Fund Management and its Effect in the Greek Social Security System

Journal of Pension Economics and Finance, November 2007

Posted: 6 Feb 2006 Last revised: 24 Feb 2009

See all articles by Nikolaos Milonas

Nikolaos Milonas

National and Kapodistrian University of Athens - Faculty of Economics

George A. Papachristou

Aristotle University of Thessaloniki - Department of Economics

Theodore Roupas

Technological and Educational Institute of Chalkis

Date Written: November 2007

Abstract

Economic and demographic slowdown has put under strain public pension systems around the globe. The actuarial balance of the PAYG system can only be restored by reshuffling its parameters and by attaining a higher return on its reserves. In this paper we discuss the characteristics of the Greek social security system, the reasons for the state of crisis it faces, and the early reforms that have been instituted so far. We furthermore, investigate the extent to which a system with more flexible pension fund management allowing for a variety of investment alternatives (including equity investment) could have relieved the pressure off the Greek public pension system while reducing the risks associated with such flexibility.

Keywords: PAYG system, pension fund reserves, social security system, fund management, value at risk, equity investment

JEL Classification: G23

Suggested Citation

Milonas, Nikolaos and Papachristou, George A. and Roupas, Theodore, Fund Management and its Effect in the Greek Social Security System (November 2007). Journal of Pension Economics and Finance, November 2007 , Available at SSRN: https://ssrn.com/abstract=880477

Nikolaos Milonas

National and Kapodistrian University of Athens - Faculty of Economics ( email )

8 Pesmazoglou street
GR-10559 Athens
Greece

George A. Papachristou (Contact Author)

Aristotle University of Thessaloniki - Department of Economics ( email )

Thessaloniki, 54124
Greece

HOME PAGE: http://users.auth.gr/~gpapahr

Theodore Roupas

Technological and Educational Institute of Chalkis ( email )

Chalkis, 100 00
Greece

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