现收现付制改革对宏观经济的影响【外文翻译】

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1、外文文献翻译原文：ThemacroeconomicimpactofreformingaPAYGsystemAmajorconcernofpolicy-makersinmanycountries,particularlyamongthoseintheEuropeanUnion,isthatdemographicshiftwilldisruptnationalsocialsecuritysystems.However,increasingdemographicpressuremustnotputintoquest

2、iontheimportanceofsocialsecuritypensionsystemsinprovidingsecure,durableandeffectivesocialprotectionandguaranteeingadecentstandardoflivinginoldage.Aspartoftheresponsetothis,thedevelopmentofcomplementaryoccupationalretirementpensionschemesisalreadytakingplace

3、.ManyEuropeancountrieshaverecognizedtheneedtoaddresstheprofoundpublicpolicyimplicationsofageingpopulations.In1999,theEconomicPolicyCommitteeestablishedtheAgeingWorkingGroup,specificallytoexaminetheeconomicandbudgetaryimplicationsofageing.Thereportpresentedb

4、ytheAWGincludeddemographicprojections,projectionsfortheimpactofageingpopulationsonpublicpensionexpendituresandonpublicexpendituresonhealthandlong-termcare.Italsoprovidedananalysisofhowtheseprojectionscouldbeusedtoexaminetheoverallsustainabilityofpublicfinan

5、ces.Asaresult,manychangeshavebeenintroducedtothefunctioningofsocialsecuritysystemsinordertominimizesomeoftheprojectedvalues.Despitethis,thereisnounanimityontheforecastresultsconcerningfinancialsustainability.Feldsteindiscussesapossiblesolutiontothedoublepro

6、blemoftherisingcostofpensionsandofensuringaEuropeanUnionfreelabourmarket.Theproposalcombinesaninvestment-basedsystemofindividualaccountswithanotionaldefinedcontributionsystemfinancedbyPAYGtaxes.Aspresented,suchamixedsystemeliminatestheriskofverylowlevelsofr

7、etirementincome,butincreasesinvestmentrisk.FeldsteindescribestherisksimpliedbyamixedsystemofsocialsecuritypensionbenefitsfinancedthroughdifferentcombinationsofPAYGtaxesandpersonalretirementaccountsavings,arguingthattheseriskscanbereducedbyusingprivatemarket

8、12guaranteestrategies.Feldsteindiscusseshowsuchamixedsystemcouldworkinpracticeandhowthetransitiontosuchachangecouldbeachieved,analysingthepossibleeconomicgainsandthelikelyproblemswithregardtoanyinvestm