遗产动机与公共养老保险制度的效应分析

本文运用内生增长模型与世代重叠模型的结合分析，试图从理论上来探讨在考虑人们遗产动机的情况下，公共养老保险制度对于经济增长率和社会福利（social welfare）所产生的效应。在分析中，基金积累式养老保险制度的中立性的特征再次得以确认；同时，我们还发现在一定条件下，现收现付方式养老保险制度也可能保持中立性，即当具有遗产动机的个人对于今后养老保险制度拥有完全信息时，个人会将足够的遗产留与后代，使得后代在养老保险费上的负担与获取的遗产相抵，从而使得各代人消费路径以及资本积累路径不发生变化，因此，养老保险制度的建立也不会对经济增长率和社会福利水平产生影响。     

政府或有负债的产生及其风险防范

现阶段我国政府或有负债的产生既有客观原因如公共风险的存在,也有主观原因如财政调整过程中的政府机会主义行为。不仅如此,政府或有负债的产生还受制于政府的内部财政能力约束和外部财政压力约束,而预算编制中的收付实现制为政府或有负债的产生大开制度之门,使得政府能够以政府担保为主要载体来进行间接融资,导致政府或有负债的过度积累。     

国有企业资金不足的养老金债务问题研究

中国国有企业由于养老金资金不足的债务问题一直存在,导致公共养老基金的财政稳定性处于一种危险状态.代际核算是评估财政政策对两代之间的利益分配效果的长期影响的一种有效手段,其现值技术可客观测试养老基金的偿付能力和弥补预期养老金债务的隐含风险.对在香港上市的国有企业养老金缴付情况的模拟分析,识别了代际间转移的规模,对于养老金计划财务报告、可选择的政策调整和受影响的股东群体等都具有重要的启示.     

年金基金投资理论与经验研究综述

年金基金的投资,在西方国家金融理论界和实践界是一个关注的研究问题。在理论研究上,税收套利模型和卖出期权的资产组合模型存在对立观点。而经验研究说明,年金基金的资产组合与资本市场发展阶段、监管规则、发起企业经营状况等密切相关。年金基金投资推动了免疫、条件免疫等投资技术以及衍生金融产品的发展。20世纪90年代以来西方国家出现了年金的自我投资、治理投资和社会投资等新问题。     

关于养老保险基金的几个问题

文章从建立养老保险基金的意义入手,探讨如何筹集养老保险基金,以迎接我国老龄化社会的到来,最后提出了养老保险基金保值增值的途径。     

Pensions reforms,workforce ageing and firm-provided welfare

This paper investigates the impact of an exogenous increase in the legal retirement age on the firms’ propensity to provide welfare services voluntarily to their employees. To this purpose we exploit a unique information derived from the Rilevazione su Imprese e Lavoro (RIL), a survey conducted in 2015 on a large and representative sample of Italian firms. Applying different regression models we show that firms which were forced to give up previously planned hirings because of the Law 201/2011 (the so-called ‘Fornero pension reform’), increased the probability of providing welfare services at workplace. By referring to the sociological, human resource management and economic literature we then argue that a sudden increase in the legal retirement age may motivate the employers to establish welfare schemes as a way to cope with an ageing workforce. Our findings also hold when propensity score matching methods are used in order to control for sample selection issues.     

The optimal portfolio for the two-pillar mandatory pension system: the case of Poland

In the recent decade, there has been observed across the Central and Eastern European states the regulatory trend towards the increase of the non-financial (first) pension pillar size at the expense of the financial (second) pillar. It tends to question the consequences of this shift for the future retirement benefits. Applying the portfolio approach we address this issue by running a series of simulations to find out how to allocate pension contributions between both pillars in an optimal way. Our study contributes to the existing literature as follows. First, we do not perform the assessment of the predetermined regulatory solutions, but we look for an optimal one. Moreover, we allow our optimal rule to be time-varying, if necessary, which would be a true novelty in this research area. Second, we do not base our estimates on historical trends; rather, we apply the long-term economy’s projection to account for the society’s ageing impact, which is a crucially important factor for the solvency of the pension system. Adapting some of the simulation assumptions to fit the Polish case, our results confirm that current regulations underestimate the role of the capital pillar and the optimal allocation between both pillars should be time-varying.     

陕西实施农村养老保险制度的经济分析及措施

随着我国人口老龄化的加剧，老年人特别是农村老年人的养老问题日益突出，本文主要通过对陕西农村养老现状和所存在问题的分析，提出了建立农村养老保险制度的建议，旨在于试图为我国农村养老保险制度的实施提供一些借鉴。     

The Political Economy of Rental Housing in Spain: The Dialectics of Exploitation(s) and Regulations

ABSTRACT

This paper analyses how the exploitation of tenants in Spain is boosting income for banks, hedge funds and pension funds. It does so by tracing the origins of the money invested in a Tres Cantos housing project in Madrid. The paper makes the following claims: First, the exploitation taking place in households -referred in this paper as secondary- is increasingly related to worker exploitation, and thus this particular type of exploitation is increasingly relevant to the dynamics of capital accumulation. Second, the key role of secondary exploitation of tenants in the revenue-making strategies of pension funds, hedge funds and banks is augmented and mediated by a myriad of regulations being implemented at the national and supranational scales. Theoretically, the paper contests the Marxian claim that household exploitation is ‘secondary’ to the exploitation taking place in the production process.     

试论我国地方政府债务及其风险控制

地方政府债务是指地方政府承担的,所有需要其在将来运用资产或其它经济资源偿还的义务。它具有以下几个特点:首先,地方政府债务是一种综合性的债务。它可能由多种因素诱发产生,或由其它形式的债务(例如金融债务)转化而来。其次,地方政府债务具有较大的隐蔽性。某些形式的地方政府债务并不直接表现在政府资产负债表上,可能直到需要偿还时才会最终暴露出来。第三,作为最终需要地方财政偿还的债务,地方政府债务一般由地方财政实施控制。