欧洲的公共养老与私人养老【外文翻译】

1、本科毕业设计（论文）外 文 翻 译原文：public versus private old-age pensions in europethe modern idea of a welfare state constitutes one of the most important achievements of european political thought. old-age pensions, in turn, are a crucial feature of a modern welfare state and a modern social market economy. pens

2、ions are the main tool to provide citizens, on a large-scale basis, with acceptable welfare levels at retirement.in the face of this, demographic trends initiated in the past and now showing major effects are casting serious doubts on the future sustainability of national pension systems as they are

3、 organized today. countries worldwide are dealing with increasing budgetary problems in paying out pensions due to population ageing and, especially in europe, to a historical tendency towards early retirement. awareness of this phenomenon has triggered a widespread debate in all member states of th

4、e european union and throughout the world about reforming national pensions systems. currently , almost every oecd country and eu member state is debating the pension problem and undertaking its own reforms.however, pension system reform is a sensitive target, because of the very nature and importan

5、ce of pensions. there are economic, demographic, social and political aspects that must be considered. furthermore, from a technical point of view, there is controversy about the empirical magnitude of the pension problem and the underlying economic theory and, consequently, about best practices and

6、 policy advice for national governments. it is, therefore, no surprise that the debate on pension reform has grown intensively and now spans a variety of dimensions: from identifying appropriate actuarial formulae for computing benefits at retirement, to the general economic impact of different pens

7、ion designs, to the more political issues of social consensus and implementation.what is a pension scheme?a pension is a contract under which an individual acquires the right to be transferred quotas of future output (the benefits) in exchange for quotas of his current output (the contributions). th

8、e contract establishes a point in timeretirement agewhen this transfer starts.in principle, an individual could sign a contract with himself; that is, he could store part of his own current production for future use. however, this is not viable for services and non-storable goods, for example health

9、 care and services for the elderly, clothing and food; these are precisely the basic kinds of good and services one is interested in after retirement.in face of this physical constraint on individual actions, modern societies have coordinated individual pension contracts into a pension system, where

10、 individuals do not need to consume their own past production during their retirement time, but instead, consume output produced by the individuals working actively during that time. every modern pension system constitutes essentially a transfer of output, in each period, from the current young gene

11、rationmeaning here as those actively workingto the current old generationthose who are retired.pension systems fall theoretically into two broad categories.in a pay-as-you-go system (payg), the current young generation contributes mandatory to the pension system through labor income taxes, whose rev

12、enues are partly transferred to the current old generation as pension benefits. in doing so, the young generation acquires the right to receive pension benefits when they grow old. in a funded pension system, the members of the current young generation mandatory contribute part of their labor income

13、 to a pension fund, which invests in financial assets. when they retire, the fund pays out pension benefits in the form of lifetime annuities, which finance the pensioners consumption of goods and services produced by the current young generation.demographic change and public pension imbalancesthis

14、section discusses the problem of the current fiscal sustainability of public pension systems. a payg system is fiscally sustainable, or financially balanced, when in each period, the total nominal contributionsgiven as the contribution rate times the average wage times the number of workersequal the

15、 total pension expensesgiven as the average pension times the number of pensioners.in oecd countries, public spending for retirement pensionsthat is, the right-hand side of the balancing formulais expected to rise dramatically in the coming decades. recent projections for the period 20002050 show th

16、at public age-related expenditures, as a percentage of gdp, may rise on average by about seven points. in particular, the proportion of gdp represented by public spending for retirement pension and early-retirement programmers is projected to increase by almost 10% in norway, by 8% in spain and kore

17、a ,by 5% in germany and by almost 4% in france.for the european union, ecofin projects an increase of the gross (before taxes) public spending in pensions of 2.3 and 2.2 percentage points of gdp, respectively, for the eu-15 and eu-25. this implies that by 2050, the eu-15 will spend almost 13% of its

18、 gdp to finance public pensions, while the eu-25 will spend 12.8%.the projected increase in longevity, combined with a tendency towards early retirement, is responsible for the expected increase in the expenditure for retirement pensions. at the same time, projected pension contributions are expecte

19、d to fall because of the decreasing fertility rates. indeed, lower fertility rates tend to lead to a decrease in the working population and, under reasonable assumptions about productivity, to only a moderate expansion of gdp. as a result, given the current public pension formulae, the system will e

20、xperience serious fiscal imbalances.public versus private pension schemesthis section discusses how increasing the role of funded pension schemes can help to maintain fiscal sustainability in the presence of population ageing. it also elaborates on the effects on private pensions, savings and growth

21、, financial markets and the protection of individuals against various types of risk, making comparisons with a payg system when necessary.funding allows the system to be kept financially balanced in the face of population ageing. in a fully funded system each individual in a given generation, call i

22、t generation a, builds up her own pile of financial activities during her working life. at retirement, the accumulated activities get transformed into a pension annuity whose actual value exactly equals the value of the accumulated assets for each individual. under population ageing, during the reti

23、rement period of generation a the working population will decrease. however, every individual in generation a has already accumulated his pension fund before retirement. hence, the pension system has by design enough money to pay out as pensions. this argument is valid for each generation, and thus

24、implies that a funded pension system, contrary to a payg, remains financially balanced in the presence of population ageing.the fact that a funded system stays financially balanced does not mean that it can keep invariant the real levels of pension annuities in presence of ageing. the decrease of th

25、e working population impliesother things being equala decrease in output. hence, when generation as pensioners use their annuities to buy good and services, an excess of demand may arise, leading to an inflationary process which lowers the real value of as pension annuities.9while this argument is c

26、orrect, it is a somewhat minor concern. first, the funded pension system remains nominally balanced. most importantly, financial imbalance may cause the system to break down. second, the argument is essentially about economic growth. it is the lack of growth, due to the decrease in the working popul

27、ation, which lowers real pensions. but growth is a general problem that affects payg and funded systems, as well as the economy as a whole. even if it is not known whether a funded system is always more effectual than a payg system in fostering economic growth, both payg and funded system are surely

28、 fragile in the presence of a lack of growth, but a funded system at least remains financially balanced. these arguments are seen as ones in favor of extending the role of funding in pension provision.towards private pensions: government regulationthis section discusses financial market regulation a

29、nd identifies some specific directions of intervention. this articles position is not one that calls for more regulation. rather, it favors a revision of current regulations in a direction that accounts for the peculiar characteristics of pension plans.to start, consumer protection from contractual

30、risk is important. it is precisely a regulatory system that should avoid a situation in which consumers bear too much risk, especially of a type they are often unable to value, as opposed as to risk transferred to intermediaries or financial institutions. regulation may mitigate these two common asp

31、ects of private pension schemes. the degree of liquidity of a pension scheme is partially due to the regulatory system, and can be increased. an example is the recent experience of mortgage contracts, which in some countries can be renegotiated at reasonable cost. for pension schemes, renegotiation

32、may also include the possibility to switch funds and their providers. clearly, this would call for a sufficiently high degree of standardization of pension plans. regulatory interventions in the direction of higher standardization may also help to improve individuals knowledge of pension products, t

33、hereby reducing their uncertainty. conclusionsthis paper takes a cautious position towards a wider participation of the private sector in current pension systems. it argues that this may be a successful strategy provided that the transition is coupled by well-considered policy interventions fosterin

34、g financial regulation. the position is not one that calls for more regulation, rather one that favors the revision of regulations in a direction. here, we want to point out that whenever a pension system has a strong redistribution objective. in this respect the public sector has more financing opp

35、ortunities than any private institution. source: springer link/filippo l. calciano and mario tirelli/european view, 2008, volume 7, number 2, pages 277-286译文：欧洲的公共养老与私人养老“福利国家”这个现代理念构成了欧洲政治思想的最重要的成就之一。养老，反过来，是现代福利国家和现代社会市场经济的重要特征。养老金是提供给公民的主要工具，在大规模的基础上，在退休时可接受的福利水平。面对这个情况，过去和现在的人口发展趋势显示了人们对成现今国家养老制

36、度未来的可持续发展表示严重怀疑。世界各国正在处理增加预算发放养老金的问题，由于人口老龄化，特别是在欧洲，提前退休是一个历史趋势。这一现象的认识引发了所有欧洲联盟成员国和整个世界关于国家养老系统改革的广泛讨论。目前，几乎每一个经合组织国家和欧盟成员国都在讨论养老问题，并开展其自己的改革。然而，养老制度改革是一个“敏感对象”，因为养老金的性质和重要性。经济，人口，社会和政治方面是必须考虑的。此外，从技术角度来看，有关养老金的重要的经验和潜在的经济理论是有争议的，因此，各国政府都有自己的最佳做法和政策。因此，关于养老改革的争论变得更加激烈和跨越各种尺度也就不足为奇：从确定适当的办法计算养老金，整体经

37、济影响不同养老金制度的设计，到更多的政治问题的社会共识和实施。什么是养老金计划？养老金是根据合同取得的个人获得的为他现在产出（贡献）的配额来交换将来产出（利益）的配额的权力。从该合同规定的时间点（退休的年龄时），这个点开始转换。原则上，个人可以“和自己签订合同”，也就是说，他可以把目前拥有的产出的部分用来存储以便将来使用。然而，这对服务和不耐储存货物是不可行的，例如医疗保健和老年服务，服装和食品；恰恰是这些基本的商品和服务，是老人在在退休后有兴趣的。即使身体状况约束了个人的行动，现代社会已经把个人养老合同协调到养老制度中，这样在退休时个人不需要消费自己过去的生产，而是使用在养老合同那个时候个人

38、积极工作的产出。每一个现代养老制度本质上构成了一个输出转移，即在每一时期，从现在的年轻一代（这里为那些积极工作的）到目前的老一代（被淘汰的）。养老制度理论上分为两大类。现收现付制，目前的年轻一代通过劳动所得税强制性地贡献到养老系统，他们的收入被部分转移到目前的老年一代作为养老福利。在这样做时，年轻一代获得在他们年老的时候领取退休金的权利。基金养老制，目前的年轻一代强制性地贡献部分劳动收入到养老基金，投资于金融资产。当他们退休时，该基金以终身年金的形式支付养老福利，退休者消费的商品和服务的资金由目前的年轻一代产出。人口变化和公共养老不平衡本节讨论了目前的公共养老金制度在财政上的可持续性问题。现收

39、现付制是一个财政上可持续的，或财政平衡，每一个时期，总的名义的捐款（当时平均工资的贡献比率乘以工人数量），等于总的养老金开支，即被给予的平均的养老金乘以领取养老金的人数。在经合组织国家中，退休养老金的公共支出，也就是说，在右边的平衡公式，预计在未来数十年显着增加。最近的预测从20002050年间显示公共年龄相关性支出占国内生产总值的百分比，可能平均上升约7点。特别是，公共退休养老金和提前退休计划为代表的国内生产总值的比例预计在挪威将增加近10，西班牙和韩国有8%,德国占5%，法国近4。对于欧洲联盟，欧盟财政经济部长计划总共（税前）增加公共支出占2.3%养老金和2.2%的gdp，分别为欧盟15国和欧盟25国。这意味着，到2050年，欧盟15国将花费近13的gdp来资助公共养老金，而欧盟25国将斥资12.8的gdp。预计寿命的增加和提前退休的结合，是退休养老金支出预期增