The Role of Annuity Markets in Financing Retirement.
本书汇集多篇论文，探讨美国社保改革中引入个人退休账户后，市场能否提供通胀指数化年金及其价格问题，对政策制定者和学生有参考价值。
This book brings together a number of papers on annuities markets written either individually or collectively by the authors. The papers were written to address the evolving debate in the US on social security reform (i.e. the reform of the national pension system) and, as such, the book is an extremely useful compilation for policy‐makers and students to follow. A key element of the reforms being debated in the US is the introduction of individual retirement accounts. In place of the existing system – where pensions depend on a pre‐determined formula and are financed out of taxes on current workers – accumulated savings in individual accounts will determine (at least in part) the size of individual pensions. Under the existing system pensions are indexed to the CPI and are payable until death. An important question is whether payouts from the proposed individual accounts can be made to mimic existing arrangements. In other words, can markets provide inflation‐indexed annuities and if so at what price? This book surveys evidence from annuities markets in the US and, to a more limited extent, the UK and answers the first part of this question with a resounding yes.