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distinction to the main lack of more than 20% of the mandatory pension funds in one yr have been the considerably unfavorable returns in six consecutive years between 1992 and 1997 in the Hungarian PAYGO scheme. These losses had been also double-digit in some of those years and lasted so long as the government could minimize or, according to the figures, overcut, liabilities, that is, future pensions. The stabilization of the system was continued with neatly positive returns in a lot of the 2000s owing to rising wages and favorable demographics. The ETD multiplied by the present quantity of contributions gives the Willis estimate of the contribution asset. In Figure 32.5 we current the CA in proportion of Gross Domestic Product and in addition the share of contributions4 to the GDP . The relative The hottest product faith hope love lung cancer awareness leather pattern all over printed tote bagvolume of contributions decreased quickly between 1992 and 1997 as a consequence of the employment disaster related to the transition from a planned to a market economy. For a few decade it oscillated slightly above 7% of GDP earlier than it grew rapidly in the final years in response to a major improve within the contribution price and stagnating GDP. By analogy, a synthetic interval turnover period, or, as Settergren and Mikula name it, the anticipated turnover duration , may also be derived from period figures. The ETD

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