Главен редактор
  • проф. д-р Христина Николова
Редакционен съвет
  • проф. д-р Христина Николова, УНСC
  • проф. д.с.н. Елка Тодорова, УНСС
  • проф. д.н. Мая Ламбовска, УНСС
  • доц. д-р Тодор Недев, УНСС
  • доц. д-р Дорина Кабакчиева, УНСС
  • доц. д-р Паскал Желев, УНСС
Научен секретар
  • доц. д-р Александър Вълков, УНСС
  • ас. д-р Веселина Любомирова, УНСС
Международен редакционен съвет
  • Damian Stantchev, PhD
    Edinburgh NAPIER University, UK

  • Ivaylo Vassilev, PhD
    University of Southampton,UK

  • Prof. Irina Kuzmina-Merlino, PhD
    Transport and Telecommunication Institute, Riga

  • Milan Zdravkovic
    University of Niš, Serbia

  • Prof. Niculae Mihaita, PhD
    Bucharest Academy of Economic Studies, Romania

  • Prof. Ricardo Jardim-Gonçalves, PhD
    UNINOVA institute, New University of Lisbon, Portugal

  • Prof. Ing. Jaroslav Belás, PhD
    Tomas Bata University in Zlín, Czech Republic

  • Prof. John Rijsman, PhD
    Tilburg University

  • Prof. Ing. Zdenek Dvorák, PhD
    University of Zilina, Slovak Republic

  • Prof. Zoran Cekerevac, PhD
    “Union – Nikola Tesla” University in Belgrade, Serbia

The Pandemic Crisis and the Resulted Risks for the Fully Funded Pension Funds in Central and Eastern Europe
Научни трудове на УНСС - Том 2/2021
година 2021
Брой 2

The Pandemic Crisis and the Resulted Risks for the Fully Funded Pension Funds in Central and Eastern Europe


The pandemic crisis strongly hit the capital markets at the beginning of 2020. The value of most of the financial assets dropped significantly in the first quarter of the year, which resulted in poor returns of the portfolios managed by the pension funds in Europe. However, the reaction of the central banks was immediate – the liquidity supplied to the financial markets was unique in its amount. The prices of most of the blue-chip equities and triple A bonds have been rising since the second quarter of the year. Did pension funds in Central and Eastern Europe manage to recover losses incurred at the beginning of the year and what are the main risks for them in the short and in the long term taking into account the monetary policy stance followed by the European central bank and The Federal Reserve?  These are the basic issues on focus of the current research. The aim of the paper is to show that pandemic crisis has immediate and strong effect on the investment results of the pension funds but only in the short term. The policy followed by the central banks could have far deeper consequences on fully funded pension schemes and insured individuals.

JEL: G11, G12, G22, G23

Ключови думи

pension funds, risks, pandemic crisis, investment results
Свалете RP_vol2_2021_No12_J Milev.pdf

ISSN (print): 0861-9344
ISSN (online): 2534-8957