20.500.12556/DKUM-66743 Are excessive legislative restrictions of pension fundʼs investments required to ensure these fundsʼ operational stability and minimum guaranted return? In this paper, it is investigated whether government, when promises pension fundʼs members a so-called minimum guaranteed return, to reduce the exposure of members to financial risks , should at the same time hinders portfolio diversification process of pension funds. We provide a detailed analysis of the connection between the requirements for providing a minimum guaranteed return and managing financial risks on the one hand and the investment structure of pension funds on the other. We intend to demonstrate with an illustrative case, using the simulation technique and a combination of actual data and some hypothetical one, that by precisely matching the investments' characteristics to the characteristics of the pension fund's liabilities, some important financial risks can even be hedged entirely. We also intend to demonstrate that with the implementation of a proper policy of risk measurement and management, complemented with stress testing practices, excessive legislative restrictions for investments are no longer necessary. At the very least, governments should avoid implementing legislation that hinders the portfolio diversification process and therefore makes pension fund risk management more difficult. pension funds financial risks minimum guaranteed return asset-liability management pokojninski skladi donos tveganje primerjave matematična ekonomija statistične metode true false true Angleški jezik Slovenski jezik Znanstveno delo 2017-07-07 12:10:41 2017-07-07 12:12:12 2022-08-01 13:07:12 2019-07-11 15:57:30 2013 0 0 str. 38-51 št. 1 2013 2013 0000-00-00 Zaloznikova Objavljeno NiDoloceno 0000-00-00 0000-00-00 0000-00-00 1844-7007 336.763.268 10074396 11387420 1844-7007 URN:SI:UM:DK:IHAYZFNG Analele_Universităţii_Constantin_Brâncuşi_din_Târgu_Jiu_Seria_Economie_2013_Markovic-Hribernik,_Jakopanec_Are_excessive_legislative.pdf Analele_Universităţii_Constantin_Brâncuşi_din_Târgu_Jiu_Seria_Economie_2013_Markovic-Hribernik,_Jakopanec_Are_excessive_legislative.pdf 1 3263B7AA7546C7A293F0D20C7FC34A30 c4141712e28263797b0a5c3f4cde0042d756bfc9c28edc5406f474f0039fc03a 60d32a5a-7c0e-11eb-bb7a-00155d0001ca 20.500.12556/dkum/4eb7f14a-1c4a-42b3-9a03-5dab942f7fdd https://dk.um.si/Dokument.php?lang=slv&id=113855 http://www.utgjiu.ro/revista/ec/pdf/2013-01/5_Tanja Markovic Hribernik.pdf 1 https://dk.um.si/Dokument.php?lang=slv&id=113854 Ekonomsko-poslovna fakulteta 0 0 0