A research note on Keyfitz's ‘The demographics of unfunded pensions’

Keyfitz (1985), The demographics of unfunded pensions, discusses the performance of pay-as-you-go old age insurance plans under different financial structures. One arrangement is to pay a fixed pension to retirees and collect the necessary contributions from the working population. Another is to fix the contribution per worker and distribute whatever monies are collected to the retirees. Unfortunately, equity problems arise in a pay-as-you-go plan when the population is not stable. Generally, large cohorts will receive greater rates of return than small cohorts when the pension is fixed, while small cohorts will receive greater rates of return when the contribution is fixed. Social security analysts in the U.S. have been concerned with minimizing inequities in cohort rates of return. In considering the US population in 1980, Keyfitz shows that disparities in cohort rates of return are less under a fixed contribution scheme than under a fixed pension scheme. This research note points out that Keyfitz's finding is limited to the specific situation in 1980. When analyzing in a broader framework the mechanics of unfunded pensions and their interaction with nonstable populations, the reverse is true: fixing the pension yields less disparity in cohort rates of return than fixing the contribution.Keyfitz (1985) a déjà discuté dans cette revue des résultats d'un système de répartition pour le financement des pensions de retraite sous diverses conditions financières. Une solution consiste à payer une pension fixée aux retraités et à collecter les fonds nécessaires auprès de la population active. Une autre solution est de fixer la contribution par actif et de distribuer ce qui a été ainsi collecté aux retraités. Malheureusement des problèmes d'équité surviennent dans ces systèmes de répartition lorsque la population n'est pas stable. Généralement, les cohortes nombreuses bénéficieront de plus forts taux de rendement que des cohortes moins nombreuses lorsque la pension est fixée, tandis que l'inverse se produit lorsque la contribution par actif est fixée. Aux Etats-Unis les analystes des systèmes de sécurité sociale ont cherché à minimiser les inégalités dans les taux de rendement. Lorsque Keyfitz considérait la population des Etats-Unis en 1980, il avait montré que les disparités dans les taux de rendement des cohortes étaient moindres sous la condition d'une contribution par actif fixée que sous celle d'une pension par retraité fixée. Cette note the recherche indique que le résultat obtenu par Keyfitz est propre à la situation spécifique de l'année 1980. Lorsque l'on analyse d'un point de vue général le fonctionnement des pensions de retraite et leurs interactions avec des populations non-stables, l'inverse est vérifié : le fait de fixer la pension conduit à moins de disparités dans les taux de rendement des cohortes que le fait de fixer la contribution des actifs.

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This research was undertaken when the author was completing her dissertation at the Graduate Group in Demography at the University of California, Berkeley. The author now operates Lapkoff Demographic Research, a private research consulting firm.     

养老保险融资机制的法律反思

中国养老保险融资机制存在三重侧面,即法规文件上的"统账结合制"、实质规范上的"完全基金制"和现实运行上的"现收现付制",表现出中国养老保险融资机制规范与事实之间存在巨大鸿沟,极大阻碍了制度的有效运行。养老保险制度应促进劳资协作和社会团结的制度目的,决定了"统账结合制"区分个人账户与统筹账户,并由用人单位承担绝大部分养老保险费率的做法,很值得商榷。尽管现收现付制在面对人口老龄化时会相对较快地表征出支付不能,但出于互助共同体的本质要求,养老保险融资机制也应恪守"保险原则",保证资金的专款专用,以使养老保险基金能在最大程度上远离资本市场的不确定性,确保养老保险收支的稳定性,减轻政府的政治和经济风险,避免国家被资本垄断所绑架,故而现收现付制相比于基金制更为可取。在充分借鉴国外有益经验,并结合中国具体国情之后,未来中国养老保险融资机制应考虑通过废除"个人账户",贯彻养老保险收支当期平衡,以实现单一账户制下的现收现付。     

职工基本养老保险个人账户长寿风险及其估计

中国已进入长寿时代,长寿风险是学界研究各类养老金制度持续关注的重点。现行职工基本养老保险制度采用社会统筹与个人账户相结合的模式,这一特殊的制度设计使个人账户长寿风险更值得重视。从风险形成及传导机理来看,风险源主要是个人账户制度设计存在缺陷,在记账利率虚高、待遇捆绑调整等政策因素的影响下,人口老龄化导致基金缺口的效应进一步放大。未来全国个人账户基金收支平衡面临较大压力,将对职工基本养老保险制度整体的可持续运行构成挑战。建议科学确定个人账户记账利率,改革养老金计发办法,建立计发月数动态调整机制,通过“统账分离”将个人账户改造为职业年金,促进多层次养老金体系的发展。     

制造业资本回报率的省际差异及收敛性研究

根据边际产出法测算资本回报率时，由于传统的生产函数忽略了技术进步的内生性而导致资本回报率低于实际值。文章对此进行修正，并结合企业层面的微观面板数据测算了制造业全国层面和地区层面的资本回报率，分析了资本回报率的省际差异性和收敛性。结果显示：从资本回报率的水平值看，2001—2015年平均每年是8.79%；从资本回报率的区域差异看，从高到低依次是东部、西部、中部、东北；从资本回报率的省际收敛性看，资本回报率的增长率与资本回报率的水平值负相关，而且资本回报率的省际差距在缩小；从资本回报率的影响因素看，全要素生产率是影响资本回报率的主要因素。     

中国养老保险筹资模式选择的经济学分析

20世纪80年代以来西方国家人口结构相继出现老龄化倾向,养老保险制度的选择成为经济学界讨论研究的热点问题。随着人均寿命的延长和计划生育政策的推行,中国在2000年进入老龄化社会,如何选择养老保险筹资模式成为现阶段养老保险制度改革的重点。通过对现收现付制和基金积累制两种筹资模式的经济学分析及对中国“统账结合”的运行机制进行评价,可以得出向基金积累制过渡不是惟一的选择,但基于中国老龄化的特殊性等原因,中国养老保险筹资模式应实现向基金积累制的转变。     

名义账户利率理论溯源及其应用局限性

名义账户利率是名义账户制度的核心要素，也是选择名义账户利率指数化变量的主要依据。探讨名义账户利率实质上就等同于研究现收现付制养老金制度的内部收益率问题。在厘清现收现付制经济含义基础上，通过对相关理论的梳理、归纳和推演，名义账户制利率本质上就是“黄金律”条件下的经济增长率。但是，因为受制于经济、人口和养老金制度实际运行状况，这一利率理论应用局限性也非常明显，从而为进一步的应用讨论提供支持和借鉴。     

中国生育率转变的人口自效应研究

生育率变动的规模效应将长期存在 ;生育率变动的年龄结构效应将在正效应和负效应交替 波动中逐渐收敛 ,最终趋于消逝 ,不如规模效应存续时间那么久远。我国人口发展战略应始终兼顾规模 和结构两种效应。我国未来人口老化的加深、人口高'红利'的消失、人口高'负债'的形成 ,是以往和现在 多个时期、多个阶段、多种因素促成的。就生育率而言 ,它包括以往过高的生育率 ,也包括后来较低的生 育率。当前及未来一段时间 ,我国各地区共同的任务应该是创造条件进入稳定的适度低生育水平。     

科学建立公共养老金管理体系刍议——中东和北非地区养老金发展经验借鉴

笔者认为:第一,建立统一的社保制度有利于劳动力的正常流动,有利于经济的发展;第二,集中的养老金投资管理具有规模效应、可以节约成本,提高效率。第三,完善养老金机构治理是提高养老金投资运营安全性的根本,可以从提高透明度、明确权责、建立可靠的信息披露制度等几个方面提高我国养老金的运营水平。     

Will Future Immigration to Sweden Make it Easier to Finance the Welfare System?

Will future immigration to a country with a large public sector alleviate the increasing burden on the public welfare system due to an ageing population? The question is based on the experience that the age structure of immigrants differs from that of the native population. Fiscal impacts due to immigration depend mainly on the size, the age composition and the labour market integration of the additional population which arises because of immigration. A projection from Statistics Sweden about future immigration combined with the latest Long-Term Survey of the Swedish Economy has been used in this study. Calculations for Sweden up to the year 2050 show that the positive net contribution to the public sector from the additional population is rather small even with good integration into the labour market. The reason is that future immigration will increase the size of the population and thereby raise not only revenue from taxation but also public expenses. The fiscal impact is sensitive to the labour market integration of the additional population. The yearly positive/negative net contribution effect is less than 1% of GDP for most of the years. On the whole, the results are about the same even if we change the assumptions concerning the composition of future public revenues, the growth of public expenses, return migration, or the age-specific birth and death rates in the additional population. More considerable net fiscal effects would require a much higher and probably unrealistic level of future immigration.     

反馈交易规则与股票收益自相关实证分析

研究了反馈交易规则与上证综合指数日收益自相关之间的联系，样本取自上证指数１９９２年９月２９日至１９９７年９月３０日的日收益率数据。此外，文中采用ＧＡＲＣＨ（１，１）处理收益波动的异方差性，模型参数采用极大似然估计。实证模型还考虑了非同步交易引起的工序列相关以及反馈交易的非对称性。结果表明，除以往文献涉及的正序列相关外，正反馈交易将导致收益负的序列自相关，且相关系数绝对值随波动增大而增大，从而整个收益表现出随波动变化的序列相关。     

政府管理作用对养老金投资收益的影响关系研究

采用聚类的方法和Binary Logistic回归模型,对世界上35个国家的养老金投资收益与政府管理作用的关系进行了实证分析。分析结果表明,政府管理作用与养老基金投资收益具有正向相关关系,即政府管理作用越强,其养老金实际投资回报率越高;对一个国家而言,政府管理作用的逐渐增强能够在三个阶段不同程度地直接或间接促进其养老金投资回报率的提高。本文的研究结论对我国农保基金的运作和管理有重要的启示:农保基金制度建设除了要注意基金运营制度和投资管理制度等内在因素的改革和完善外,还要特别注意加强政府的管理作用,尤其是要提高地方政府的管理能力,这样才能保证我国农保基金的运营在安全性的前提下取得较高的投资收益。     

基金制下企业年金最优缴费率的研究

世界经济的发展、医疗水平的提高使得全球人口老龄化程度日益加深,因此对于企业年金的研究也变得越来越重要。世界经济的发展呈现明显的两极化趋势,发达地区和不发达地区之间存在着明显的经济水平差异,因此对于企业年金缴纳水平的要求也各不相同。可以从这两个角度出发,用两种方法进行综合研究。一是在两种不同的基金制下,分别建立企业年金缴费率最优模型;二是在模型的基础上,分析不同地区之间企业年金缴费率的差异问题。模型分析结果表明,个人工资与社会平均工资比率λ、工资增长率g以及单个人的有效劳动增长率υ与个人最优缴费率成反比,与企业最优缴费率成正比;而人口增长率n与个人最优缴费率成反比,与企业最优缴费率也成反比。研究结果表明欠发达地区的缴费率应该高于发达地区的缴费率。     

中国基本养老金的资产负债管理模型构建——基于多阶段随机规划视角

人口结构的剧烈变化,体制改革带来的巨额隐性债务,"混账"管理模式的"空账"问题,使得中国基本养老金面临支付危机,提高基金缴纳款不符合我国加剧的老龄化国情,因而通过提高资产组合收益来实现基本养老金的保值增值,是确保养老体制改革成功的关键。本文结合国际上先进的研究成果以及我国基本养老金的自身特点,根据统筹账户与个人账户基金的不同性质与目标,分别构建了多阶段的资产负债管理模型,利用随机规划方法为中国基本养老金提供了一个全面的、动态的分析框架。     

利率模型为Vasicek的企业补充养老保险计划精算模型

利用保险精算学的精算原理给出了在利率模型为Vasicek的企业补充养老保险计划的精算模型，与传统保险精算学中假设利率为常数的方法相比，更符合实际情况，具有一定的应用及参考价值，     

The Influence of Partner Relationship Quality on Fertility

This study examines whether partner relationship quality influences fertility, and if so, in which direction and which aspects of relationship quality are relevant. Competing hypotheses are tested. One hypothesis assumes that higher relationship quality leads to higher rates of childbearing, as a high-quality relationship offers the most favourable environment to raise children. An opposite hypothesis expects that lower relationship quality leads to higher rates of childbearing, as couples might have children in order to improve their relationship. Hazard analyses are performed using three waves of the Panel Study on Social Integration in the Netherlands. Findings indicate that positive as well as negative interaction between partners has a negative effect on first- and higher-order birth rates. This suggests that couples are most likely to have children if they do not have too much negative interaction, but neither interact in a very positive way. Value consensus negatively influences higher-order birth rates.     

Crowding out or crowding in? Public and private transfers in Germany

Intergenerational support exchanges are of particular interest in the ageing populations of Europe. This paper investigates the relationship between private and public financial transfers to and from elderly people using data from Germany. First, the determinants of private transfer giving are analysed. We find a positive correlation between the amount of public transfers elderly people receive and the private transfers they give. This mechanism can be interpreted as a detour system, an inefficient backflow of pay-as-you-go financed pensions to the young generation. On the other hand, we find for the much smaller group of elderly people who receive private financial support, that these transfers are negatively correlated with the public transfers they receive. Therefore, the “crowding out” hypothesis cannot be rejected and it is possible that public transfers to older people by the German welfare state may displace private financial support which they would otherwise have received.     

我国省内省外流动人口生育水平差异及原因探析

根据2005年全国1％人口抽样调查、“五普”等资料数据,通过交叉分析和相关性分析对我国省内省外的流动人口生育水平及影响因素进行了描述和探析。研究结果显示：我国省内流动人口比省外流动人口的时期生育水平高,两者的一般生育率分别为45．47‰与34．17‰,总和生育率分别为1．215与0．817,终身生育水平低,省内流动人口的二孩及多孩率低于省外流动人口;因婚姻家庭因素而流动的人口在各年龄段的分布与流动人口年龄结构的错位,是造成省外流动人口时期生育水平低于省内流动人口的根本原因;总和生育率在反映省外流动人口生育水平时,并不能显示省外流动人口因家庭、婚姻化的发展而导致的生育水平上升,所以并不能反映省外流动人口真实的终身生育水平。     

美国、瑞典、新加坡养老保障制度比较及对我国的启示

美国、瑞典和新加坡三国养老保障制度是投保资助型、全民福利型及强制储蓄型三种养老保障体制的典型代表国家,且各具特色,各有所长。在借鉴别国养老保障制度的基础上,结合我国具体国情,博采众长,阐明我国在社会主义市场经济体制下的社会养老保险制度,其筹资模式要实行现收现付制向部分积累制的根本转变、养老基金要实行统帐结合和分开管理的原则、退休年龄要适当延长以缓解人口老年化的压力,养老保险要建立多层次的层层设保的体系。     

An Extension of the Conventional TFR

The period-based total fertility rate is probably the most commonly used single measure of a population??s fertility level, but it has the disadvantage that it only controls for the population??s age distribution and not for any other subdividing feature, such as the parity distribution, ethnic composition, or educational attainment. This may lead the TFR to change because the population composition changes, even when the underlying fertility remains constant in each population sub-group. In the present contribution, we use elementary event-history methods to show how one can easily control the TFR against a change in the population??s distribution across any selected subdivision. We use the data of the Romanian Gender and Generations Survey of 2005 to illustrate how this can be done.     

Pension policy in the European Union: Responses to the changing division of labor in family life

In this articles the authors analyze pension rights in the national pension schemes of the European Union countries from a gender perspective by using the mainstream regime-type framework based on the work of Esping-Andersen. An important aspect of pension benefits is the extent to which they allow individual claims for benefits or ‘family’ recipients through derived benefits or household means testing. Individual pension rights refer to a person's own insurance record or residence-based rights whereas derived rights are based on a spouse's insurance record. From the gender perspective, the authors examine how policymakers have responded in pension policies to challenges due to changes in the gender division of labor and the reshaping of the family institution.