Demographic Risks and Financial Stability of Pay-As-You-Go Pension Systems.Empirical Study
When analyzing the impact of risks on financial system,including banking,insurance and pension,topics on institutional regulation of systems have received little attention compared with the study of demographic and investment risks.This paper examines financial systems on the example of pension system,one of the main risks of which was institutional ones.Through analysis,the paper concludes that 1)the impact of institutional risks occurs at distributive pension systems through the influence of institutional risks on non-target costs of pension systems; 2)the impact of institutional risks on accumulative pension systems occurs in three ways; and 3)measurement of pension systems risks could be done through trust indexes and antidirector index,which characterize the ability of investors to resist the leadership of corporations.
pension system demographic risks financial stability support factor the economy
Denis V. Maslov
Ural Federal University
国内会议
哈尔滨
英文
1002-1014
2015-09-18（万方平台首次上网日期，不代表论文的发表时间）