摘要：The goal of this paper is to review the situation with fully funded pensions system in six countries on the Balkan Peninsula: Albania, Bosnia and Herzegovina, Kosovo, Montenegro, Serbia and the Republic of North Macedonia. The observed countries, except Kosovo and the Republic of North Macedonia, did not accept a mandatory and voluntary fully funded pension insurance system for various reasons. While there are many advantages of private fully funded pension insurance - primarily diversification of risk, better protection against political pressures, possibility to develop financial market and so on, there are also surveys that show relatively weak positive effects of such system. Pension funds in the observed countries face important challenges regarding the asset allocation. Government securities and bank deposits represent still a large part of the portfolios of the pension funds. The process of efficient private financial risk sharing can be significantly accelerated by preparation for EU membership.
关键词：funded pension system; pension reform; balkan countries
