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Research
Doctoral Research in Finance
Pension systems are built around decisions whose consequences may not become clear for decades. Investment returns, inflation, demographic change, and the rules of the system all play a role in determining retirement income.
Current research examines the relationship between the first and second pillars of Bulgaria’s pension system, with a focus on universal pension funds and the potential of a multi-fund investment model. It considers investment performance, risk, and different long-term scenarios to assess how funded pensions can contribute to retirement security.
At the heart of the research is a practical question: can better investment outcomes translate into more adequate pensions?
Dissertation (in progress)
Interaction Between the First and Second Pillars of the Bulgarian Pension System: Assessing the Compensatory Role of Universal Pension Funds under a Multi-Fund Model
Academic Publications
- Milev, J., & Robev, K. (2026)Transforming Universal Pension Fund Savings into Effective Supplementary Mechanism for Pension Security in BulgariaEconomic Studies, 35(3), 153–165 Summary Read publication
- Milev, J., & Robev, K. (2024)Pension Funds in Bulgaria – Are They a Stabilizing Factor for the Social Security System in the Country?Zeszyty Naukowe Politechniki Poznańskiej. Organizacja i Zarządzanie, 90, 61–80 Summary DOI: 10.21008/j.0239-9415.2024.090.04
Academic Conferences
- Social Security Systems in the Light of Demographic, Economic and Technological ChallengesInternational Conference · Poznań, PolandSeptember 2024
- New Trends in Global Economy: Structural, Monetary and Technological ChallengeInternational Scientific Conference · Monetary and Economic Research Center, UNWEDecember 2025
Research Projects
- Tax and Social Security Policy in Bulgaria: Results, Fiscal Effects and ChallengesUniversity of National and World Economy2024 – 2026
