財政投融資改革と年金積立金運用に関する一考察

財政投融資改革と年金積立金運用に関する一考察

姫　野　孝　雄

An Examination of the Reform of the Fiscal

Investment and Loan Program and Management

of Accumulated Pension Funds

Takao Himeno

Abstract: Postal savings and accumulated pension funds are now managed in the market as a result  of the reform of the Fiscal Investment and Loan Program. The funds of the program, however, are  mostly managed by government bonds, making the program play a role in financing the government's  fiscal deficit. The modality of the Fiscal Investment and Loan Program, including the tax and pension  systems, thus needs to be re-examined in order to resolve this abnormal situation concerning the  government, postal savings, and accumulated pension funds. In this paper, the author makes a reform  proposal to that effect.