A Way to Resolve Moral 解决道德危机模型

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1、TheNDCModel:AWaytoResolveMoralHazardinChina’sSocialSecuritySystemName___________________StudentNumber__Grade________2013___________7AbstractSincethemid-1990s,Chinahasadoptedapartiallyfundedpensionschemeinbuildingitssocialsecuritysystem.However,afternearly10yearsofoperations,peoplefo

2、undthattheseriousmoralhazardproblemofcontributiondefaultsandlossofcontrolconcerningpensionpaymentstemmedfromthispartiallyfundedpensionscheme.Thisinstitutionalarrangementhasalsoresultedintheso-called“adverseselectioninnon-marketinstitutions”,whichinturniscapableofdestroyingthecurrent

3、system.目录Abstract2I.Introduction32.China’sCurrentSocialSecurityArrangementIsthe3InstitutionalSourceofMoralHazard32．1Examiningtheproblemofmoralhazard.42.2Institutionaldefectsofpartiallyfundedpensionsystem43.TheAdoptionofNDCModelCanPreventMoralHazard54.TheNDCModelCreatesInstitutionalC

4、onditionsforInvestingSocialSecurityFundinCapitalMarkets5References77I.IntroductionIntheearly1990s,Chinaextensivelyexaminedexperiencesofothercountriesandconductedawidespreaddiscussiononthechoiceofmodelsforestablishingasocialsecuritysystem,weighingtheprosandconsofmanyproposals.Afterth

5、at,abasicconsensuswasreachedamongpeoplefromallwalksoflife:Chinamustadoptthepartiallyfundedpensionmodelthatcombinessocialpoolingfundswithindividualaccounts–anarrangementthatadaptstoChina’sspecificsituation.TheNotionalDefinedContribution(NDC)schemehasthecharacteristicsofthePAYGOscheme

6、andtheadvantageoftheDefinedContribution(DC)fullyfundedscheme.Theformerfundingmodefullyreflectssocialresponsibilityandfairness,itsmacrocapabilityofcollectiveriskcontrolandtheroleofsocialmutualhelp;themodeofpensionpaymentsinthelattermodelmorereflectsindividualresponsibilityandefficien

7、cy,microincentivemechanismandthefunctionofself-guarantee.Inotherwords,thebrandnew,mixedNDCschemehasthemeritsof“socialpooling”ofthetraditionalDBPAYGOaswellasthe“actuarial”paymentfunctionofthefullyfundedscheme.Itnotonlyfullydemonstratesthemacro-economicresponsibilityoftheStateinprovid

8、ingsocialmutualhelp