IMF-养老基金与金融稳定（英）

Pension Funds and Financial Stability Sneha Agrawal, Timo Broszeit, Ranjit Singh, Nobuyasu Sugimoto, Jay Surti, and Suzette Vogelsang Note/2025/001 ii GLOBAL FINANCIAL STABILITY NOTE Pension Funds and Financial Stability Prepared by Sneha Agrawal, Timo Broszeit, Ranjit Singh, Nobuyasu Sugimoto, Jay Surti, and Suzette Vogelsang March 2025 iii ©2025 International Monetary Fund Pension Funds and Financial Stability Note 2025/001 Prepared by Sneha Agrawal, Timo Broszeit, Ranjit Singh, Nobuyasu Sugimoto, Jay Surti, and Suzette Vogelsang* Cataloging-in-Publication Data IMF Library Names: Agrawal, Sneha, 1992-, author. | Broszeit, Timo, author. | Singh, Ranjit Ajit, author. | Sugimoto, Nobuyasu, author. | Surti, Jay, author. | Vogelsang, Suzette, author. | International Monetary Fund, publisher. Title: Pension funds and financial stability / Sneha Agrawal, Timo Broszeit, Ranjit Singh, Nobuyasu Sugimoto, Jay Surti, and Suzette Vogelsang Other titles: Global Financial and Stability Notes Description: Washington, DC : International Monetary Fund, 2025. | Mar. 2025. | Note/2025/001. | Includes bibliographical references. Identifiers: ISBN: 9798229002608 (paper) 9798229002691 (ePub) 9798229002837 (WebPDF) Subjects: LCSH: Pension trusts—Evaluation. | Investments—Evaluation. Classification: LCC HD7105.4.A4 2025 DISCLAIMER: The views expressed are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management. RECOMMENDED CITATION: Agrawal, Sneha, Timo Broszeit, Ranjit Singh, Nobuyasu Sugimoto, Jay Surti, and Suzette Vogelsang. 2025. “Pension Funds and Financial Stability.” Global Financial Stability Note 2025/001, International Monetary Fund, Washington, DC. Publication orders may be placed online or through the mail: International Monetary Fund, Publication Services P.O. Box 92780, Washington, DC 20090, USA T. +(1) 202.623.7430 publications@IMF.org IMFbookstore.org elibrary.IMF.org *The authors are grateful for the valuable suggestions from the International Organization of Pension Supervisors secretariat and administrative support from Shanyuan Zheng and Carol Franco. iv Contents Abbreviations .............................................................................................................................................. v Introduction ................................................................................................................................................. 1 I.Vulnerabilities of Pension Funds ........................................................................................................... 4 Traditional Risks ................................................................................................................................... 5 Emerging/New Risks .......................................................................