2876
1
25.8 13.7 24.4 51.9 50 40 30 45.4 35.7 4.0 3.0 3.11 2.83 31.4 29.0 58.8 11.6 29.3 14.9 2015 20 10 0 18.8 2015 2.0 1.0 0.0 95 97 99 01 03 05 07 09 11 13 15 1.47 そ の 2
1,100 7 988 1,000 958 879 921 6 900 64,445 825 800 727 58,597 5 700 600 51,884 4 492 44,110 500 3 400 300 29,770 2 200 100 15,631 1 0 0 1 6 12 3 6 9 12 26 27 60 55.5% 51.8% 50 40 30 15.2% 20 8.8% 10 0 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 3
60 % 4.0 GDP 3.9 50 40 30 45.4 30.5 3.5 3.0 20 10 0 65 70 75 80 85 90 95 00 05 10 15 74 ERISADCIRAIndividual Retirement Account 81 IRADB DC401k401k78 86 DB 88 04 FRBBEA 2.5 2.0 65 70 75 80 85 90 95 00 05 10 15 4
5
2016 1=112.43 5ETF 12 )912 )/ 6
ポ ー ト フ ォ リ オ ポ ー ト フ ォ リ オ GPIF201410201510 0.4% 0.8% 4.3% 7.6% 4.2% 7.7% 11.5% 17.2% 2.0% 11.0% 4.5% 9.1% 54.2% 65.4% 7
90% 11.1% 67.3% 21.5% 13.6% 70.3% 16.1% 80% 70% 60% 50% 77.9% 48.4% 1.7% 55.7% 42.6% 0% 20% 40% 60% 80% 100% 40% 30% 20% 10% 0% 21.5% 12.9% 15.0% 16.7% 18.0% 8
そ の DOL MiFID OECDG20/OECD 9
Employee Retirement Income Security Act1974 1974 fiduciary fiduciary 10
Avon Letter1988 11
DOL2016 20174 1975 12
The Kay Review2012 Department for Business Innovation & Skills 20127 MiFIDMarkets in Financial Instruments Directive2007 EU 13
OECD201110 20139 G20201011 14
G20 /OECD199920042015 15
16