적립식 공적연금과 자산시장 간의 관계

초록

This study is a theoretical attempt to assess the long-run the effects of funded public pension on the asset market and the aggregate economy with varying institutional arrangements and portfolio strategies. For the purpose, I build a two-generation stochastic overlapping generation model and examine how the size, the portfolio strategy and the replacement ratio influence the asset market and the aggregate economy under a defined benefit funded scheme. National Pension Service (NPS) of Korea currently maintains the partial funded structure and will be exhausted its fund in a few decades. In the meantime, NPS has increased its asset allocations on the risky asset and foreign assets for long-term sustainability The toy model of this paper is designed to accommodate those features. Thus, it could be used for predicting consequences of NPS on the Korean economy and suggesting an optimal portfolio policy.

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