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However, given conclusion concerns only direct result of application

Both systems. Along with it process of accumulation of the capital in new system

_it on capital accumulation _

_1. General provisions _

Question on how the pension system influences level of investments into economy,

It is combined enough. From the certain point of view a provision of pensions

Represents a kind of "compulsory" savings which reduce size "Voluntary" savings, and their balance remains not clear. On it The basis one consider that systems of a provision of pensions reduce level Investments, others - that raise.

In this section it is represented to us expedient not to search for the answer to a question,

Whether in itself existence of pension system influences accumulation process

The capital in economy and to contemplate more private problem: whether can The pension system installed in 1981 to affect on The mechanism of savings and investments.

At the analysis of this question it makes sense to differentiate the consequences connected with

Transition to new pension system, on short-term and long-term.

_2. Short-term consequences (transition period) _

Short-term consequences of transition to new system were characterised by that

Insurance cash desks of old system have ceased to receive payments from those who has passed in

New and whose payments have started to collect in a pension fund. Differently,

The number insured in old system was sharply reduced, but number of pensioners

Remains former that has led to considerable deficiency of means which should To be filled at the expense of state financing. As to size Cumulative savings its dynamics can be different depending on The chosen mechanism of financing.

If financing of the budgetary deficiency called by pension reform, is It is carried out by means of sale of the state promissory notes To private sector, that is by public debt increase, the general The size of savings in economy remains invariable, as increase

Private sector savings to equally reduction of the state savings. It is possible

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Business Icon Set Business Icon Set. A collection of all-purpose icons with various symbols for the business environment for use with your software or on your website.

Space Icons Design scientific or space-oriented product with readily available images. Space Icons pack contain more than 60 images focusing on astronomy, including Astronaut, Sun, Spacesuit and all planets of the solar system.

Large Weather Icons Large Weather Icons represent different weather conditions typical in software, weather Web sites, and mobile gadgets. The icons are available in typical sizes standard to Windows, Mac OS, and other systems. The biggest versions are huge 512x512 pixel icons with vector sources in Adobe Illustrator (.ai) format easily affordable and ready to be printed or used in presentations in highest resolution.

Yellow Web Buttons Yellow Web Buttons offer a bundle of navigation icon images for social networks and custom web sites. The icons are easy on the eye, and provide a uniform theme painted in yellow color. The delicious buttons for delicious sites:)

Desktop Device Icons Desktop Device Icons are perfect to be used in private desktop customization, for application icons, or menu icons. This set has it all, from 256x256 Vista style images to 16x16 toolbar icons.