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随着人口日益老龄化,退休储蓄的有效管理正迅速成为许多国家的一项重要议程。与此同时,养老基金——理论上的长期投资者——还扮演着为金融系统提供长期融资和流动性的重要角色。这些大型机构投资者通常被认为是金融体系的稳定器。人们寄希望于他们能以沉着坚忍的反周期操作方式,让大部分周期性被低估的资金去寻求诱人的投资机会。此外,由于养老基金被认为是以长期视角进行投资,因此普遍并不认为这些机构会增加系统性风险。
As the population ages, the effective management of retirement savings is quickly becoming an important agenda in many countries. At the same time, pension funds - theoretically long-term investors - also play an important role in providing long-term financing and liquidity to the financial system. These large institutional investors are often thought of as stabilizers of the financial system. People hope that they can counter-cyclical operation with calm and stoic, so that most of the cyclical undervalued funds to find attractive investment opportunities. In addition, as pension funds are seen as investing from a long-term perspective, it is not generally accepted that these institutions increase systemic risk.