《难经》压力波参数初探

根据压力波理论，分析了《难经》脉状的参数，演绎了主要参数的特征曲线，这对推进中医切诊医术的现代化具有现实意义。     

对EWS模型中金融危机界定的比较研究 ——利用EVT理论

对主要金融危机预警模型中货币危机指标(货币压力指数)与阈值的确定方式进行比较分析,之后利用EVT对EMPI的尾部进行估计,同时确定新的个体阈值,并与原模型的结果进行对比。发现不同的EW S模型确定的危机时间有较大差异,各种方法在危机的判断上存在分歧;三种主要EW S模型中的EMPI在统计上表现出较强的非正态性。     

基本养老保险筹资权行使主体的确定及其理论依据

基本养老保险筹资权的行使主体的确定问题,应从中央与地方政府财权划分的角度进行分析。我国地方政府行使基本养老保险筹资权存在不合理性,应建立由中央政府统筹的基本养老保险制度。     

国有企业、金融市场改革与养老保险制度改革的互动效应--中国如何解决老年保障问题?

中国政府非常清楚社会保障所面临的危机，决定寻求解决办法。拟议中的社会保障改革的核心是积累制和整合条块分割的体系，计划为每个工人建立个人退休账户，对养老基金进行有效投资。然而，这种改革受阻于三个关键因素。(1)在向积累制的转化过程中必须支付特制成本；(2)现有的社会保障体系条块分割、分散化管理3(3)已经积累的基金尚未取得高收益，也未分配到最有效率的用途上。     

中国养老保险领域的政府七大职能分析

养老日益成为中国走向和谐社会的沉重负担,经济可持续发展要求中国在养老保险制度领域对政府职能进行调整.文章对政府职能和养老保险制度关系作了理论概述,针对当前政府逐渐退出养老保险职能的趋势,论文分析了中国当前混合制养老保险模式下政府的七项职能,结论是均应增强这七项职能,但要科学选择介入领域和介入方式.     

论养老基金平衡机制--基于辽宁试点模式对养老基金平衡的透视

我国处于转轨中的养老模式面临着人口老龄化和转轨成本的双重压力，为此，2001年7月开始在辽宁省进行社保改革试点。本将以试点模式为研究起点，并将养老基金平衡剖析为两个收支平衡：一是横向平衡，二是纵向平衡。就横向平衡而言，笔认为难关的突破在于强化政府的社会保险责任，而纵向平衡的难关在于基金收益率。为此，本提出一些拓展性的社保改革思路，并认为在此基础之上养老基金的平衡是可以实现的。     

Evidence on the Timing and Determinants of Overfunded Pension Plan Termination

This paper examines the factors associated with the timing of overfunded pension plan termination.     

Population,pensions, and endogenous economic growth

We study the effect of a declining labor force on the incentives to engage in labor-saving technical change and ask how this effect is influenced by institutional characteristics of the pension scheme. When labor is scarcer it becomes more expensive and innovation investments that increase labor productivity are more profitable. We incorporate this channel in a new dynamic general equilibrium model with endogenous economic growth and heterogeneous overlapping generations. We calibrate the model for the US economy and obtain the following results. First, the effect of a decline in population growth on labor productivity growth is positive and quantitatively significant. In our benchmark, it is predicted to increase from an average annual growth rate of 1.74% over 1990–2000 to 2.41% in 2100. Second, institutional characteristics of the pension system matter both for the growth performance and for individual welfare. Third, the assessment of pension reform proposals may depend on whether economic growth is endogenous or exogenous.     

养老基金投资偏好研究综述

养老基金作为重要机构投资者,在投资时主要考虑投资的安全性、谨慎性、流动性、交易成本、公司业绩、投资风格以及公司治理.国外学者对此进行了大量的理论和实证研究,而我国在这一领域还处于起步阶段,有待进一步深入研究.     

The optimal asset allocation of the main types of pension funds: a unified framework

The existing literature deals with the optimal investment strategy of defined benefit (DB) or defined contribution (DC) pension plans. This article’s objective is to compare the optimal policies of different types of pension plans. This is done by first defining an original framework, which is based on the distinction between the nature of the guarantee—which can be internal or external—offered by or to a pension fund. This framework allows to establish links between optimization programs of DC, DB and targeted money purchase schemes. The case of an internal guarantee appears as a standard portfolio insurer’s problem. The second kind of guarantee, not analyzed in the literature yet with regard to the resulting optimal policy, is characterized by the existence of an option in the final wealth definition. Four funds are present in the internal guarantee optimal allocation: the speculative component, the preference independent guarantee- and contribution-hedge terms and the preference dependent state variable-hedge fund. The external guarantee program, solved with an original method using the principles of standard options theory, yields an optimal policy incorporating the delta of the option embodied in the final wealth definition. The conclusion is that the resulting optimal portfolio policy becomes riskier.