Imagine a policy that adds 1 per cent of GDP a year to the fiscal resources of a large, advanced economy. This policy works like magic. The money appears out of nowhere, with no rise in taxes, no cuts in spending, no assets sold and no debt to pay back. Such a policy would have great appeal to cash-strapped governments around the world and is surely too good to exist. Nevertheless, exist it does. Any guesses? The answer is a 2014 reform to the Government Pension Investment Fund of Japan, the world’s largest pool of retirement savings, in which it took on some currency and equity risk.
想象一下，一項(xiàng)政策能使一個(gè)大型發(fā)達(dá)經(jīng)濟(jì)體的財(cái)政資源每年增加GDP的1%。這項(xiàng)政策就像變魔術(shù)一樣。這筆錢似乎不知道是從哪里冒出來(lái)的，不需要增稅，不需要削減開支，不需要出售資產(chǎn)，也不需要償還債務(wù)。這樣的政策將對(duì)世界各地資金緊張的政府產(chǎn)生巨大的吸引力，而且肯定是好到不可能存在。然而，它確實(shí)存在。猜一猜？答案是2014年對(duì)日本政府養(yǎng)老金投資基金(GPIF)進(jìn)行的改革，讓這個(gè)全球最大退休儲(chǔ)蓄資金池承擔(dān)一些匯率和股權(quán)風(fēng)險(xiǎn)。