日本社保基金“东亚化”投资的惨痛教训

120053∗1961200141422000GDP28%20014FiscalInvestmentandLoanProgram20022003GDP10001.1.1NationalPensionInsurance,NPIEmploymentPensionInsurance,EPI1120-60113300/217.35%1%∗2004A2213.3%19.49%1%31999204111819612001332199017049205712/31/31.21942205070235205080902200011131142127002000104903219611965197019751980198519901995199619971998199920000.61.44.412.32850.876.9111.8118.5125.8130.8134.4131.500.20.71.92.62.63.677.88.599.5110.61.65.114.230.653.480.5118.8126.3134.3139.8143.9142.519991311.32000100%2001TrustFundBureauTFB412002’sPublicPensionFund,NLIResearch.163.3TheU.S.SocialSecurityAdministration:2001OASDITrusteesReport,://(ThePensionWelfarePublicCorporation)19614056200045519861986200015271/5221472722.520002000://*CC-6896250*CC-13406116840-CC6376344836*CC-9855000*--5381844836CC/DCC/D489826278502CCCC160272597865-CC25667180960*CC-24191475976*CC-147574984CCCC30323785635CCCC27771564228BB'14860168036CCCC25255042318CCCC529188852CCCC2476470CCCC2026000BBBB23920CCCC470830CCCC6418065595CC4102440CCCC116658DCC161196919136BBBB5917791953*--5903441242*--1435710CCCC96004712CCCC11039813760BBCC3103457581CCCC48119362544BCC2701560CCCC1483---153017762662527127200110--------No.49200179236-1012--------No.49200172.31/5533250%30%20%519952001319862001154.12%16.34.87%6200132.31120013(GovernmentPensionInvestmentFund)5199520013%%516314.455.30150.31.317296.324.26183.312.80101.14.1060.62.326100MasaharuUsukiTheNewInvestmentManagementSchemeforJapan’sPublicPensionFund,NLIResearch.1636%1995199619971998199920001986-200011.033.987.062.7111.1-5.724.824.125.445.285.034.393.823.34.54.875.59-1.32.03-1.687.28-9.020.32-0.75MasaharuUsukiTheNewInvestmentManagementSchemeforJapan’sPublicPensionFund,NLIResearch.16311MasaharuUsukiTheNewInvestmentManagementSchemeforJapan’sPublicPensionFund,NLIResearch.163.1033.1209078.32000GDP16%402000GDP8%127GDP209020%200030%200019.2GDP3.7%7GDP%196519701975198019851990199520004.86.89.212.416.421.924.828.0EijiTajikaThePublicPensionSysteminJapanTheConsequencesofRapidExpansionWorldBankInstitutePaperNo.3720320023.2200019982002137.2%13199952.17.3%4.2%3143.3127200313~takayama/index-j.html14--------No.492001711901/23154544.14.1.120707090519552000200040%20%122060803085%1551955-2000RobertPalaciosManagingPublicPensionReservesPartII:LessonsfromFiveRecentOECDInitiatives,WorldbankSocialProtectionDiscussionPaperSeriesNo.0219July2002.ETIs16151020037291016ETIsEconomicallyTargetedInvestmentsERISA19946IB94-1ETIs0%10%20%30%40%50%60%70%80%90%100%1955196519751985200013ETIs4.1.2171870198620901.3194.24.2.1204.2.24017200421820031919—200215820199352002214205060708090GDP1000GDP3-400015-25214.2.32050902219972320708020054EijiTajika,ThePublicPensionSysteminJapanTheConsequencesofRapidExpansion,World2120044222002223—20026715BankInstitutePaperNo.372032002RobertPalacios,ManagingPublicPensionReservesPartII:LessonsfromFiveRecentOECDInitiatives,WorldBankSocialProtectionDiscussionPaperNo.0219TakerDoiandTakeoHoshi,FILP:HowMuchHasBeenLost?HowMuchMoreWillBeLost?,PaperpresentedatConferencesattheNBERConferenceonStructuralImpedimentstoGrowthinJapan,March2002MasaharuUsuki,TheNewInvestmentManagementSchemeforJapan’sPublicPensionFund,NLIResearch.16372003~takayama/index-j.html--------No.492001772003272001199920://