The Role of Annuity Markets in Financing Retirement.
The Role of Annuity Markets in Financing Retirement.
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年金市场在退休融资中的作用。
DOI：
10.1111/1468-0297.13913
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发表时间：
2003
期刊：
影响因子：
--
通讯作者：
M. Murthi
中科院分区：
文献类型：
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作者：
M. Murthi
本书汇集了作者个人或集体撰写的一些关于年金市场的论文。这些论文是为了解决美国社会保障改革（即国家养老金制度改革）不断演变的辩论而写的，因此，这本书对政策制定者和学生来说是一本非常有用的汇编。美国正在讨论的改革的一个关键因素是引入个人退休账户。在现有的养老金体系中，养老金依赖于一个预先确定的公式，并由当前工人的税收提供资金，个人账户中积累的储蓄将决定（至少部分）个人养老金的规模。在现行制度下，养老金与消费物价指数挂钩，一直支付到死亡。一个重要的问题是，拟议中的个人账户的支出是否可以模仿现有安排。换句话说，市场能否提供与通胀挂钩的年金？如果可以，价格是多少？本书调查了来自美国和英国（在更有限的范围内）年金市场的证据，并对这个问题的第一部分给出了响亮的肯定回答。这并不是说作者支持引入个人退休账户。这一点很重要，尤其是在美国社会保障改革辩论的背景下，这有时是非常有争议的。相反，这本汇编是一种学术尝试，旨在确立一些关于年金市场运作的“事实”，特别是，购买不同种类的年金的“成本”是多少（或者，同样的事情是，每美元年金保费对个人的预期回报是多少），以及年金化（部分或全部）财富的预期效用是否证明成本是合理的？把
This book brings together a number of papers on annuities markets written either individually or collectively by the authors. The papers were written to address the evolving debate in the US on social security reform (ie the reform of the national pension system) and, as such, the book is an extremely useful compilation for policy-makers and students to follow. A key element of the reforms being debated in the US is the introduction of individual retirement accounts. In place of the existing system–where pensions depend on a pre-determined formula and are financed out of taxes on current workers–accumulated savings in individual accounts will determine (at least in part) the size of individual pensions. Under the existing system pensions are indexed to the CPI and are payable until death. An important question is whether payouts from the proposed individual accounts can be made to mimic existing arrangements. In other words, can markets provide inflation-indexed annuities and if so at what price? This book surveys evidence from annuities markets in the US and, to a more limited extent, the UK and answers the first part of this question with a resounding yes.This is not to say that the authors come out in favour of introducing individual retirement accounts. It is important to say this especially in the context of the US debate on social security reform which at times is very polemical. On the contrary, the compilation is a scholarly attempt to establish some ‘facts’ about the functioning of annuity markets, in particular, how much does it ‘cost’to buy different kinds of annuities (or, what is the same thing, what is the expected return to an individual per dollar of annuity premium), and does the expected utility from annuitising (some or all of one’s) wealth justify the cost? To put