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.     

Integrating retirement and permanent disability in NDC pension schemes

In this article, we develop a theoretical basis for integrating retirement and permanent disability using a generic nonfinancial defined contribution framework. The methodology we use relies on a multistate overlapping generations model that includes the so-called survivor dividend. Currently, this feature can only be found in the Swedish defined contribution (DC) scheme. The results achieved in the numerical example we present endorse the fact that the model works well. Special attention is given to the assumptions made about mortality rates for disabled people and disability incidence rates, which largely determine the contribution rate assigned to disability. The model could be of interest to policymakers because, after some adaptations, it could be implemented without too much difficulty and would uncover the real cost of disability and minimize the risk of disability insurance being used as a vote-buying mechanism.     

中国通货膨胀影响因素的实证分析——基于VAR模型的研究

通货膨胀已经影响到我国经济的稳健发展,文章对2003年1月至2011年3月间的我国外汇储备、狭义货币供应量、准货币与CPI四个指标进行了实证分析,旨在找到影响我国通货膨胀的因素。首先进行ADF检验,然后建立VAR向量自回归模型并进行协整检验,从而得出以下结论:外汇储备、狭义货币供应量、准货币与CPI之间存在长期的均衡关系,其中准货币增长对通货膨胀起反方向作用。据此,对抑制我国通货膨胀和保持经济平稳发展提出政策建议。     

从百度文库搜索引擎侵权事件引发的法律思考——兼论网络侵权的规制

针对百度文库侵权案例的辨析,本文对百度搜索引擎ISP在实质性非侵权用途、共同侵权、避风港原则等方面进行认定。从而提出对我国在网络侵权方面应加强完善间接侵权规则、界定网络服务主体的性质、适当加大网络服务提供商的责任以及制定《网络侵权责任法》的规制建议。通过本文的研究,寻求搜索引擎行为在法律规制过程中所追求的价值目标。     

高新区创新模式与创新网络边界界定

近年来,国内外学者对高新区创新模式都有深入论述,主要从高新技术企业自主创新;产业链生态化及产业链之间的合作竞争;产业链转变,建立以产业链衔接的高新技术企业集团;从产业集群到集群创新;创新网络构建;全球价值链等方面进行论述。在各创新发展模式综述基础上笔者试图探讨各模式之间的相互联系,藉此确定创新网络边界。对不同发展阶段的不同模式采用相应的评价模型及网络边界的评价模型。     

Defined benefit versus defined contribution pension plans: How are the interests of employees and the public best served?

Prior to the enactment of the Employee Retirement Income Security Act of 1974 the rate of formation of defined benefit retirement plans exceeded the rate of formation of defined contribution retirement plans. Following its enactment the trend has been reversed. This article reviews the development of public policy with respect to privately sponsored retirement benefits, takes note of the legislatively mandated regulatory distinctions between defined benefit and defined contribution plans, outlines the distinctions between the plans from the perspective of plan sponsors versus plan participants, and questions the appropriateness of the movement away from defined benefit plans in terms of public policy objectives regarding retirement income security.     

一种嵌入式软件无线电频谱监测系统

为了降低研发成本，提高频谱系统的灵活性和缩短研制周期，提出了一种基于软件无线电的嵌入式频谱监测系统。首先研究了系统硬件平台组成和特点，在此基础上设计了一种灵活的软件定义系统架构；然后考虑到硬件平台自身性能的限制，重点研究了频率偏移校正、频谱扫描策略等关键技术，分别提出了基于GSM信号和温度传感器的频偏校正方法和基于相关性的扫频策略；最后通过具体实验，对系统性能进行验证与评估，结果表明所提出的频偏校正方法能够将绝对平均频偏控制在1.749×10-6以内，所设计的基于相关性的扫频策略对时变信号的频谱监测效果最好。     

Do Managers of U.S. Defined Benefit Pension Plan Sponsors Use Regulatory Freedom Strategically?

We use historical particularities of pension funding law to investigate whether managers of U.S. corporate defined benefit pension plan sponsors strategically use regulatory freedom to lower the reported value of pension liabilities, and hence required cash contributions. For some years, pension plans were required to estimate two liabilities—one with mandated discount rates and mortality assumptions, and another where these could be chosen freely. Using a sample of 11,963 plans, we find that the regulated liability exceeds the unregulated measure by 10% and the difference further increases for underfunded pension plans. Underfunded plans tend to assume substantially higher discount rates and lower life expectancy. The effect persists both in the cross‐section of plans and over time and it serves to reduce cash contributions. We further show that plan sponsor managers use the freed‐up cash for corporate investment and that credit risk is unlikely to explain the finding.     

舰载通信信号侦察接收系统

在分析沿海地区复杂电磁环境构成因素的基础上,阐述了舰载通信信号侦察接收系 统的技术体制、侦收方法及特点,探讨了舰载通信信号侦察接收系统为适应复杂电磁环境的 解决措施,并在实际工程应用中证明改进措施能够很好地解决舰载通信信号侦察接收机的实 际使用问题,保证其具有大侦收带宽、高灵敏度、大动态范围、强抗干扰能力。     

中国企业年金计划担保机制研究

为顺利推进养老金制度改革、减小职工面对的投资风险、平衡职工间的收益差异,多数国家建立起了以收益率担保为主的DC型企业年金担保机制。我国的企业年金计划也引入了风险准备金制度,但这一绝对收益率担保政策尚存在担保评估周期模糊、担保收益率较低、担保方式和资金来源单一的问题。特别地,在年金基金面临投资亏损、企业(计划发起人)或年金计划破产等担保需求下,当前我国迫切需要进一步完善收益率担保机制并构建破产担保机制。