自愿储蓄、强制储蓄和“税收-债券发行”安排——三种社会保障机制的比较研究

Over-Saving,Compulsory Saving and Tax-Bond Issue

本文从我国当前经济转轨的特定历史环境出发 ,以代际交叠方法比较分析了个人储蓄型、完全基金型和现收现付型等三种社会保障机制。结合我国加入WTO进程中资本市场由封闭走向开放、改革中不断加速的劳动力流动、特定环境下的高储蓄现象 ,与古典结论相反 ,本文认为通过代际转移支付进行的积极的政府干预不仅是必要的 ,而且是能提高全社会总体福利水平的唯一手段。

This paper analyzes three distinct social insurance arrangements, individual saving, full funded scheme and pay-as-you-go scheme by the overlapping generations approach. Various environmental factors are introduced as following:closed economy, open economy with perfect capital mobility, and China's current economic characteristics, such as high labor mobility, high saving rate, and etc.. One strong result can be concluded from this comparative study that active intervention by government improves social welfare by bond-issue-and-tax regime.