社保基金应三足鼎立

我国社保基金投资筹资体系急需建立,立法急需更新。当前社保基金投资管理的现状远不适应社保制度的要求和改革趋势。首先,沉淀于地方的1600多亿元是实实在在来自于保险缴费的收入余额,其增值保值问题显然流于形式,随意     

透视社保基金入市

社会保险基金入市的话题在我国资本市场中一直是一个讨论的热点，尤其在去年10月证监会出台政策允许商业保险资金通过购买证券投资基金间接入市以后，有关社保基金入市的议论更加热烈起来。年初，管理层更是提出了要超常规大力发展机构投资者的新思路，社保基金作为一种比较重要的机构投资者，顺理成章地被提上了培育与发展的议事日程。　　社保基金入市既是我国社会保险基金投资和运营的内在要求，又对我国资本市场的创新与可持续发展具有积极的促进意义，因此，应该积极推进。但同时，社保基金到底应该如何入市，入市后应如何监管也是值得…     

社保基金投资过程中面临的风险及防范

受政治、经济特别是资本市场不确定性因素和潜在风险的影响,社保基金投资面临的风险会更多,需要引起更多的关注。结合社保基金投资收益情况,针对固定收益类产品投资风险、股票类产品投资风险、实业投资风险和其他风险,应按照防范风险的思路,加强基金投资运营的法制性、加强基金投资运营的安全性与规范性、加强基金监管的有效性、提高基金投资运营的透明性。     

“中产化”与财产性收入

"中产化"已成为改革面临的新的重大课题。由于社会中等阶层将由既不主要依赖物质资本、也不主要依赖劳动,而主要依赖"人力资本"的劳动者所构成,"人力资本公平"已成为新的社会公平问题,因此,应建立"以人力资本为基础的居民财产制度"。制度创新的关键是:改革社保制度,建立"安发基金";增强基金共济性,提高使用效率;实行确保制度公共性和公平性的"经济民主制度";土地应是农村居民人力资本的主要来源。     

养老保险基金中央调剂制度与地方征缴失衡：基于央-地互动视角的分析

基本养老保险基金中央调剂制度实施以来,全国各省份基金均出现了较大幅度的减收现象,原地区间征缴失衡问题有加剧趋势。本文构建理论模型对全国统筹中央调剂制度“中央-地方”之间互动关系的理论分析发现：（1）地方政府存在不断降低征缴努力成本的内在动机,将负向影响基金征缴效率;（2）基于上一期不同调剂结果的地方在下一期的努力程度将呈现分异,调剂净获益省份努力程度较净贡献省份更低。进一步构建宏观和微观两个层次的计量实证模型,验证中央调剂制度的当前政策负向影响地方政府征缴积极性,基金征缴下降,且调剂净获益地区的征缴力度下降更多。实证结果验证了理论分析结论。全国统筹中央调剂制度对地方政府征缴行为形成负外部性影响,弱化了地方征缴积极性,加剧了地区间征缴失衡,可能影响制度的长期可持续性。本文为基金征缴不断下降的现象提供了理论解释和实证检验,对基于央地间的策略互动完善全国统筹有启示意义。     

建立健全新型农村合作医疗制度亟待解决的几个问题

在现阶段,新型农村合作医疗制度就是农村医疗社会保险制度,建立健全新型农村合作医疗制度亟待解决的问题:一是增加政府对农村医疗卫生事业的投入,扩大新型农村合作医疗覆盖面;二是建立规范的筹资机制,合理确定人均筹资水平;三是建立大病统筹和个人门诊账户制度,落实新型农村合作医疗基金的合理补偿。     

盐城率先力破弱势群体医疗保障难题

江苏省盐城市委,市政府高度关注弱势群体医疗保障,于2004年10月在全国率先出台了市区城市居民医疗统筹和医疗救助相结合的制度,坚持政府主导、财政补助、个人缴费、社会援助相结合的办法,构造”就医助困“长效机制。实行低保、特困、重残人员政府每人每年补贴140元,个人出资60元;普通城市居民政府每人每年补贴60元,个人出资140元,筹资945．7万元,建立医疗统筹制度;由政府、财政、红十字会、慈善总会等多方筹资150万元,建立医疗救助制度;从制度上保证了城市居民人人享有医疗保障,低保、特困、重残及大重病患者等弱势群体因病致贫,还可以享有医疗救助,有效缓解了“因病致贫、因病返贫”的社会问题,探索破解“就医难、看病贵”的难题。其成效主要体现在三个方面:     

城乡养老保险一体化视域下的财政支出结构研究

新型农村养老保险制度和城镇居民社会养老保险制度的合并,有利于建立全国统一的城乡居民基本养老保险制度,缩小城乡差距,破解城乡二元的经济和社会结构。合并后提出的建立城乡居民基本养老保险制度以个人缴费和政府补贴相结合,中央财政和地方财政的资金补贴将发挥重要作用。文章分析了目前财政支持城乡居民基本养老保险存在的问题,包括基础养老金各地区不统一导致的待遇相差悬殊;地方政府的财政责任不明晰;地区间财力差距过大导致地方政府对城乡居民基本养老保险投入不均;各级政府间财权与事权划分不够明确,并提出了完善财政支出结构,促进城乡养老保险一体化的有效措施。     

城乡养老保险制度衔接与并轨研究——从公共服务均等化的视角

公共服务均等化要求政府应为全体公民提供在不同阶段具有不同标准的、最终大致均等的公共物品和公共服务。目前,我国城乡养老保险制度在衔接与并轨的实践中普遍存在制度碎片化、顶层设计简单划一、保障政策有失公平、保障水平不高、政府财政负担沉重等诸多问题。为此,应秉持公共服务均等化理念,建立健全不同养老保险制度间、地区间的转移衔接机制;建立统筹而有区别的养老保险体系;整合社保机构职能,明确财政分担;增加财政投入,合理投资运营养老保险资金等措施,最终实现公平与效率兼顾的、新型的城乡一体化社会养老保险制度。     

输血社保彰显国企职责使命

不久前,人力资源社会保障部公布的数据显示,为减轻企业负担,2019年我国企业职工基本养老保险、失业保险、工伤保险减费4252亿元,大幅超额完成年初预计的3100亿元的目标。与此同时,社保待遇水平稳步提高。截至2019年底,基本养老、失业、工伤保险三项社会保险基金总支出5.41万亿元。一降一升之间,“亏空”如何弥补?国资委的一则消息给出了答案:中央企业从2018年开展试点以来,已连续四批向社保基金划转股权。到目前为止,67家企业已经完成了向社保基金划转股权工作,累计划转1.1万亿元。社保基金是老百姓的养命钱,但由于种种原因,一些地方出现入不敷出的担忧,一些地方甚至缺口较大,亟待“补养”。国有企业,全民所有。在“全民”遇到问题时,当义不容辞承担相应责任。从此前在企业利润中切出一块“蛋糕”,到如今直接划转企业国有股权,国企为社保基金“输血”已逐渐形成长效机制。     

It’s not me,it’s you: the functioning of Wall Street during the 2008 economic downturn

Public officials have blamed Wall Street and its complex financial products for causing the 2008 economic downturn. This article addresses three popular claims saying that complex financial markets are at fault and need more regulation. It argues that even in the midst of a major economic downturn, the much-maligned mortgage-backed securities, collateralized debt obligations, credit default swaps, and unregistered hedge funds functioned almost exactly as designed. When macroeconomic conditions worsened, firms and investors that were paid to assume certain risks had to assume them. Those that opted for safer investment vehicles with more levels of private protection faced fewer problems. Although many investment vehicles lost money, one must differentiate between problems that manifested themselves in markets and problems with the market itself. Even though government policies caused many of the problems, public officials always have an incentive to point the finger at Wall Street and to argue for more regulations when their policies negatively affect markets.     

The political obstacles to economic reform in North Korea: The ultra cautious strategy in comparative perspective

As a result of the financial crisis, some commentators see the reform process in the East Asian states as an outcome of the disciplining behaviour of financial markets that will lead to the emergence of a neoliberal form of capitalism. The Malaysian experience suggests, however, that progress to neoliberal forms of economic organization will not be inevitable, despite governments having to increasingly accommodate global markets. In Malaysia, the degree to which a neoliberal adjustment response could be embraced was limited by domestic political factors. First, the government needed to maintain the ethnic based distributive policy that favours ethnic Malays with material entitlements for reasons of state and regime security. Second, the state was not wholly insulated from a key social group that emerged as a result of the ethnic-based distributive policy, namely an elite Malay corporate group. A third reason was economic nationalism, a major component of Prime Minister Mahathir's vision for the country that stressed the building up of Malaysian corporations and conglomerates. Access to domestic sources of funds for adjustment and the centralization of power in the government, particularly in the office of the Prime Minister, facilitated this process of defending national economic arrangements, at least during the period in question. The limited liberalization of the ethnic based distributive policy did not, however, imply a shift in the ideological and policy agenda towards complete embrace of neoliberal norms and practices. The imposition of capital controls, although announced as a temporary measure to allow space for the government to pursue its preferred course of adjustment, further indicates that the commitment to free markets in Malaysia is instrumental. The Malaysian case suggests that movement towards neoliberal forms of economic organization as a result of the financial crisis may be limited and is not inevitable.     

THE TROUBLE WITH HEDGE FUNDS

This article examines the impact of hedge funds on the workings of international financial markets and their implications for public policy. In contrast to the neoclassical view of hedge funds, which views them as being‘too‐small‐to‐matter, this article argues that the activities of hedge funds are significant for policymakers because of their ability to become extensively overleveraged and to act as market leaders. I consider the role played by hedge funds in financial crises, market volatility, market manipulation and systemic risk. The article concludes with a critical review of recent proposals for dealing with the public policy issues raised by hedge funds.     

How Social Wealth Funds Could Help Tackle Inequality

This article examines the potential to tackle the roots of inequality by the introduction of one or more social wealth funds. Such funds would aim to capture some of the financial gains from the private ownership of capital—a principal driver of inequality—and use the proceeds for wider community benefit, such as investment in social infrastructure. In recent decades a number of countries have introduced a variant on such funds, mostly taking the form of state‐owned sovereign wealth funds resourced through the exploitation of oil, and used for a diversity of economic purposes. In contrast, the UK has failed to take the opportunity to create such funds by, for example, reinvesting the revenue from the sales of public assets. So would it be possible to build one or more such collectively owned funds in the UK, and if so, how should they be financed? As well as funding social investment and anti‐inequality programmes, could such a scheme also help finance a regular Citizen's Dividend payment or a Citizen's Income scheme?     

The Political Consequences of the Crash

The financial crash of 2008 precipitated a major recession. It shattered the financial growth model that had dominated the previous twenty years and plunged the international economy into a period of economic and political restructuring of uncertain duration. The immediate origins of the crash lay in the lending practices associated with the sub-prime mortgages in the United States which produced the credit crunch in 2007, but the wider causes were the unbalanced character of growth in the international economy and the particular role played by finance. The crisis has been explained in a number of different ways, focusing on the behaviour of the financial markets, the institutional and policy conditions that made the boom possible and then undermined it, longer-term economic and policy cycles and the nature of uncertainty and risk in complex social systems. The political impact of the crash and the recession has not been uniform; it has been highly uneven, depending on the position of particular states in the international economy. The rapid interventions by governments to stave off financial collapse at the end of 2008 were successful, but at the cost of creating serious problems of adjustment for the future. The political debate around what were the causes, who should be blamed and what should be done is only just beginning, and the way this crisis comes to be understood will play a major part in determining how it is eventually resolved and how far-reaching will be the changes to the international economy and to domestic politics.     

Governance for sustainable poverty reduction: the social fund in Nicaragua

Like other social funds, the Nicaraguan Emergency Social Investment Fund (FISE) has been created on the initiative of the donors to alleviate the social consequences of adjustment policies. It finances small infrastructural projects in education, health, water and other sectors and focuses on poor communities. FISE accounts for approximately 11% of public investment and 48% of public investment in the social sectors. The size of FISE and its apparent permanent character raise questions of its contribution to sustainable poverty reduction and on institutional development in the country. The article concludes that there are serious doubts on whether maintaining a social fund as a separate agency enhances effective governance for sustainable poverty reduction. Copyright © 2004 John Wiley & Sons, Ltd.     

发展型政府理论与香港实践

发展型政府都将经济发展作为国家政策制定的重中之重,并且采取有力措施来实现经济发展目标。香港是典型的小经济体,对外在环境有非常大的依存度,一直关注如何维持与中国内地、周边、亚太地区乃至世界经济的良好互动。在把握有关发展型政府理论的脉络及主要观点的基础上,深入探讨发展型政府理论在香港的实践与CEPA框架下香港政府扮演的四重经济角色以及可能存在的风险。认为,应该从增强香港经济自主性、制度建设和增加内地与香港抵御金融风险的能力等方面入手,进一步完善CEPA。结论部分探讨了在CEPA框架下,内地和香港的各级政府成为更加有效的发展型政府的途径以及对两岸经济关系的启示。     

Feeding finance: a critical account of the shifting relationships between finance,food and farming

Abstract

Whether in the form of commodity index funds, farmland investment funds or commodities trading by agri-food companies, there is evidence of an increasingly close relationship between finance, food and agriculture. While these developments have received some critical attention of late, existing accounts of the ‘financialization of food’ are limited to the extent that they view finance as an external force with emphasis placed on the unnaturalness of its relationship with agriculture and its distortive effects on agricultural markets. Recognizing that finance and agriculture have a long history, this paper offers a more nuanced account of the place of financialization in the agricultural sector. Specifically, it examines how agriculture's emergence as an investment opportunity has reconfigured the terrain of agricultural interests and logics while creating new knowledge demands and agricultural visibilities. These dynamics are explored through a case study of the role of finance and processes of financialization in the recent demise of the Canadian Wheat Board as a state marketing agency. Through this discussion, the paper offers valuable insights into not only the reworking of agriculture as a particular type of financial space, but also the nature and limits of financialization itself as a way of engaging with the world beyond urban financial centres.     

The Effects of Cash Management Assistance by States to Local Governments

In 1985 North Carolina's Local Government Commission (LGC) began a program to evaluate the percentage portfolios of the funds invested and the diversity of the investment governments and public authorities. The LGC established state's local five evaluation criteria and notified the governments and authorities of deviations from the five investment norms. This article discusses what was reported to the LGC and changes in invested funds occuring after LGC's evaluation. Principal findings include: cities over 10,000 population and counties in general are investing a high percentage of their funds; small-sized cities and public authorities tend to avoid the higher yielding, but more complex to purchase, instruments: and most governments and authorities experienced a considerable increase in the percentage of funds invested after review by the LGC. Based on the marked increases in funds invested, other states should consider helping local governments and public authorities with cash management.