Article - Problems of Modern Economics

Kuznetsova N. P.
Chair of Risk Management and Insurance, Department of Economics, St. Petersburg State University, PhD (Economics), Professor
Pisarenko Zh. V.
Assistant Professor, Chair of Risk Management and Insurance, St. Petersburg State University, PhD (Economics)

Financial convergence on the global financial market: perspectives for pension funds and insurance corporations in USA, European Union, and China (Russia, St. Petersburg)

The article focuses on such an important tendency in the development of the global financial market as financial convergence as a mechanism of competitive struggle among the subjects of various sectors that share certain similarities. The authors present an empirical analysis of the financial convergence of pension funds and insurance corporations in China, the European Union and the Unites States. According to the main hypothesis of the article, institutional investors, irrespective of the country of origin, have to conduct financial convergence due to a number of external factors, which leads to a high degree of convergence in the sphere of insurance. Current pension reforms conducted in various countries unify requirements to both segments of the market and lead to greater rapprochement between pension funds and insurance corporations

Key words: financial convergence, institutional investors, pension funds, insurance corporations, reserves, assets

Pages: 102 - 106

Сноски

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17 Пенсионных фондов и Страховых корпораций Federal Retirement Thrift, California Public Employees’ Retirement Fund, California State Teachers, New York State Common Retirement Fund, New York City Employees’ Retirement System, Florida Retirement System, Teacher Retirement System of Texas; MetLife, Northwestern Mutual, New York life, Prudential Financial, Lincoln National Corporation, MassMutual, Transamerica.
18 Страховых корпораций (Swiss Life Group, Aviva, Aegon, Zurich Insurance Group, Mapfre, Generali Group) и пенсионных фондов (Industriens Pension, B P, Novartis Pension Funds, Keva, Migros-Genossenschafts-Bund).
19 China Life Insurance, Ping An life insurance company of China, New China Life insurance company, China Pacific insurance , PICC Life insurance company, Taikang Life insurance, Taiping Life insurance, AnBang Life insurance, Funde Sino Life insurance, China Post Life insurance; China Life Pension, Ping An Pension, Taiping Pension, Changjiang Pension (China pacific).
20 Обратим внимание, что в РФ понятие резервов негосударственных пенсионных фондов более размыто из-за существующей обязательной государственной накопительной составляющей пенсионного обеспечения.
21 Официальный перевод СНС на русский язык. http://unstats.un.org/unsd/nationalaccount/docs/SNA2008Russian.pdf электронный ресурс (дата обращения 29.11.2016).
22 Brooks Sarah M., Weaver R. Kent. Lashed to the Mast? The Politics of NDC Pension Reform. In: Pension reform: issues and prospects for NDC schemes URL: http://siteresources.worldbank.org/INTPENSIONS/Resources/395443-1139338370854/Pension_ch14.pdf (дата обращения: 19.10.2016).
23 Пенсионные схемы с установленными выплатами (defined benefits или DB) — выплаты рассчитываются по заданной формуле (например, зависят от заработной платы в последние несколько лет, индексации); взносы идут как процент от заработной платы, устанавливаемый государством; системы с установленные взносами (defined contributions или DC) — сумма взносов устанавливается в договоре и поступает на личный счет работника; выплаты вычисляются в зависимости от доходности вложений

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