歐洲的公共養(yǎng)老與私人養(yǎng)老【外文翻譯】

1、本科畢業(yè)設(shè)計(jì)（論文）外 文 翻 譯原文：public versus private old-age pensions in europethe modern idea of a welfare state constitutes one of the most important achievements of european political thought. old-age pensions, in turn, are a crucial feature of a modern welfare state and a modern social market economy. pens

2、ions are the main tool to provide citizens, on a large-scale basis, with acceptable welfare levels at retirement.in the face of this, demographic trends initiated in the past and now showing major effects are casting serious doubts on the future sustainability of national pension systems as they are

3、 organized today. countries worldwide are dealing with increasing budgetary problems in paying out pensions due to population ageing and, especially in europe, to a historical tendency towards early retirement. awareness of this phenomenon has triggered a widespread debate in all member states of th

4、e european union and throughout the world about reforming national pensions systems. currently , almost every oecd country and eu member state is debating the pension problem and undertaking its own reforms.however, pension system reform is a sensitive target, because of the very nature and importan

5、ce of pensions. there are economic, demographic, social and political aspects that must be considered. furthermore, from a technical point of view, there is controversy about the empirical magnitude of the pension problem and the underlying economic theory and, consequently, about best practices and

6、 policy advice for national governments. it is, therefore, no surprise that the debate on pension reform has grown intensively and now spans a variety of dimensions: from identifying appropriate actuarial formulae for computing benefits at retirement, to the general economic impact of different pens

7、ion designs, to the more political issues of social consensus and implementation.what is a pension scheme?a pension is a contract under which an individual acquires the right to be transferred quotas of future output (the benefits) in exchange for quotas of his current output (the contributions). th

8、e contract establishes a point in timeretirement agewhen this transfer starts.in principle, an individual could sign a contract with himself; that is, he could store part of his own current production for future use. however, this is not viable for services and non-storable goods, for example health

9、 care and services for the elderly, clothing and food; these are precisely the basic kinds of good and services one is interested in after retirement.in face of this physical constraint on individual actions, modern societies have coordinated individual pension contracts into a pension system, where

10、 individuals do not need to consume their own past production during their retirement time, but instead, consume output produced by the individuals working actively during that time. every modern pension system constitutes essentially a transfer of output, in each period, from the current young gene

11、rationmeaning here as those actively workingto the current old generationthose who are retired.pension systems fall theoretically into two broad categories.in a pay-as-you-go system (payg), the current young generation contributes mandatory to the pension system through labor income taxes, whose rev

12、enues are partly transferred to the current old generation as pension benefits. in doing so, the young generation acquires the right to receive pension benefits when they grow old. in a funded pension system, the members of the current young generation mandatory contribute part of their labor income

13、 to a pension fund, which invests in financial assets. when they retire, the fund pays out pension benefits in the form of lifetime annuities, which finance the pensioners consumption of goods and services produced by the current young generation.demographic change and public pension imbalancesthis

14、section discusses the problem of the current fiscal sustainability of public pension systems. a payg system is fiscally sustainable, or financially balanced, when in each period, the total nominal contributionsgiven as the contribution rate times the average wage times the number of workersequal the

15、 total pension expensesgiven as the average pension times the number of pensioners.in oecd countries, public spending for retirement pensionsthat is, the right-hand side of the balancing formulais expected to rise dramatically in the coming decades. recent projections for the period 20002050 show th

16、at public age-related expenditures, as a percentage of gdp, may rise on average by about seven points. in particular, the proportion of gdp represented by public spending for retirement pension and early-retirement programmers is projected to increase by almost 10% in norway, by 8% in spain and kore

17、a ,by 5% in germany and by almost 4% in france.for the european union, ecofin projects an increase of the gross (before taxes) public spending in pensions of 2.3 and 2.2 percentage points of gdp, respectively, for the eu-15 and eu-25. this implies that by 2050, the eu-15 will spend almost 13% of its

18、 gdp to finance public pensions, while the eu-25 will spend 12.8%.the projected increase in longevity, combined with a tendency towards early retirement, is responsible for the expected increase in the expenditure for retirement pensions. at the same time, projected pension contributions are expecte

19、d to fall because of the decreasing fertility rates. indeed, lower fertility rates tend to lead to a decrease in the working population and, under reasonable assumptions about productivity, to only a moderate expansion of gdp. as a result, given the current public pension formulae, the system will e

20、xperience serious fiscal imbalances.public versus private pension schemesthis section discusses how increasing the role of funded pension schemes can help to maintain fiscal sustainability in the presence of population ageing. it also elaborates on the effects on private pensions, savings and growth

21、, financial markets and the protection of individuals against various types of risk, making comparisons with a payg system when necessary.funding allows the system to be kept financially balanced in the face of population ageing. in a fully funded system each individual in a given generation, call i

22、t generation a, builds up her own pile of financial activities during her working life. at retirement, the accumulated activities get transformed into a pension annuity whose actual value exactly equals the value of the accumulated assets for each individual. under population ageing, during the reti

23、rement period of generation a the working population will decrease. however, every individual in generation a has already accumulated his pension fund before retirement. hence, the pension system has by design enough money to pay out as pensions. this argument is valid for each generation, and thus

24、implies that a funded pension system, contrary to a payg, remains financially balanced in the presence of population ageing.the fact that a funded system stays financially balanced does not mean that it can keep invariant the real levels of pension annuities in presence of ageing. the decrease of th

25、e working population impliesother things being equala decrease in output. hence, when generation as pensioners use their annuities to buy good and services, an excess of demand may arise, leading to an inflationary process which lowers the real value of as pension annuities.9while this argument is c

26、orrect, it is a somewhat minor concern. first, the funded pension system remains nominally balanced. most importantly, financial imbalance may cause the system to break down. second, the argument is essentially about economic growth. it is the lack of growth, due to the decrease in the working popul

27、ation, which lowers real pensions. but growth is a general problem that affects payg and funded systems, as well as the economy as a whole. even if it is not known whether a funded system is always more effectual than a payg system in fostering economic growth, both payg and funded system are surely

28、 fragile in the presence of a lack of growth, but a funded system at least remains financially balanced. these arguments are seen as ones in favor of extending the role of funding in pension provision.towards private pensions: government regulationthis section discusses financial market regulation a

29、nd identifies some specific directions of intervention. this articles position is not one that calls for more regulation. rather, it favors a revision of current regulations in a direction that accounts for the peculiar characteristics of pension plans.to start, consumer protection from contractual

30、risk is important. it is precisely a regulatory system that should avoid a situation in which consumers bear too much risk, especially of a type they are often unable to value, as opposed as to risk transferred to intermediaries or financial institutions. regulation may mitigate these two common asp

31、ects of private pension schemes. the degree of liquidity of a pension scheme is partially due to the regulatory system, and can be increased. an example is the recent experience of mortgage contracts, which in some countries can be renegotiated at reasonable cost. for pension schemes, renegotiation

32、may also include the possibility to switch funds and their providers. clearly, this would call for a sufficiently high degree of standardization of pension plans. regulatory interventions in the direction of higher standardization may also help to improve individuals knowledge of pension products, t

33、hereby reducing their uncertainty. conclusionsthis paper takes a cautious position towards a wider participation of the private sector in current pension systems. it argues that this may be a successful strategy provided that the transition is coupled by well-considered policy interventions fosterin

34、g financial regulation. the position is not one that calls for more regulation, rather one that favors the revision of regulations in a direction. here, we want to point out that whenever a pension system has a strong redistribution objective. in this respect the public sector has more financing opp

35、ortunities than any private institution. source: springer link/filippo l. calciano and mario tirelli/european view, 2008, volume 7, number 2, pages 277-286譯文：歐洲的公共養(yǎng)老與私人養(yǎng)老“福利國(guó)家”這個(gè)現(xiàn)代理念構(gòu)成了歐洲政治思想的最重要的成就之一。養(yǎng)老，反過來(lái)，是現(xiàn)代福利國(guó)家和現(xiàn)代社會(huì)市場(chǎng)經(jīng)濟(jì)的重要特征。養(yǎng)老金是提供給公民的主要工具，在大規(guī)模的基礎(chǔ)上，在退休時(shí)可接受的福利水平。面對(duì)這個(gè)情況，過去和現(xiàn)在的人口發(fā)展趨勢(shì)顯示了人們對(duì)成現(xiàn)今國(guó)家養(yǎng)老制

36、度未來(lái)的可持續(xù)發(fā)展表示嚴(yán)重懷疑。世界各國(guó)正在處理增加預(yù)算發(fā)放養(yǎng)老金的問題，由于人口老齡化，特別是在歐洲，提前退休是一個(gè)歷史趨勢(shì)。這一現(xiàn)象的認(rèn)識(shí)引發(fā)了所有歐洲聯(lián)盟成員國(guó)和整個(gè)世界關(guān)于國(guó)家養(yǎng)老系統(tǒng)改革的廣泛討論。目前，幾乎每一個(gè)經(jīng)合組織國(guó)家和歐盟成員國(guó)都在討論養(yǎng)老問題，并開展其自己的改革。然而，養(yǎng)老制度改革是一個(gè)“敏感對(duì)象”，因?yàn)轲B(yǎng)老金的性質(zhì)和重要性。經(jīng)濟(jì)，人口，社會(huì)和政治方面是必須考慮的。此外，從技術(shù)角度來(lái)看，有關(guān)養(yǎng)老金的重要的經(jīng)驗(yàn)和潛在的經(jīng)濟(jì)理論是有爭(zhēng)議的，因此，各國(guó)政府都有自己的最佳做法和政策。因此，關(guān)于養(yǎng)老改革的爭(zhēng)論變得更加激烈和跨越各種尺度也就不足為奇：從確定適當(dāng)?shù)霓k法計(jì)算養(yǎng)老金，整體經(jīng)

37、濟(jì)影響不同養(yǎng)老金制度的設(shè)計(jì)，到更多的政治問題的社會(huì)共識(shí)和實(shí)施。什么是養(yǎng)老金計(jì)劃？養(yǎng)老金是根據(jù)合同取得的個(gè)人獲得的為他現(xiàn)在產(chǎn)出（貢獻(xiàn)）的配額來(lái)交換將來(lái)產(chǎn)出（利益）的配額的權(quán)力。從該合同規(guī)定的時(shí)間點(diǎn)（退休的年齡時(shí)），這個(gè)點(diǎn)開始轉(zhuǎn)換。原則上，個(gè)人可以“和自己簽訂合同”，也就是說(shuō)，他可以把目前擁有的產(chǎn)出的部分用來(lái)存儲(chǔ)以便將來(lái)使用。然而，這對(duì)服務(wù)和不耐儲(chǔ)存貨物是不可行的，例如醫(yī)療保健和老年服務(wù)，服裝和食品；恰恰是這些基本的商品和服務(wù)，是老人在在退休后有興趣的。即使身體狀況約束了個(gè)人的行動(dòng)，現(xiàn)代社會(huì)已經(jīng)把個(gè)人養(yǎng)老合同協(xié)調(diào)到養(yǎng)老制度中，這樣在退休時(shí)個(gè)人不需要消費(fèi)自己過去的生產(chǎn)，而是使用在養(yǎng)老合同那個(gè)時(shí)候個(gè)人

38、積極工作的產(chǎn)出。每一個(gè)現(xiàn)代養(yǎng)老制度本質(zhì)上構(gòu)成了一個(gè)輸出轉(zhuǎn)移，即在每一時(shí)期，從現(xiàn)在的年輕一代（這里為那些積極工作的）到目前的老一代（被淘汰的）。養(yǎng)老制度理論上分為兩大類。現(xiàn)收現(xiàn)付制，目前的年輕一代通過勞動(dòng)所得稅強(qiáng)制性地貢獻(xiàn)到養(yǎng)老系統(tǒng)，他們的收入被部分轉(zhuǎn)移到目前的老年一代作為養(yǎng)老福利。在這樣做時(shí)，年輕一代獲得在他們年老的時(shí)候領(lǐng)取退休金的權(quán)利?；痧B(yǎng)老制，目前的年輕一代強(qiáng)制性地貢獻(xiàn)部分勞動(dòng)收入到養(yǎng)老基金，投資于金融資產(chǎn)。當(dāng)他們退休時(shí)，該基金以終身年金的形式支付養(yǎng)老福利，退休者消費(fèi)的商品和服務(wù)的資金由目前的年輕一代產(chǎn)出。人口變化和公共養(yǎng)老不平衡本節(jié)討論了目前的公共養(yǎng)老金制度在財(cái)政上的可持續(xù)性問題。現(xiàn)收

39、現(xiàn)付制是一個(gè)財(cái)政上可持續(xù)的，或財(cái)政平衡，每一個(gè)時(shí)期，總的名義的捐款（當(dāng)時(shí)平均工資的貢獻(xiàn)比率乘以工人數(shù)量），等于總的養(yǎng)老金開支，即被給予的平均的養(yǎng)老金乘以領(lǐng)取養(yǎng)老金的人數(shù)。在經(jīng)合組織國(guó)家中，退休養(yǎng)老金的公共支出，也就是說(shuō)，在右邊的平衡公式，預(yù)計(jì)在未來(lái)數(shù)十年顯著增加。最近的預(yù)測(cè)從20002050年間顯示公共年齡相關(guān)性支出占國(guó)內(nèi)生產(chǎn)總值的百分比，可能平均上升約7點(diǎn)。特別是，公共退休養(yǎng)老金和提前退休計(jì)劃為代表的國(guó)內(nèi)生產(chǎn)總值的比例預(yù)計(jì)在挪威將增加近10，西班牙和韓國(guó)有8%,德國(guó)占5%，法國(guó)近4。對(duì)于歐洲聯(lián)盟，歐盟財(cái)政經(jīng)濟(jì)部長(zhǎng)計(jì)劃總共（稅前）增加公共支出占2.3%養(yǎng)老金和2.2%的gdp，分別為歐盟15國(guó)和歐盟25國(guó)。這意味著，到2050年，歐盟15國(guó)將花費(fèi)近13的gdp來(lái)資助公共養(yǎng)老金，而歐盟25國(guó)將斥資12.8的gdp。預(yù)計(jì)壽命的增加和提前退休的結(jié)合，是退休養(yǎng)老金支出預(yù)期增