英国养老金危机的演进历程、形成机制及启示  

The Evolution, Formation Mechanism, and Lessons from the UK Pension Crisis

作　　者：熊启跃[1] 初晓 Xiong Qiyue;Chu Xiao(Bank of China,Beijing)

机构地区：[1]中国银行研究院全球经济团队 [2]中国银行研究院

出　　处：《经济社会体制比较》2024年第6期168-183,共16页Comparative Economic & Social Systems

摘　　要：文章对2022年英国养老金危机的演进历程和形成机制进行了研究。研究结果表明,利率环境发生颠覆性变化、养老金管理机构高度追逐利润的运营模式、大量使用负债驱动型投资策略、国债市场脆弱性较高以及金融监管政策存在漏洞,是导致英国养老金危机的重要原因。英国养老金危机对我国的启示是:要建立养老金积累与经济增长良性互动的长效机制;应关注国债市场的脆弱性,提升国债市场韧性;宏观调控要兼顾金融稳定因素,避免政策超调对金融稳定产生的外溢冲击;填补金融体系“监管斜坡”,加强对非银行金融机构的监管;完善金融机构公司治理,推动形成服务实体、惠及民生的金融发展理念。This paper examines the evolution and underlying mechanisms of the 2022 UK pension crisis.The findings reveal that the crisis was driven by several key factors:dramatic shifts in the interest rate environment,profit-driven operational models adopted by pension management institutions,widespread reliance on debt-driven investment strategies,heightened vulnerability in the UK treasury bond market,and gaps in financial regulatory policies.The UK pension crisis offers critical lessons for China:establishing a sustainable mechanism for the positive interplay between pension fund accumulation and economic growth;addressing vulnerabilities in the treasury bond market to enhance its resilience;ensuring macroeconomic policies balance financial stability to avoid spillover effects caused by policy overreach;closing regulatory gaps in the financial system,particularly regarding non-bank financial institutions;and improving corporate governance in financial institutions to foster a financial development model that supports the real economy and benefits the public.

关 键 词：养老金危机 负债驱动策略 非银行金融机构 金融稳定 

分 类 号：F83[经济管理—金融学]