旧ソ連諸国における年金制度改革 : カザフスタンを中心に(中欧・ロシアにおける体制転換プロセスの進捗度に関する研究,総合研究)
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概要
- 論文の詳細を見る
Pension scheme reform is an important economic policy not only for the purpose of establishing a social safety net, but from the standpoint of the development of a country's financial and capital markets. While the Former Soviet Republics are encountering far greater hardship than expected as they make their transition to a market economy, they endeavor to revamp their pension schemes as a part of much larger structural reform agenda. Kazakhstan is one of the front runners which have already put in place the legal framework for the reform along the lines of the pension scheme found in Chile. While reforming and reducing the current first-tier segment to a financially sustainable level, whereby the government assures the indispensable minimum pension for the invalid and the most needy, Kazakhstan has introduced a new second-tier program whereby the management of funds is primarily handled by the private sector. The installation of peripheral mechanisms to keep the pension funds sound, such as investment criteria and accounting standards, has also been completed. Although Kazakhstan can be applauded for taking such a bold and progressive approach, it faces fundamental problems as well; e.g. frequent strikes to protest a backlog of past-due pension payments, low liquidity in the domestic capital markets and so on. The sound and liquid capital markets, which serve as the arena for investing pension funds, are preconditions for diversifying the portfolio by the pension funds, but mainly due to the delay of privatization of large domestic enterprises (the "Blue Chips") the funds tend to congregate in the government-bond market. Reform of the country's mono-cultural economic structure, which is vulnerable to external shocks, is also crucial in order to secure a stable investment environment for the pension funds.
- 日本大学の論文
- 2000-03-31