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瑞典为了应对人口老龄化、经济衰退等外部因素对养老保险制度带来的冲击,进行了制度创新,引入了名义账户,并设计出了自动平衡机制以确保养老保险制度的财务稳定。通过对该机制的分析,笔者提出了与金融市场相融合的自动财务稳定机制的设想,建议把未来参保者缴纳的终身净税收收入作为名义账户的产权,并将现金流予以证券化,把这些新证券中的一部分在金融市场上进行交易。
In order to deal with the impact of external factors such as population aging and economic recession on the pension insurance system, Sweden introduced system innovation, introduced a nominal account and designed an automatic balance mechanism to ensure the financial stability of the pension insurance system. Through the analysis of this mechanism, the author put forward the idea of automatic financial stability mechanism integrated with financial market. It is suggested to regard the lifetime net tax revenue paid by future insured as the property right of nominal account and to securitize the cash flow. Some of these new securities are traded in the financial markets.