社保基金的投资与运营

社会保障基金是支撑社会保障制度这一“安全网”的强大物质基础。随着我国社会保障制度不断完善,我国社会保障基金的规模越来越大。社保基金的投资增值成为关注的焦点。本文通过分析社会保障基金运营的现状,进而揭示其存在的问题,从而总结我国完善社保基金投资的建议。     

社保基金的投资与运营

社会保障基金是支撑社会保障制度这一“安全网”的强大物质基础。随着我国社会保障制度不断完善，我国社会保障基金的规模越来越大。社保基金的投资增值成为关注的焦点。本文通过分析社会保障基金运营的现状，进而揭示其存在的问题，从而总结我国完善社保基金投资的建议。     

我国社保基金投资运营研究

社保基金是国家按照法律和相关政策规定建立和运营,并用于社会保障事业开支的专项基金,社保基金是我国社会保障制度贯彻实施的基本物质基础之一,在社会保障管理体系中占有十分重要的地位。科学合理的安排社保基金的投资运营是实现社保基金保值与增殖的基本途径,合理设立社保基金运营机构、加强对社保基金的投资运营管理是完善我国社会保障体系的必然举措。目前我国社保基金投资管理存在不少问题．其中,最核心的问题有两个：一是基金缺口问题。二是基金保值增值问题。     

我国社会保障基金投资现状分析

社会保障基金是实施社会保障制度的物质基础,社保基金不仅关系到民众的基本利益,也关系到国家的稳定与发展。现阶段,我国社会保障基金仍然存在许多问题,基金缺口严重,投资收益率低,管理体制、监督制度不完善等,这严重制约我国社会保障基金的运营和管理。因此,我们需要找出相应的解决措施,以保证其有效运作,完善我国社会保障体系。     

全国社会保障基金投资理念及绩效分析

全国社会保障基金是我国社会保障制度得以确定并能够解决特定社会问题的物质基础,它的投资运营效益和水平将决定社会保障基金的保值增值与投资效果。通过对社会保障基金的投资运营进行绩效分析,可以提高社会保障基金管理水平,奠定其在社会保障体系中的核心物质基础。     

对我国社保基金投资管理的思考

社保基金是国家按照法律和相关政策规定建立和运营,并用于社会保障事业开支的专项基金,在社会保障体系中占有十分重要的地位。科学合理地安排社保基金的投资运营是实现社保基金保值与增值的基本途径,合理设立社保基金运营机构、加强对社保基金的投资运营管理是完善我国社会保障体系的必然举措。目前,在我国社保基金运营过程中基金缺口日益扩大...     

关于我国社会保障基金征缴方式的探讨

充足的社会保障资金是社会保障制度存在、发展和不断完善的基础,因此,确立合理的社会保障基金征缴方式是一国社会保障体系构建中的核心问题。当前,我国社会保障事业的发展虽然已初具规模,但在运营和管理方面还很不完善,其中,因征缴方式不当而导致的问题尤为突出。因此,开征社会保障税,完善社会保障基金征缴方式,应成为当前我国社会保障制度改革与完善的突破口。     

关于社会保障基金投资运营模式的研究

社会保障基金的投资运营对一个国家社会保障制度的建设乃至经济发展有非常重要的作用,各国对这个问题进行着不断的探索和尝试,希望在保证社会保障基金安全性的前提下最大限度地实现其保值增值。以满足社会保障制度保障人民生活,稳定社会的作用。目前我国社会保障基金的投资运营过程中存在着种种问题,需要我们构建合理的管理和投资运营模式、拓宽投资渠道来加以解决。同时,还要逐步尝试具有创新性的改革方式建立社会保障专业银行,实行社会保障的民营化的同时建立国有社会保障基金投资公司,分流社会保障基金的投资风险,加强社会保障基金的管理,提高我国的社会保障水平。     

应适时开征社会保障税

健全的社会保障体系是市场经济体制的内在要求，是市场经济运行的“稳定器”和“安全网”。当前，一个符合社会主义市场经济需求的社会保障制度框架虽已初具规模，但在机制运营和管理方面还不够完善，其中，社会保障基金筹集方式的问题尤为突出，因此，改变现行的社会保障基金筹集方式，审时度势地开征社会保障税，完善社会保障筹资方式，应成为当前我国填补社会保障基金供求缺口的突破口。     

完善我国养老保险基金投资运营机制的思路

养老保险基金与资本市场存在着明显的互动关系,养老保险基金进入资本市场是大势所趋,构建完善的投资运营机制是我国养老保险基金实现保值增值的必要条件。文章就完善我国养老保险基金投资运营机制的思路进行了分析。     

地方养老基金委托投资风险的审计控制

在全国社保基金理事会受托投资运营广东省企业职工基本养老保险基金的示范下,越来越多的地方养老基金实行多元化的投资运营乃属大势所趋。既要拓宽养老基金的投资渠道,又要强化包括政府审计在内的监督形式以控制投资尤其是证券投资的风险,是当前中国地方养老基金运营管理的现实选择。通过对各地养老基金的审计监督,明确只有经省级政府动议、本级人大和国务院批准,委托给国家专门成立或其他具有优秀业绩的资产管理机构开展多元化投资运营,并在委托合同中规定进入投资市场的比例、规模、进度、期限、对象与保底收益等事项,才能在最大程度上防范和化解投资风险,促进投资风险预警机制和风险控制制度的健全,确保基金的保值增值。     

构建中的主权财富基金国际规则

活跃的主权财富基金(SWFs)在投资接受国中引起了怀疑与不安。各国的投资保护主义在一些国家的投资政策和立法中有所加强。本文介绍了国际货币基金组织(IMF)和经合组织(OECD)制定的有关SWFs和投资政策的国际准则,追踪国际投资制度的发展变化,研究SWFs国际规制的制度环境,思考我国主权财富基金(CIC)发展的应对之策。     

Social Security fixes--beware of conjurers!

Among the many proposals for reform, there is one that offers the best chance of truly solving Social Security's financial problems, these authors believe. That proposal would increase savings by requiring workers to invest an additional 2% of their covered wages in individual accounts. At retirement, 75% of the money would go toward buying the current level of Social Security benefits, and 25% would be given to the individual as an "extra" pension. Individuals, not the government, would control investment of these accounts.     

SOCIAL SECURITY: OVERVIEW AND OPTIONS

The intense controversy about the future of Social Security is found to be basically political. Adjustments that are relatively minor from an economic point of view suffice to maintain the viability of Social Security and of the economy as a whole. The defined-benefit, pay-as-you-go character of Social Security inevitably produces politically troubling crises as the system matures. Five options for change are considered, with special attention given to a defined-cost system which would gradually adjust benefits and avoid both cyclical and long-term crises     

DISENTANGLING THE ANNUITY FROM THE REDISTRIBUTIVE ASPECTS OF SOCIAL SECURITY IN THE UNITED STATES*

In the United States, the life-cycle relationship between initial Social Security contributions and subsequent benefits causes the effect of Social Security on income distribution to be overestimated in a single-period analytical framework. By separating the annuity from the redistributive aspects of Social Security we provide a life-cycle framework for measuring its net effect on redistribution. To this point in its history, we find all income classes have received positive net life-cycle income transfers and, in an absolute sense, upper-income groups have done at least as well as lower-income groups. This suggests a reason for the near-universal support of Social Security by past generations, as well as the controversy which now surrounds it. As it becomes apparent to younger cohorts of taxpayers that many of them will be net losers, it is inevitable that Social Security will be subject to the same controversy as other welfare programs which attempt to redistribute income.     

Support for baby-boom retirees--not to worry

Flaws in the discussion of the baby-boom retiree problem make the Social Security problem seem worse than it really is. Problems include the overwhelming emphasis upon fiscal and related financial aspects at the expense of consideration of the output of goods and services, and the almost total neglect of projected real income and productivity rises. Rather, baby-boom retirees can be coped with on the basis of hypothetically reasonable projected magnitudes. It is currently being argued that the future US economy cannot provide Social Security support for the upcoming baby-boom retirees. However, people who support such an argument fail to consider the main determinant of capacity to support. That determinant is the historically established rise in productivity as expressed in per capita output or output per hour of the employed population. Maintaining Social Security pension support through 2030 involves little to no strain upon society, while abolishing such support would cause considerable strain. The authors describe who Social Security supports now and in the future, and explain the capacity of US society to fund Social Security in the decades ahead.     

A Critique of ‘Neoliberal Autonomy’: The Rhetoric of Ownership Society

The rhetoric of the Ownership Society defined by the Cato Institute has been integral to framing the motivation behind the Social Security reform introduced by George W. Bush. This motivational frame involves a fierce advocacy of what we will call ‘neoliberal autonomy’ in a Hayekian and Friedmanite sense. For Hayek and Friedman, the social adequacy component of Social Security is problematized in the name of self-reliance and individual choice, which rejects any authoritative standards as morally indefensible. Nevertheless, the rhetoric of the Ownership Society, though it glorifies the neoliberal notion of autonomy, does not explicitly question the moral basis of Social Security. Rather, by defining the terms of debate, it frames the meaning of Social Security along neoliberal lines in an attempt to make a supposedly detached economic case for private retirement accounts. In this ‘pro-privatization’ framework, the social adequacy component of the Social Security system fades away as individual equity, or actuarial fairness, comes to the fore as the chief theme. We suggest a ‘pro-social’ rhetoric that recognizes the pursuit of social standards as providing the element of autonomy.     

Labor supply responses to marginal Social Security benefits: Evidence from discontinuities

A key question for Social Security reform is whether workers respond to the link on the margin between the Social Security taxes they pay and the Social Security benefits they will receive. We estimate the effects of the marginal Social Security benefits that accrue with additional earnings on three measures of labor supply: retirement age, hours, and labor earnings. We develop a new approach to identifying these incentive effects by exploiting five provisions in the Social Security benefit rules that generate discontinuities in marginal benefits or non-linearities in marginal benefits that converge to discontinuities as uncertainty about the future is resolved. We find that individuals approaching retirement (age 52 and older) respond to the Social Security tax-benefit link on the extensive margin of their labor supply decisions: we estimate that a 10% increase in the net-of-tax share reduces the two-year retirement hazard by a statistically significant 2.0 percentage points from a base rate of 15%. The evidence with regard to labor supply responses on the intensive margin is more mixed: we estimate that the elasticity of hours with respect to the net-of-tax share is 0.42 and statistically significant, but we do not find a statistically significant earnings elasticity. Though we lack statistical power to estimate results within subsamples precisely, the retirement response is driven mostly by the female subsample, while the hours response comes from the male subsample.     

On the Pro-Social Security Rhetoric

We propose to reframe Social Security to offer a coherent anti-privatization rhetoric that has not been fully provided in the contemporary literature. The dissatisfaction that motivated this study centers on the observation that the prevalent anti-privatization rhetoric exposes the drawbacks of Private Retirement Accounts (PRAs), but this rhetoric itself doesn't satisfactorily explain why the current Social Security system is more desirable. In reframing Social Security, we will follow a two-stage strategy. First, we will articulate the desirability of Social Security grounded in the function it serves in a way PRAs are not suited for serving: being a social income insurance scheme whose provision inherently favors the least fortunate in a Rawlsian fashion. Second, we will concentrate how Social Security provides this non-market choice by drawing on the unique resources not entirely available to the market.     

SOCIAL SECURITY BENEFITS AS A RETIREMENT RESOURCE FOR U.S. NEAR-RETIREES

This paper analyzes Social Security benefits as a retirement resource (wealth and income) for U.S. near-retirees. We look at how the average values of several measures of benefits such as Social Security wealth and earnings replacement rates have changed from earlier cohorts to today's near-retirement cohort, examine differences among demographic and socioeconomic groups within cohorts, and discuss reasons for these changes and differences. We use improved data (actual earnings history data) to produce more accurate measures of benefits. The paper also uses some new benefit measures. Three key findings are: (1) average real Social Security wealth increases markedly as we move to later cohorts primarily because of increases in average real lifetime earnings; (2) replacement rates fall as we move from the cohorts of persons reaching 61 in 1993–97 to later cohorts primarily because of the phase-in of increases in the age of eligibility for full benefits and the increasing labor market activity of women; and (3) median Social Security wealth is much higher for women than for men because women live longer.