《Asset Rich and Cash Poor in Singapore》作者：David McCarthy, Olivia S. Mitchell, and John Piggott
November 2000
Abstract：
National defined contribution pension systems have long been a mainstay of retirement income in Asia.
One of the oldest and best-known of these systems is the Singaporean Central Provident Fund, a
mandatory retirement scheme managed by the central government for almost a half-century. With
required contribution rates that have ranged up to 50%, this program powerfully shapes asset
accumulation patterns and retirement portfolios. In this paper we explore how the structure and design of
the Singaporean retirement system influences retirement wealth levels and portfolio mix. Further, we
assess how well future retirees may be protected against retirement risk under such a system. Our model
indicates that outcomes rest critically on the interlinked national retirement scheme and housing program.
We show that policies to enhance one program may boost retirement replacement rates but can also lower
total wealth in unexpected ways. The lessons we draw may serve as guidance for other countries
constructing a national defined contribution retirement system.