Risk Aspects of Investment-Based Social Security Reform: Introduction
Risk Aspects of Investment-Based Social Security Reform: Introduction
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投资型社会保障改革的风险方面：简介
DOI：
10.7208/chicago/9780226092560.001.0001
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发表时间：
2001
期刊：
影响因子：
--
通讯作者：
J. Campbell
中科院分区：
文献类型：
--
作者：
M. Feldstein;J. Campbell
我们目前的社会保障制度是以现收现付为基础运作的；福利几乎全部由当期收入支付。随着退休人员与纳税人比例的增加，对现收现付制中提供福利的高昂成本的担忧，促使经济学家探索其他选择。其中一个涉及“预筹资金”，即一个人的预提资金被投资于股票和债券等金融工具，最终的回报将为他或她的退休提供资金。这种系统将带来的风险--例如投资资产市场价格的波动--是NBER此次发行的焦点。经济学家探索了衡量风险和开发模型以反映各种基于投资的体系的风险所涉及的问题，评估了退休人员和纳税人都将承担的风险的大小。出现的见解表明，相对于改善的回报，风险实际上是适度的，并被基于投资的系统适应个人偏好和条件差异的能力所平衡。
Our current social security system operates on a pay-as-you-go basis; benefits are paid almost entirely out of current revenues. As the ratio of retirees to taxpayers increases, concern about the high costs of providing benefits in a pay-as-you-go system has led economists to explore other options. One involves "prefunding," in which a person's withholdings are invested in financial instruments, such as stocks and bonds, the eventual returns from which would fund his or her retirement. The risks such a system would introduce—such as the volatility in the market prices of investment assets—are the focus of this offering from the NBER. Exploring the issues involved in measuring risk and developing models to reflect the risks of various investment-based systems, economists evaluate the magnitude of the risks that both retirees and taxpayers would assume. The insights that emerge show that the risk is actually moderate relative to the improved return, as well as being balanced by the ability of an investment-based system to adapt to differences in individual preferences and conditions.