We can get a welfare guarantee for old age or retirement through pension fund. Therefore, the Pension Fund certainly requires good administration, so that it be trusted and useful workers who will have period later. There are 2 types of fund financial systems which, when viewed from different management point view, sharia conventional. The purpose this study is to find out what difference betwe...

This paper studies the dynamic asset allocation problem faced by an infinitively lived commodity-based sovereign wealth fund under incomplete markets. Assuming that receives a non-tradable stream of commodity revenues until predetermined date, optimal consumption and investment strategies are state time-dependent. Using data from Norwegian Petroleum Fund, we find demand for equity should decrea...

As of 11 October 2021, the rules establishing, organizing and operating an employee welfare loan fund (hereinafter: KZP) at employer’s company are set out in new Act on Welfare Loan Funds August 2021 . It is worth examining its provisions terms impact it may have processing personal data. The legislator devotes Article 43 to However, this not only provision referring seems that regulations incl...

This paper explores the general-equilibrium impact of social security portfolio diversiŽ cation into private securities, either through the trust fund or private accounts. The analysis depends critically on heterogeneities in saving, production, assets, and taxes. Limited diversiŽcation weakly increases interest rates, reduces the expected return on short-term investment (and the equity premium...

When viewed as taxes, lotteries are routinely criticized as being both inequitable and inefficient. But is this an entirely fair comparison? Frequently lotteries are used in lieu of voluntary contributions by private charities and governments when taxes are not feasible. When heterogeneous individuals with quasi-linear preferences participate in lotteries whose proceeds will be used to fund a p...

This paper takes a welfare-view on eastern enlargement of the EU, focusing on incumbent countries. Enlargement is decomposed into three elements: Single-market integration on commodity markets, budgetary costs from EU-expenditure policies, and single-market-induced migration from new to present member countries. I first use an analytical model to derive a welfare equation that identifies the pr...

We analyze incentive-efficient government bailouts within a canonical model of intra-firm moral hazard. Bailouts exacerbate the moral hazard of firms and managers in two ways. First, they make them less averse to failing. Second, the taxes to fund bailouts dampen their incentives. Nevertheless, if third-party externalities from keeping the firm alive are strong, bailouts can improve welfare. Ou...