Izvorni znanstveni članak
https://doi.org/10.1080/1331677X.2022.2052335
Sustainability assessment of pension systems of new EU member states using data envelopment analysis with sensitivity and cross-efficiency analysis
Mira Krpan
Ana Pavković
Margareta Gardijan Kedžo
Sažetak
This paper assesses the sustainability of pension systems of New
Member States of the European Union that have undergone the
transition to a market economy and the establishment of a multipillar
pension model. Investigating pension sustainability from a
slightly different perspective, we apply the Mercer CFA Institute
Global Pension Index methodology, whose sustainability subindex
measures indicators that have a significant influence on the
likelihood that the current pension system will be able to provide
benefits into the future. However, this methodology predefines
the weights for each indicator, which can be limiting for countries
that have large oscillations between indicators. To obtain a sustainability
analysis without predefined weights, we apply data
envelopment analysis (DEA) to calculate efficiency scores using
sustainability indicators as inputs. Furthermore, since DEA generally
allows each country to load on their strong indicators as
much as possible, allowing thus for self-appraisal, we perform the
analysis of the perturbations in the data and examine how these
changes affect the overall relative positions of the countries in
the set. Also, we explore the cross-efficiency approach to define
peer-appraisal as a more objective efficiency score. As a final step,
a comparison of all EU Member States provides an overall
perspective.
Ključne riječi
Data envelopment analysis; Mercer CFA Institute Global Pension Index; pension sustainability
Hrčak ID:
302991
URI
Datum izdavanja:
31.3.2023.
Posjeta: 177 *