企业年金的国际比较及我国企业年金制度改革的探析

我国的企业年金目前正处于起步阶段,还没有一套完善的企业年金制度。与企业年金发达国家相比,我国现行企业年金制度存在着明显的法律法规缺失、政府税收优惠不明显及基金投资渠道不合理的现象。借鉴国外经验,结合我国企业年金的现状和发展趋势,我国多层次养老保障体系中企业年金制度的设计应及时建立针对企业年金的法律法规体系;合理发挥政府的引导作用,强化对企业年金的监管和扶持;结合实际逐步拓宽我国企业年金基金的投资渠道。     

Measuring Lifetime Redistribution in Dutch Occupational Pensions

Summary  This paper assesses how the Dutch system of occupational pensions redistributes between and within generations. The approach in this paper deviates from the usual approach by incorporating the full life cycle in the measurements, rather than only the annual effects. In order to quantify redistribution, we use the level of educational attainment, gender and age to classify the pension fund population. For all groups distinguished, we measure in present value terms the average net benefit from participating in occupational pensions. The results indicate a sizable redistribution from males to females and from low educated to higher educated workers. On a lifetime basis, the impact of intergenerational transfers is modest. I am grateful to the two anonymous referees, Ed Westerhout, Casper van Ewijk, Lex Meijdam, Yvonne Adema and Peter Kooiman for their helpful comments on earlier drafts of this paper, and to Andre Nibbelink for his valuable computational assistance.     

Mandatory Pensions and Personal Savings in The Netherlands*

The Netherlands has a relatively generous social security system and a wide coverage of individuals by private (occupational) pension schemes. Total household savings are rather high and fairly stable, although the amount of contractual savings apears to be going up at the expense of non-contractual (free) savings. Using an approach originally pioneered by Feldstein (1974) we employ microdata to investigate the displacement effect of security and pension wealth on free household savings. It turns out that the data available are too noisy to make precise statements about the displacement effects. Our results do suggest, however, that a one-for-one displacement of free savings by social security is consistent with the data. For pensions such a complete offset is less likely. This suggests that increase of coverage by private pensions is an effective way of raising savings.     

Intergenerational Transfers in the New Dutch Pension Contract

De Economist - This paper measures intergenerational transfers through the solidarity reserve of the newly proposed Dutch occupational pension contract. Our first conclusion is that the role of the...     

完善企业年金监管的几点思考

由美国次贷危机引发的全球金融风波至今已近四年,其造成的损失和影响自20世纪30年代以来前所未有.美国、英国和欧盟为防止危机对经济的进一步拖累,纷纷提出自己的金融监管改革计划,以应对危机.文章首先介绍了美国和欧盟金融监管改革的发展历程,然后总结了美欧金融监管改革对我国加强金融监管的启示,最后结合国际金融监管改革的新动向,并从市场化、风险控制和构建合作机制等三方面提出了改善我国企业年金监管的政策建议.     

Intergenerational Inequality and the Contract Out Policy in Public Health Care

This study investigates the impact of a Japanese public health care reform—called the contract out policy—on intergenerational inequality and the probability of a surplus in medical saving accounts. First, I investigate the change in the lifetime net burdens for each generation and public health expenditures and conduct simulation analyses to consider the effects of contracting out public health insurance on intergenerational inequality using the generational accounting method. Next, I simulate the probability of a surplus in medical savings accounts using the transition probability of health care expenses based on individual health data, such as receipt data. According to the simulation results, the net lifetime burden on future generations after contracting out shows a 1% reduction compared to the base case, which is not implemented in public health care reform. In addition, the probability of medical savings accounts remaining in surplus, including cases of zero medical expenses, is 69.6%.     

Labour-Market Outcomes of Older Workers in the Netherlands: Measuring Job Prospects Using the Occupational Age Structure

This paper analyses changes in job opportunities of older workers in the Netherlands in the period 1996–2010. The standard human capital model predicts that, as a result of human capital obsolescence, mobility becomes more costly when workers become older. We measure and interpret how changing job opportunities across 96 occupations affect different age and skill groups. Older workers end up in shrinking occupations, in occupations with a lower share of high-skilled workers, in occupations facing a higher threat of offshoring tasks abroad, more focus on routine-intensive tasks and less rewarding job content. This process is not only observed for the oldest group of workers, but for workers aged 40 and above. Observing older workers in declining occupations is to a large extent a market outcome, but declining job opportunities in terms of less satisfying working conditions and job tasks and content could potentially raise incentives to retire early.     

农村家庭劳动力职业代际流动性测度及驱动因素分析——基于家庭农场的实证研究

职业代际流动性是判断社会流动水平的标准之一,也是衡量经济效率与社会公平的重要依据.基于家庭农场微观调研数据,实证分析农村家庭劳动力职业代际流动性及其驱动因素.结果 表明:农村家庭劳动力职业代际流动水平较低;父母职业层次与子女职业代际流动显著正相关,但这种流动体现为职业向下流动;农村家庭劳动力在职业流动方面存在集聚现象,父母从事个体劳动、商业经营以及村镇管理,其子女的职业也普遍是这三种,而父母为农业劳动者或非农行业工人,其子女的职业普遍也为这两种.父母受教育程度与子女职业向上流动正相关,与职业向下流动负相关.此外,子女使用互联网、拥有非农工作经历以及较高的受教育程度可显著促进其职业向上流动,但已婚会显著阻碍其职业向上流动.     

明天，谁为我们养老？

中国正迈入老龄化社会，生育率低、人口结构老化、社保制度滞后已成未来发展的重大隐患。几十年后，谁来养活中国？已执行30年的计划生育政策是否调整？是否，应放开二胎管制？养老模式如何变革？这些问题无疑都需在新的人口环境和发展背景下重新考量。     

Retail Payments in the Netherlands: Facts and Theory

Summary Over the last decade, the Netherlands observed a rapid shift from cash and paper-based payment instruments toward electronic payment instruments. Banks are well aware that transaction pricing can speed up the shift to low-cost electronic payments. But payment pricing is a complex matter, due to strong network externalities. Recent theory on two-sided markets has led to a better understanding of the payment industry, in terms of optimal payment pricing and payment network competition. Under two-sidedness, it is shown that payment pricing is not just a question of choosing the right price level but rather of choosing the right price structure.The author would like to thank Lex Hoogduin, Rein Kieviet, Carlo Winder and two anonymous referees for critical comments and valuable remarks. Obviously, the usual disclaimer applies. Views expressed are those of the author and do not necessarily reflect official positions of De Nederlandsche Bank or the European System of Central Banks.     

教育信贷资产证券化：债性契约和股性契约的融合

教育信贷资产证券化的本质是债性合约与股性合约的分工与融合。银行利用其信息优势与贷款者形成债性合约，促成了学生融资的实现。然而，强风险特征与长周期特征与银行的“三性原则”相悖。资产证券化是解决相悖缺陷的有效方法，一方面证券化使得债性合约的持有主体发生转换，长周期问题得以解决；另一方面证券化的小额特征与合格投资人要求，使得风险得以一定程度的分散和适度的规避。但是，教育信贷资产证券化具有风险转移的特征，如果缺乏有效的约束机制，证券化制度可能会纵容银行发生道德风险。     

Intergenerational earnings mobility in Singapore and the United States

This study compared intergenerational earnings mobility in Singapore and the United States by replicating the sample criteria in the Singapore National Youth Survey on the U.S. Panel Study of Income Dynamics. The mean estimated earnings elasticities are almost identical: 0.26 in Singapore and 0.28 in the United States. Transformed to 0.44 and 0.47 respectively to reflect permanent status, mobility in the two countries is moderately low compared internationally. The finding of similar mobility is not surprising given that the two countries have similar economic realities, welfare systems, education regimes, and labor structures. Policy makers face the daunting challenge of overcoming immobility and inequality while maintaining global competitiveness.     

Intergenerational education transmission in China: The gender dimension

This paper explores gender differences in intergenerational patterns of education attainment in China. Using the China Family Panel Studies (CFPS) survey for 2016, we find that intergenerational ‘persistence’, as reflected in high regression and correlation coefficients between an individual's and their parents' education levels, is higher for females than males for the entire sample and for each of four age cohorts. This result stems primarily from the relative lack of upward mobility among females from families with low levels of education, as confirmed by a series of educational mobility matrices and a multinomial logistic regression analysis. The results offer novel insights into gender differences in the unequal transmission of education across generations, with significant implications for gender inequality more broadly in Chinese society.