平成23年度産業金融システムの構築及び整備調査委託事業,我が国の個人金融資産の資産運用高度化のための調査報告書
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- こうじ おえづか
- 7 years ago
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1
2 IRA 401(k) 13 MMF Separately Managed Account; SMA ETF REIT 2
3 29 IRA 401(k) IRA 401(k) 45 3
4
5 0 5
6
7 % 0.7% 39.6% 59.8% 47.6% 51.7% Real Estate Investment Trust; REIT 01 Exchange Traded Fund; ETF 08 1,
8 MMFMoney Market Fund ICI ICI IT
9 % 30% 25% 20% 15% 10% 5% 0% MMF 2. ICI FRBICI 9
10 2011 5, % 65 18% 35 15% % % 25 4% % % % % % % % ICI ICI MMF IT
11 ICI ICI ETF
12 IRA 401(k) 1 401(k) Individual Retirement Account; IRA (k) FRBICI Investment Company Institute; ICI
13 15, 38%, 62%, 31%, 32%, 37% 401(k) ICI "Characteristics of Mutual Fund Investors, 2011" IRA 401(k)
14 MMF 1 5, , , , , , , , , , , T 3, , , , , , , , , , ,
15 ETF ETF ETF (k) MMF
16 (k) IRA 18 16
17 ICI IT IBD Independent Broker-Dealer RIARegistered Investment Advisor RIA RIA 17
18 80 92 Third Party Marketer; TPM TPM 90 AG
19 TPM 19
20 IRA 401(k) IRA 401(k) IRA 401(k) 1920IRA (k) IRA 401(k) FRB ICI 20
21 MMF 71 MMF MMF 82 2, MMDAMoney Market Depository Account MMF MMF 1. MMDA MMFMMF MMDA MMDA Wall Street Journal imoney-net IncBank Rate MonitorICI 21
22 90 MMF MMF 90 MMF MMF 2011 MMF 1.8 MMF 0.9 MMF 08 9 MMF 77 CMACash Management Account CMA ATM CMA 1 MMF ATM MMF CMA MMF CMA 86 Working Capital Management Account; WCMAWCMA CMA WCMA 90 MMF 10 7,400 7 MMF 3 3 MMF MMF 22
23 ,000 12b-1 Separately Managed Account; SMA SMA
24 SMA SMA 10 5,0001 SMA SMA ,
25 ETF ETF 93 S&P SPDRS; ETF ETF ETF ETF 03 ETF ETF ETF ETF ETF ETF ETF REIT REIT REIT 10 3, REIT Savings and Loan Association; S&L REIT REIT REIT REIT REIT REIT REIT 25
26 REIT (k) IRA
27 (k) IRA (k) , , (k)
28 SMA 6 7 SEC The Cerulli Edge, U.S.Edition, June SEC 28
29 IRA 401(k) ICI
30 Old-Age, Survivors, Disability Insurance; OASDI Social Security Amendments Act of IRA 401(k) IRA 401(k) IRA IRA 25 IRA 5, IRA 401(k)
31 401(k) IRA 403(b) IRA 457 TSP IRA IRA IRA IRA 74 Employee Retirement Income Security Act; ERISA IRA IRA 78 Simplified Employee Plan; SEP 81 IRA IRA IRA ,620 IRA 86 IRA 86 IRA IRA IRA IRA SEP Savings Incentive Match Plan for Employee; SIMPLE 97 IRA IRA IRA 31
32 IRA IRA IRA 01 IRA 08 5, (k) 401(k) (k) (k) 401 k 401(k) ERISA ERISA404 (c) k 401(k) 81 IRS 401 k 401(k)401(k) 401(k) 32
33 IT 401(k) (k) 403(b) (k) IRA 401(k) IRA 401(k) IRA 401(k) 401(k) IRA 9 IRA 401(k) IRA
34 10 IRA IRA IRA IRA IRA IRA IRA IRA IRA D.C
35 ,
36 % % 35 26% % % CollegeBoardTrends in Student Aid ICI 90 SEC 09 36
37 34 06 Merrill Lynch Investment Managers; MLIM
38 Personal Equity Plan; PEPIndividual Saving Account; ISA PEP
39 3,000 9,000 PEP EU EU 50 PEP PEP 93 PEP PEP 99 ISA PEP 91 Tax Exempt Special Savings Account; TESSA 18 7,200 ISA ISA ISA ISA 1 ISA MMF 3,600 ISA 7, PEP ISA PEP , ISA ISA ISA ISA 05 Child Trust Fund; CTFCTF 13 ISA ISA 7, CTF CTF
40 3,600 CTF 3 CTF ISA ISA CTF 1992 Superannuation Guarantee (Administration) Act of
41
42 NDC 800 AP7 AP7 AP7 AP % 75 33% 67% , , Swedish Pensions Agency Orange Report 42
43 GDP MMF MMF Plan d'epargne En Actions; PEA EU 755 Plan d'epargne Entreprise; PEE Plan d'epargne Interentreprises; PEI Plans d'epargne Retraite Collectif; PERCO 401(k) 3 43
44 solidaire fund PERCO Plan d'epargne Retraite Populaire; PERP PERP 100 PERP PERCO PERP 90 PEP PEA 44
45 IRA 401(k)
46 % 0.4% 22.7% 0.3% 6.9% 5.7% 3.8% 3.6% 8.7% 3.6% 75.5% 83.3% 84.1% % 80.3% 11.3% 5.5% 3.7% 68.3% 14.6% 13.4% 5.1% 0.6% 61.1% 17.7% 15.4% (k) 2011 ICI Characteristics of Mutual Fund Investors, 2011" 46
47
48 IRA 401(k) IRA 401(k)
49 04 49
50 14 ISA ISA ISA ISA ISA
51 ,
52 OECD OECD
53
54 54
55 1 55
56 /1 1981/1 1982/1 1983/1 1984/1 1985/1 1986/1 1987/1 1988/1 1989/1 1990/1 1991/1 1992/1 1993/1 1994/1 1995/1 1996/1 1997/1 1998/1 1999/1 2000/1 2001/1 2002/1 2003/1 2004/1 2005/1 2006/1 2007/1 2008/1 2009/1 2010/1 2011/1 2012/1 TOPIX 10 IMFBloomberg /1 1985/1 1986/1 1987/1 1988/1 1989/1 1990/1 1991/1 1992/1 1993/1 1994/1 1995/1 1996/1 1997/1 1998/1 1999/1 2000/1 2001/1 2002/1 2003/1 2004/1 2005/1 2006/1 2007/1 2008/1 2009/1 2010/1 2011/1 2012/1 S&P500 DAX FTSE100 TOPIX Bloomberg
57 ROE 90 A A 800 5,000 57
58 A A IR 2,2002, ROE B B B 23 B 2030 B ROE ROE 58
59 ROE C 30 C 23 C C 1 C D 1020 D 5 10 D 59
60 E 30 E E 20E F F F 3,
61 F F United Nations Principles for Responsible Investment; UNPRI F F F F F F G G 20 G G IR G G 61
62 17 A 510 D E C D E 2 F 3,
63 G 20 A ROE B 3 ROE ROE B 3 G C A B 46 63
64 150 F F 3 G D E G B A G ROE
65 ICI "Trends in Proxy Voting by Registered Investment Companies, "(2010) 5 ISS NYSE Listed Company Manual 303A.01 65
66 G 66
67 Financial Reporting Council; FRC F G G B A
68 B ROE 3 3 C E 300 F G B 68
69 % % ,
70 12 70
71 ROE 71
72 72
73 . A REIT ETF (k)
74 11 IRA 401(k) 1 7,000 1 HP EU 1 74
75 10 1. B ROEROA 75
76 51,
77 1 ISA 1. C (k) ISA % 33% ,
78 401(k) ISA (k) ISA 1 ISA ISA 401(k) ISA 78
79 2/3 1 ISA D
80 GDP
81 81
82 . E
83 1 ISA ISA ISA 83
84 ISA ISA. A , IR 1, , =6, % % 84
85 2,2002, ROE % ROE
86 60 60 MBA IR 3. B
87 TOPIX 1, ROE ROE 8 ROE 3 ROE % 20% ROE 87
88 12 TOPIX S&P FTSE 100 TOPIX 1,700 ROE 12% TOPIX 12 ROE PBR 1.0. C
89 IR IR DNA 89
90 , ,
91 GDP GNI. D
92 5070 3, ROEROI ROE
93 3.5. E %
94 1 ROE 3, = 94
95 ETF ETF. F UNPRI 95
96 3, ,000 ROE ROE CEO CFO
97 . G IR 3 IR IR IR IR 97
98 ESG
99 99
100 (k)1996 2, pp , pp , pp , pp , pp , pp FUND MANAGEMENT 2010, pp , pp MMF, pp IRA , pp , pp , pp
101 2004, pp REIT, pp , pp ETF, pp , pp , pp , pp , pp , pp , pp , pp , pp , pp , pp , pp
102 2010 LPL 2002Medium and Long-Term Retail Savings in the UK, pp , pp , pp ETF, pp , pp ISA 2011 ISA, pp Federal Reserve Board,"Flow of Funds Accounts of the United States" Investment Company Institute(2010),"Trends in Proxy Voting by Registered Investment Companies, " Investment Company Institute(2011),"Investment Company Fact Book" Investment Company Institute(2011),"Characteristics of Mutual Fund Investors, 2011" Morningstar Principia "Mutual Funds Advanced" Fidelity Institutional Shareholder Services (ISS) Investment Management Association National Association of Real Estate Investment Trusts United States Census Bureau 102
1
1 3 5 5 5 DC 9 NISA 20 22 26 26 IRA Roth IRA SEP SIMPLE 27 401(k) 33 529 38 ESOP 40 42 42 ISA 43 49 NEST 52 54 56 56 56 58 58 59 60 61 61 NISA DC 62 NISA 62 DC 63 DC 64 67 67 67 68 69 69 70 70 71 72 NISA
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2 2 3 4 5 5 6 10 14 17 18 18 20
1. 1990 2001 38 02 2. 90 3. 00 3 4. 02 5.5 3.6 2 5. 02 03 GDP 0 2 2 3 4 5 5 6 10 14 17 18 18 20 1930 50 81090 10 2001 38 2.2 2.301 7 02 3.603 5 3.5 FRB03 2 11 BS BS BS 90 1 Personal Income and Its Disposition
金融税制に関する論点整理
18 19 20 31 1 33 34 34 35 35 35 36 37 38 40 41 2 3 4 5 1,300 6 7 consistent Big Bang 8 9 Big Bang 10 20 Ramsey 11 12 3 4 6 2 15 16 13 50 5 60 14 15 16 20 17 5.25 1.05% 18 19 1 20 21 20 22 23 15 24 25 80
2001 12 2000 99-2-
2001 12 1,420 54.3 7.2 2.3 1 2 1 2-1- 2001 12 2000 99-2- 3 3,000 20 15 10 4 1 80 99 3.5 7 800 20 80 84 1.9 89 2.9 99 13.1 5 7,500 3 1913 4 5 90 90 90-3- -4-2001 12 15 39.6 + 10 20 40 3 26 26 3 10 7,500
Ⅱ アメリカの年金制度 (1) アメリカの公的年金制度 OASDI , ,500 3, , , , OASDI GDP OASDI
特集 : 公的年金の支給開始年齢の引き上げと高齢者の所得保障 支給開始年齢からみたアメリカの年金制度 山本克也 要約アメリカでは1983 年の公的年金制度 (OASDI) 改革で年金支給開始年齢の引上げが決まり 現在 引上げの途中にある しかし OASDIの年金給付額は少ないこともあって それ以後 大きな改正はなされていない ( 保険料率も 1993 年に引き上げた12.4% が維持されている )
p. 62 Fundmark
p. 62 Fundmark DC Fundmark Fundmark MMF Fundmark TOPIX ETF/ MMF TOPIX ETF ETF TOPIX TOPIX TOPIX buy & hold TOPIX TOPIX TOPIX TOPIX t0 t1 t2 t3 t0 t1 t2 t3 TOPIX t0 t1 t2 t3 t0 t1 t2 t3 TOPIX t0 t1 t2 t3
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野村資本市場研究所｜ASEAN投資信託市場の現状と課題（PDF）
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資金循環の日米欧比較
資金循環の日米欧比較 2018 年 8 月 14 日銀行調査統計局 * 本資料では 日 米 欧 日 米について 主要な部門を比較 掲載しています Ⅰ. 日米欧比較 データはいずれも 2018 年 3 月末現在 図表 1 金融機関の金融資産 負債構成 資産 ( 3,46 兆円 ) 負債 ( 3,30 兆円 ) 預金取扱機関 ( 1,939 兆円 ) 貸出 ( 1,903 兆円 ) 保険 年金基金 %
教育資金を通じた世代間資産移転促進制度に関する調査研究
24 2013 1 31 529 529 529 529 529 2 4 RESP RESP RESP RESP 23 ISA ISA ISA 31 37 39 41 1 OECD 8.8 30.0 64.7OECD 1998 2006 2005 33.1 70.4 2 3 1 529 OECD2009 9 RESP ISA 2 1 1. 2. 2009 2008 OECD Education at
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Bloomberg ARES Price Book-value Ratio J BA A * 201226 20 2241214 1 J 25 90 90 () 15 10090 10090 () 147 A A B B A A B B A A B ToSTNet 2 2-3 2 4-6 191 9 192 11 1 p16 H20.12 H20.11 H20.10 H20.3 H19.11
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米国における金融・資本市場改革の展開
1980 DIDMCA 1982 1994 20 & 1989 FIRREA 1991 FDICIA 1999 11 12 Gramm-Leach- Bliley Act P.L.106-102, 113 STAT.1338 1933 Glass-Steagall Act P.L. 73-66, 48 STAT. 162 66 1980 1981 1980 1990 & Savings and Loan
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Global Reporting Initiative GRI 2013 International Integrated Reporting Council: IIRC IIRC 2013 European Union: EU European Parliament and the Council of the European Union 2014 Public Interest EntitiesPIE
Summer 2010 No. 171 II GM the United Auto WorkersUAW UAW 57, ,
特集 : アメリカの社会保障 アメリカの年金システム 吉田健三 2 1 1 I. Palme 1990 Espin-Andersen 1990 2003 18 33 Summer 2010 No. 171 II. 1941 1959 18 1966 25 GM 1980 2006 65 40 the United Auto WorkersUAW 2006 27.81 1 2005 2076 2 2
Financial Reporting Standard 17 FRS17 FAS87 87 Financial Accounting Standard 87 FAS87 International Accounting Standard Board IASB 19 Internat
No,25-36(2005) Two Changes in Accounting Principles of Pension Plans British, or Americanthat is the question Masaharu Usuki Nihon University, Graduate School of Social and Cultural School, and NLI Research
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Special Report 1 20 068 NIKKEI BUSINESS 2016.01.11 Special Report IMFWorld Economic Outlook GDP 3079 3269 3738 8508 2846 1857 GDP 2.9% 6.0% 0.7% 5.0% 6.1% 6.0% 2015 GDP 1GDP 3.0% 4.8% 3.7% 5.2% 6.7% 6.0%
欧米主要国の国会議員年金制度－アメリカ・イギリス・フランス・ドイツ－
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野村資本市場研究所｜カナダで普及が進む教育資金形成制度RESP（PDF）
2013 Spring RESP 1. 25 1,500 2013 4 2015 RESP 2. RESP 44 3. RESP RESP 4. 2040 6 60 5. 192 25 1,500 2013 4 2015 Registered Education Savings Plans RESP 1 RESP RESP RESP 1974 90 2000 1998 Canada Education
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* 1990 GDP 40 JEL Classification: H39, H54, H63, H72, H77 Key words: * 16 (2005a, b) 1 Local Government Bonds and Fiscal Discipline By Takero Doi, Tomoko Hayashi and Nobuyuki Suzuki Abstract Outstanding
野村資本市場研究所｜「財政の崖」回避をめぐる議論と米国地方債市場（PDF）
1. 1 2011 28% 2. 2012 12 3. 2013 1 2 4. 1 1 2013 1 2 2 1 2 Securities Industry and Financial Markets Association, Regulatory Fiscal cliff negotiation could affect the taxexemption, December 10 2012. Bloomberg,
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Title カナダの年金制度 Author(s) 高山, 憲之 Citation Issue 2002-04 Date Type Technical Report Text Version publisher URL http://hdl.handle.net/10086/14400 Right Hitotsubashi University Repository OECD 1980 1989 1997
野村資本市場研究所｜SWF：行動規範の策定と最近の動向（PDF)
SWF 1. SWF SWF SWF 2. SWF SWF 26 IMF OECD 3. SWF IMF GIC SWF 4. SWF SWF SWF 5. SWF SWF CIC 6. SWF SWF SWF OECD IMF 145 2009 Winter Sovereign Wealth Fund SWF 2008 9 SWF 2007 2008 SWF 2008 SWF 2008 6 SWF
海外社会保障研究０２０５.doc
1 OECD 1980 1989 1997 2003 9.9% 1996 Seniors Benefit 1998 3100 Old Age Security (OAS) 2.1 1927 Old Age Security Act 20 70 1952 1965 65 1972 CPI 1973 1989 claw back 2.2 OAS 18 40 10 OAS 20 OAS 40 40 OAS
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Connecting Markets East & West 214 1 1 SMA ETF DC DBDC AccumulationRebalancing/Decumulation M&A AUM SWF JOBS 1 AUM AUM 1: AUM 24 27 212 22) AuM 37.3 59.4 63.9 11.7 26.6 71% 37.8 59% 16.1 25.4 27. 41.2
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SMBC 1
2004911 N Time to Catch the Big Wave 2004 1 2004911 SMBC 1 2004 1 3 12 Time to Catch the Big Wave 28 CSR 33 2 2004 1 4 2004 1 FY2004 1Q FY2003 4Q '03.4Q FY2003 1Q '03.1Q FY2003 124,660 122,991 1.4% 111,996
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L A - 5 8 SBIC 2005 12 ERISA Employee Retirement Income Security Act of 1974 L Leverage SBA LR Leverage Ratio SBA ME Management Expense PC Private Capital PD Participating Debenture PPA Prioritized Payment
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Your Partner in Finance 2012 4 1975 13 3,200720,000 Philli p recog nition WCWB (UK) CFD King & Shaxson (UK) IFS Capital (SG) 1975 1987 1993 2001 2003 2006 2008 2010 1981 1991 1996 2002 2005 2007 2009
1
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Winter 2009 No Lower Earnings Limit
特集 : イギリスの社会保障 - ニューレイバーの 10 年 イギリスの公的 私的年金制度改革 丸谷浩介 I 1 50 1997 II 1. 2 15 Winter 2009 No. 169 8 3 4 1999 1989 8 2. 4 1 2 1 1992 6 16 Lower Earnings Limit1 65 60 1 2 16 2.40 16 2 1 5 1 2 3. 6 1970 State
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Longevity Risk 20 WHO 65 7% 14% 21% % [2]
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リタイアメント 高齢化問題に いかにして向き合うか 2016 年 7 月 Longevity Risk 20 WHO 65 7% 14% 21% 1970 1994 2007 21.5% 2 1. 4 2. 6 3. 20 4. 10 30 10 34 [2] 532 2016 3 Pensions & Investments WORLD S LARGEST MONEY MANAGERS as of
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S C B SHINKIN CENTRAL BANK 103-0028 1-3-7 TEL.03-5202-7671 FAX.03-3278-7048 URL http://www.scbri.jp 20 1015 GDP 80 S&L OFHEOHPI 2007 79 0.4 1994 13 1975 2007 912 1995 1-3 100 OFHEO 1980 2000 GDP ( 5.9)
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17 1 2007 2008 3 G D P GDP 564,606 5,158,515 10.9 375,538 1,420,657 26.6 21 350351 18 19 52.71 40.32 93.03 52.7 40.3 2009 38.9 2007 49.2 2009 12 1 15.9 10.8 7.7 13.7 6.8 13.9 4.8 6.1 3.7 5.8 2009 12 1
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G FF FBR p J K p FRB GM GNP GM GM UAW GM NY GM GM GM GM GM GM GM GM GM MBA p A B GM Q GM / / GM G TOPIX VUL V U OMB ISDA CDS the notional amount outstanding ISDA] CDS CDS CDS Over The Counter OTC FRB FRB
Association of South East Asian Nations: ASEAN ASEAN ASEAN ASEAN ASEAN ASEAN ASEAN
Association of South East Asian Nations: ASEAN ASEAN ASEAN ASEAN ASEAN ASEAN ASEAN ASEAN ASEAN ASEAN ASEAN ASEAN ASEAN ASEAN Free Trade Agreement: FTA FTA ASEAN ASEAN ASEAN ASEAN The European Union: EU
AT A GLANCE INDIVIDUAL GROUP 63.72% 1, % At a Glance INSTITUTIONAL GROUP 34.26% % GLOBAL MARKETS GROUP 5.56% % 2
214 At a Glance 32 36 38 4 42 43 31 AT A GLANCE INDIVIDUAL GROUP 63.72% 1,293 32.4% 226 214 At a Glance INSTITUTIONAL GROUP 34.26% 695 76.26% 532 32 GLOBAL MARKETS GROUP 5.56% 112 4.2% 28 3 1% 1,5 5 1,
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日本の金融市場におけるファンﾄﾞの活用について ～世界に大きく遅れた日本の運用業界の現状と今後の展望を考える～
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Kwansei Gakuin University Rep Title 日 本 版 不 動 産 投 資 信 託 ( J-REIT) における 利 益 相 反 問 題 Author(s) Kojima, Koji, 児 島, 幸 治 Citation 商 学 論 究, 63(3): 359-375 Issue Date 2016-03-10 URL http://hdl.handle.net/10236/14192
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