资源型主权养老基金的功能定位:兼论智利私营养老金制度改革

The Positioning of Natural Resource-based Sovereign Pension Fund:Analysis of Chile’s Private Pension Reform

智利是1980年代世界上第一个引入私营化养老金制度的国家。进入21世纪以来,“智利模式”又重新经历了两轮再改革过程。2006年主权养老基金的建立是完善多层次养老金体系的一个重要措施,也是国家财政治理政策的转型体现。本文考察自2006年以来智利养老金制度的改革过程,分析该国财政政策框架中对于主权养老基金的战略定位与投资运营政策,总结智利模式下资源型主权养老基金的发展经验。

Chile was the first country in the world that has introduced private pension system in the 1980s. Since the 21st century, the Chile model has undergone two rounds of reforms. The establishment of the Sovereign Pension Fund in 2006 was an important step to improve the multi-pillar pension system under the transition of the fiscal governance policies. This article illustrates Chile’s pension system reform since 2006 and analyzes the strategic role of the Sovereign Pension Fund as well as its investment policy. At last, the article points out some lessons from the Sovereign Pension Fund based on natural resource in the Chile model.