Privatni penzijski fondovi i razvoj tržišta kapitala.

The implementation of the privately managed capitalized pension system could have positive and significant impact on saving, growth and welfare. However, indirect link through capital market could be equally important. Some of Latin America countries, that implemented fully funded pension systems, are the evidences of these processes. The funded pension systems create accumulation of the institutional capital, adaptive legal framework, increased specialization, transparency and integrity and better corporate governance. The emphasis is on financial innovations as consequence of the pension reform. Not less significant is reduction of capital cost, stabilization of security prices and larger volumes of trading. Examples of economies that privatized pension systems are also evidence of positive impact of the pension reform on economic growth and productivity through capital market development. [ABSTRACT FROM AUTHOR]