2007 2 359-400 25 25 25 1.7 10 25 25 1 25 1951 3 1955 1958 1978 1978 1978 125 25 1 1 1
2 3 2 25 4 25 4 11979-1984 1979 21984 1991 1984 1986 1994 13 11 31991-2000 1991-2000 10 4 1991 6 1991 33 3% 1993 1993 2
1995 3 1995 6 1997 7 1997 26 42000-2000 [2000]42 42 2001 7 11% 8% 2002 10 663.9 47.9 99.5% 25 25 1 90 1993 1993 80 3
1 DB DB 2 DC 1981 DC DB GDP 3 2 80 90 1 1989 2 3 DB 1973 1981 DC 4
90 10 80 25 1 4 1 2 3 1991 33 75 90 2000 42 4% 4 1993 1997 26 11% 5% 8%2000 42 ( ) 8% 11% 8% 2 4 1 1994 2 1991 1991 33 5 2 1996 1996
3 2003 10 1 16%13% 20% 4 2005 PPPs 5 2004 10 6 1200 100 200 7 88 1 8 2 DC DB DC 8 2001 9 10 2003 10 12 2005 1 18% 11 DB OECD 3 2 3 2004 1 107-121 4 Ministerial Statement by Prime Minister Goh Chok Tong in Parliament (August 28, 2003): Returning CPF. 5 Reuters News, January 7, 2004; Asian Wall Street Journal, January 7, 2004. 6 CTK Business News, September 25, 2003. 7 Financial Times, October 14,2003; BBC Monitoring European, October 13, 2003. 8 Pensions International, September 2003; Reuters News, October 14,2003. 9 2-4% 2003 1 31-36 2003 2 118-127 W 2003 3 140-147 2003 4 63-72 2004 2 6.2 12.4% 6.2% recognition bonds 10 Financial Times, October 9,2003; Benefits and Compensation International, June 2003. 11 Reuters News, December 16 2003;Pensions International, January 2004; The World Factbook, 2004. 6
DB 12 1 1 10 3-4 3%4%5% 38860 35082 32125 13 2003 4800 14 4800 1996 8 2 1998 100 2002 408.2, 16.4%1998-2002 1294 15 1998 1800 16 12 18 19 20 [ ] - 2003 13 2001 516 521 14 15 16 2004 1 7
8% 3 1 20 20% 6.2 8.65 2 60% 80% 100% 2001 106% 20 20 17 3 11% 8% 1992 96.3%1993 93.3%1994 92.4% 1998 30% 18 4 2003 1.6 3608 3000 19 20 4 17 2001 8 19-23 18 2003 8 19 20 1935 15 1950 7 1957 60 1941 60 DB 2003 11 46-69 8
1 1991 33 13 13 5 104 1017 21 22 2 1993 1839 2002 3608 10 1769 96.19% 10 38.96% 23 24 24 DC 2004 1 1 10% 25 26 5 DB 21 22 2004 1 2 2004 3 23 2004 3 25 23 24 1999-10 No.C1999001 25 The Economic Times, August 28, 2003; November 24, 2003; 2004 1 107-121 26 2003 2 74-91 9
120 60 27 1 2 28 27 [ ] - 2003 10 28
28% 4 42% 50% 2000 42 4% 2000 600 200 5.3% 29 60% 100%85% 60%50% 40% 15% 1/3 30 1330 1600 31 6 25 1 29 & 2002 3 30 2004 1 13 18 31 2003 2004 DC TSP 2004 1 27-40 11
2003 2002 2003 2 90 10 DB DC DC DB DB DC DC DC 90 DB DC DC 2004 2 32 32 2004 2 DB 1994 25% 19.5% 6.5% 18% 65 GDP6% 2004 3% Interfax Czech Rpublic Business News, Februay. 05.2004. Interfax Czech Rpublic Business News, December. 30.2003. 12
33 3 2.5% 8.1% 3 34 2004 1 4 1 33 2003 5 56-61 2003 8 33-45 2003 4 63-72 13 34 2004 3 26 14
2 4 4 1017 3 35 1991 CSG 80 3 30% 78.3 36 90 20 90 37 (FLIP) 3 GDP 1000 GDP 3-4000 15-25 35 DB 2003 11 36 2003 7 161 2003 7 37 2003 7 136 7 14
38 39 2003 1000 GDP 4 40 5-7% 41 1 1 8% 20% 38 2003 7 113 2003 7 39 2004 3 8 40 DB 2003 11 46-69 2004 3 26 14 41 2004 3 23 21 2004 3 26 14 15
1330 20% 8% 2 OASDI 1 16
2 42 3 2888 1888 888 8% 16% 8% 8% 8% 4% 28% 16% 8% DB 4% 888 2 2888 % 28% 8% DC 8% 8% DB 4% DC 2 888 888 28% 4 42 2004 3 23 21 17
20% 8% 8.1%1990 2000 16% 8% 8% 8% 888 8% 16% 20% 4% DC 2.5 8% 888 20% 8% 8% 4% 20% 2002 4800 43 1/4 1/5 888 7% 44 28% 45 8% 43 44 2002 1.3 2004 1.67 7% 1802 1997 1871 1997 7% 100 1900 1995 7% 199496 SSA 1926 2000 7%9.7% 7% 1Siegel, Jeremy (1998), Stocks for the long Run, 2nd ed., McGraw-Hill, New York, NY. 2Social Security Advisory Board (Aug. 2002), Estimating the Real Rate of Return on Stocks Over the long Term. Washington DC. p.3, p.47. 2003 2 118-127 45 1997 1990 129 // 2002 618 / / 8.5% 8.1% 18
8% 8% 7% 8% 888 GDP 1015 9% 888 7%9% 2 8% GDP 9% 7% 888 10 8.1% 9%GDP 888 4% 888 46 388 888 28% 20% 28% 888 88 8% 2004 3 2003 7 [ ]- 2003 46 19
2004 1 1999-10 No.C1999001 2003 7 1996 2003 7 2001 2004 3 2004 3 23 21 2004 3 25 14 2004 1 13 18 2004 1 2004 DC TSP 1 2003 DB 11 2003 [ ] - 2003 8 2003 2 2003 2003 1 2003 2003 2 2003 W 2003 3 2003 2003 4 2003 6 12 11 2003 70 6 19 13 2003 6 20 12 2003 6 26 13 2003 7 3 10 20
2003 OECD 7 9 12 2003 10 7 29 10 Financial Times, October 14,2003; Financial Times, October 9,2003; Benefits and Compensation International, June 2003. Ministerial Statement by Prime Minister Goh Chok Tong in Parliament (August 28, 2003): Returning CPF. Pensions International, September 2003; Reuters News, October 14,2003. Siegel, Jeremy (1998), Stocks for the long Run, 2nd ed., McGraw-Hill, New York, NY. Social Security Advisory Board (Aug. 2002), Estimating the Real Rate of Return on Stocks Over the long Term. Washington DC. 21