跨周期设计的宏观政策与养老金融发展

Cross-Cycle Design of Macro Policy and Pension Finance Development

加强宏观政策的跨周期设计对发展养老金融,弥补养老缺口,实现养老金融资源的优化配置而言至关重要。养老金融的本质是解决资源的跨期配置,个人跨期配置存在较大的不确定性,市场在解决这种不确定性方面也存在市场失灵,两者均无法实现跨期均衡,需要宏观政策的支持来弥补市场失灵。若宏观政策缺乏跨周期设计,也可能产生政府失灵。本文对比代表性国家和中国发展多层次养老保障体系的实践,对中国养老金融体系在平衡公共养老和私人养老、发挥好政府与市场合力方面面临的挑战进行分析,并提出加强宏观政策跨周期设计促进养老金融健康发展的建议。

Strengthening cross-cycle design of macro policies is very important for developing pension finance, making up for pension repayment gap, and achieving the optimal allocation of pension financial resources. The essence of pension finance lies in coping with the challenge of intertemporal allocation of resources. There is great uncertainty in the intertemporal resource allocation of individuals and households, and market failure also occurs when market mechanism is used to solve the problem of uncertainty. Therefore, the intertemporal equilibrium cannot be reached, and the support of macro policies is needed to make up formarket failure. If there lacks cross-cycle design in macro policy, there may also be government failure. By comparing and analyzing the practices of developing multi-level pension system by China and some typical economies, this article summarizes the problems and challenges facing China’s pension financial system in balancing public and private pension supports and coordinating the combined efforts of government and market. It also proposes how to promote the healthy development of pension finance from the perspective of strengthening cross-cycle design of macro policies.