privat-in-romania-pilonul-ii-leonardo-badea-ion-stancu-si-adina-alexandra-darmaz-guzun","status":"publish","type":"post","link":"https:\/\/revista.isfin.ro\/en\/2020\/07\/30\/optimizarea-alocarii-activelor-fondurilor-de-pensii-administrate-privat-in-romania-pilonul-ii-leonardo-badea-ion-stancu-si-adina-alexandra-darmaz-guzun\/","title":{"rendered":"Optimizing the allocation of private pension funds in Romania (2nd Pillar) - Leonardo Badea, Ion Stancu and Adina-Alexandra Darmaz-Guzun"},"content":{"rendered":"<div data-elementor-type=\"wp-post\" data-elementor-id=\"2927\" class=\"elementor elementor-2927\" data-elementor-settings=\"[]\">\n\t\t\t\t\t\t<div class=\"elementor-inner\">\n\t\t\t\t\t\t\t<div class=\"elementor-section-wrap\">\n\t\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-7bdc6635 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"7bdc6635\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-no\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-69d61a6b\" data-id=\"69d61a6b\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-69e86bc8 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"69e86bc8\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-109a981a\" data-id=\"109a981a\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-3a5b73a elementor-widget elementor-widget-text-editor\" data-id=\"3a5b73a\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\">\n\t\t\t\t<p>\u00a0Authors: Leonardo Badea, Ion Stancu and Alexandra Darmaz-Guzun<br \/>Vol. 3 \u2022 No. 5 \u2022 November 2018<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-3f167422\" data-id=\"3f167422\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-30092821 elementor-position-right elementor-view-default elementor-vertical-align-top elementor-widget elementor-widget-icon-box\" data-id=\"30092821\" data-element_type=\"widget\" data-widget_type=\"icon-box.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-icon-box-wrapper\">\n\t\t\t\t\t\t<div class=\"elementor-icon-box-icon\">\n\t\t\t\t<a class=\"elementor-icon elementor-animation-\" href=\"https:\/\/revista.isfin.ro\/wp-content\/uploads\/2020\/08\/Ion-Stancu-leonardo-badea-abs-nr5.pdf\" target=\"_blank\">\n\t\t\t\t<i aria-hidden=\"true\" class=\"fas fa-arrow-down\"><\/i>\t\t\t\t<\/a>\n\t\t\t<\/div>\n\t\t\t\t\t\t<div class=\"elementor-icon-box-content\">\n\t\t\t\t<h6 class=\"elementor-icon-box-title\">\n\t\t\t\t\t<a href=\"https:\/\/revista.isfin.ro\/wp-content\/uploads\/2020\/08\/Ion-Stancu-leonardo-badea-abs-nr5.pdf\" target=\"_blank\" >\n\t\t\t\t\t\tView Abstract PDF\t\t\t\t\t<\/a>\n\t\t\t\t<\/h6>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-191af1f4 elementor-position-right elementor-view-default elementor-vertical-align-top elementor-widget elementor-widget-icon-box\" data-id=\"191af1f4\" data-element_type=\"widget\" data-widget_type=\"icon-box.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-icon-box-wrapper\">\n\t\t\t\t\t\t<div class=\"elementor-icon-box-icon\">\n\t\t\t\t<a class=\"elementor-icon elementor-animation-\" href=\"https:\/\/revista.isfin.ro\/wp-content\/uploads\/2020\/08\/Ion-Stancu-leonardo-badea-art-nr5.pdf\" target=\"_blank\">\n\t\t\t\t<i aria-hidden=\"true\" class=\"fas fa-arrow-down\"><\/i>\t\t\t\t<\/a>\n\t\t\t<\/div>\n\t\t\t\t\t\t<div class=\"elementor-icon-box-content\">\n\t\t\t\t<h6 class=\"elementor-icon-box-title\">\n\t\t\t\t\t<a href=\"https:\/\/revista.isfin.ro\/wp-content\/uploads\/2020\/08\/Ion-Stancu-leonardo-badea-art-nr5.pdf\" target=\"_blank\" >\n\t\t\t\t\t\tView Article PDF\t\t\t\t\t<\/a>\n\t\t\t\t<\/h6>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<div class=\"elementor-element elementor-element-6f6855d3 elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"6f6855d3\" data-element_type=\"widget\" data-widget_type=\"divider.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-divider\">\n\t\t\t<span class=\"elementor-divider-separator\">\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-58d81834 elementor-widget elementor-widget-text-editor\" data-id=\"58d81834\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\">\n\t\t\t\t<p><strong>Abstract<\/strong><\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-3cb04552 elementor-widget elementor-widget-text-editor\" data-id=\"3cb04552\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\">\n\t\t\t\t<p>Recent phenomena on the aging of the population due to the improvement of the quality of life, the decrease of the population, the decrease in the fertility rate and the development of the capital markets have led to the encouragement of private pension funds. The private pension system is essential to any modern and prosperous economy; the competitive allocation of capital under this scheme ensures the maintenance \/ increase of the purchasing power of future earnings from pensions, as well as the most appropriate way to finance national economic development.<\/p><p>Based on extensive literature on the optimization of financial investment portfolios and efficient management of private pension funds, our main objective is to optimize portfolios of private pension funds in relation to the degree of risk assumed by the managers of these funds. In concrete terms, we report optimal weights for the allocation of pension funds in five asset categories (shares, corporate bonds, participation funds, government securities and bank deposits) by using three optimal portfolios models: equipping, minimizing standard deviation and risk minimization.<\/p><p>\u00a0The database includes the monthly profitability of the five asset fund categories of pension funds, as well as the VUAN evolution of pension funds and the profitability of pension fund managers for the period from August 2013 to July 2018 (5 years). The results obtained will constitute recommendations for private pension fund managers both in choosing the portfolio optimization model and as choices for choosing the optimal combination of assets at a discounted profitability of the portfolio in relation to the assumed degree of risk by each administrator.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-792533f7 elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"792533f7\" data-element_type=\"widget\" data-widget_type=\"divider.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-divider\">\n\t\t\t<span class=\"elementor-divider-separator\">\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-484374b6 elementor-widget elementor-widget-text-editor\" data-id=\"484374b6\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\">\n\t\t\t\t<p><strong>Keywords<\/strong>: private pension system; optimal financial investment portfolios, the Markowitz model (average variance, MV), the average MCVaR model, the unit value of the net asset (VUAN), the profitability of private pension fund managers.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-53b06fb1 elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"53b06fb1\" data-element_type=\"widget\" data-widget_type=\"divider.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-divider\">\n\t\t\t<span class=\"elementor-divider-separator\">\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-7d509a8f elementor-widget elementor-widget-text-editor\" data-id=\"7d509a8f\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\">\n\t\t\t\t<p><strong>JEL classification<\/strong>: G11; G23; J32<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-1da31a55 elementor-widget elementor-widget-eael-creative-button\" data-id=\"1da31a55\" data-element_type=\"widget\" data-widget_type=\"eael-creative-button.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t        <div class=\"eael-creative-button-wrapper\">\n\n            <a class=\"eael-creative-button eael-creative-button--default\" href=\"https:\/\/revista.isfin.ro\/en\/arhiva\/\" data-text=\"\">\n\n                <div class=\"creative-button-inner\">\n\n                    \n                    <span class=\"cretive-button-text\"> BACK <\/span>\n\n                                    <\/div>\n            <\/a>\n        <\/div>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>","protected":false},"excerpt":{"rendered":"<p>\u00a0Autori: Leonardo Badea, Ion Stancu \u0219i Alexandra Darmaz-GuzunVol. 3 \u2022 Nr. 5 \u2022 Noiembrie 2018 Vizualizare Abstract PDF Vizualizare Articol PDF Abstract Fenomenele recente privind \u00eemb\u0103tr\u00e2nirea popula\u021biei datorat\u0103 \u00eembun\u0103t\u0103\u021birii calit\u0103\u021bii vie\u021bii, sc\u0103derea num\u0103rului popula\u021biei, sc\u0103derea ratei fertilit\u0103\u021bii dar \u0219i dezvoltarea pie\u021belor de capital au condus la \u00eencurajarea fondurilor de pensii private. Sistemul privat de pensii &hellip;<\/p>\n<p class=\"read-more\"> <a class=\"\" href=\"https:\/\/revista.isfin.ro\/en\/2020\/07\/30\/optimizarea-alocarii-activelor-fondurilor-de-pensii-administrate-privat-in-romania-pilonul-ii-leonardo-badea-ion-stancu-si-adina-alexandra-darmaz-guzun\/\"> <span class=\"screen-reader-text\">Optimizing the allocation of private pension funds in Romania (2nd Pillar) - Leonardo Badea, Ion Stancu and Adina-Alexandra Darmaz-Guzun<\/span> Read More &raquo;<\/a><\/p>","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[167],"tags":[],"yoast_head":"<title>Optimizarea aloc\u0103rii activelor fondurilor de pensii, administrate privat \u00een Rom\u00e2nia (Pilonul II) - Leonardo Badea, Ion Stancu \u0219i Adina-Alexandra Darmaz-Guzun - Revista de Studii Financiare<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/revista.isfin.ro\/en\/2020\/07\/30\/optimizarea-alocarii-activelor-fondurilor-de-pensii-administrate-privat-in-romania-pilonul-ii-leonardo-badea-ion-stancu-si-adina-alexandra-darmaz-guzun\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Optimizarea aloc\u0103rii activelor fondurilor de pensii, administrate privat \u00een Rom\u00e2nia (Pilonul II) - Leonardo Badea, Ion Stancu \u0219i Adina-Alexandra Darmaz-Guzun - Revista de Studii Financiare\" \/>\n<meta property=\"og:description\" content=\"\u00a0Autori: Leonardo Badea, Ion Stancu \u0219i Alexandra Darmaz-GuzunVol. 3 \u2022 Nr. 5 \u2022 Noiembrie 2018 Vizualizare Abstract PDF Vizualizare Articol PDF Abstract Fenomenele recente privind \u00eemb\u0103tr\u00e2nirea popula\u021biei datorat\u0103 \u00eembun\u0103t\u0103\u021birii calit\u0103\u021bii vie\u021bii, sc\u0103derea num\u0103rului popula\u021biei, sc\u0103derea ratei fertilit\u0103\u021bii dar \u0219i dezvoltarea pie\u021belor de capital au condus la \u00eencurajarea fondurilor de pensii private. 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