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학술저널
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저널정보
한국노인복지학회 International Journal of Gerontological Social Welfare International Journal of Gerontological Social Welfare Vol. 8
발행연도
2003.6
수록면
61 - 82 (22page)

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For the past few years, the Committee on Financial Markets(CMF) has devoted significant attention to the impact of retirement savings on the financial markets of Member countries. While the CMF is not directly responsible for pension issue1), it is widely known that pensions are closely linked to issues that are of direct interest to the Committee, such as institutional investment and the development of capital markets. Indeed, one of the forces that underlay the extraordinary expansion of financial markets in the 1980s and 1990s was the accumulation of institutional saving, driven in large part by the goal of financing retirement. The link between pensions, institutional investors and financial markets was a major theme in the 1998 publication "Institutional Investors in the New Financial Landscape, " which originated in a special meeting between CMF delegates and outside experts in institutional investment and capital markets. The linkage between funded pensions and capital markets development was considered very explicitly in the OECD Ageing Populations Study,2) to which the Committee contributed The chapter on financial market implications of ageing noted that demographic trends were likely to place growing pressure on existing retirement systems. Specifically, many Members rely heavily on public Pay-as-you-go(PAYG) systems in which the retirement income of retired individuals is financed through the contributions of those currently active in the work force. The Study noted that the combination of rising dependency ratios and official commitments to provide relatively generous benefits would require rises in contributions to unprecedented levels-possibly undermining public support for such policies. In order to prevent an unsustainable pensions finance burden, the Study recommended that Members consider increased reliance on funded pensions. It was suggested that Member countries might Want to develop legal and institutional frameworks that allow companies and/or individuals to set aside pools of assets to eam market-based returns in order to maximise the amount of assets during working years and subsequently to invest those assets so as to produce reliable streams of income. The Study noted the close two-way linkages tbetween funded pensions and capital markets. In the first place, funded pensions are often the main source of growth for institutional savings, which in turn invest heavily on capital markets. It was also noted that in general those countries where reliance on unfunded pensions was particularly high tended to be those where capital markets were underdeveloped. Thee Study thus recommended that those countries carefully consider the need for capital market modernisation Modereisation entails liberalisation of controls on cross border operations, removal of unnecessary regulations and the introduction of a full range of specific instruments, including some that are especially relevant for pension-related investment. The Study also recommended that countries review their prudential for pensions to be sure that they were capable of assuming the expanded role to be assigned to market forces. The push to develop funded pensions in some OECD countries occurred in the context of bullish international capital markets conditions. Between the early 1980s and 2000, financial markets were characterised by a shift from bank intermediation to intermediation by capital markets, falling interest rates on bonds, high volumes of equity issues and sharply rising equity prices. Simultaneously. institutional savings surged Govern-ments saw the potential to address the "funding gap" for public pensions trough the capital markets while individuals saw significant opportunities to invest in order to enhance their retirement income. Since early 2000, the capital markets have been undergoing a serious reversal. The major equity exchanges have lost 35-50 per cent of their value while losses have been much larger on specialised" grow

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