一、主要发达国家机构投资者发展迅速的原因 一是从全球人口结构的变化看,除了非洲以外,美国、欧洲以及东亚等主要经济体都呈现出了老龄化的趋势。这一状况对各国实行现收现付的养老保险体系产生了巨大的压力:日本老龄化的趋势最为明显,而且日本的养老保险基金在1990年资产泡沫破裂后受到了严重损失;德国由于战争和通货膨胀的影响,积累的资金在1999年仅够维持该体系11天的运转,所以目前老年人的养老金已完全依赖年轻人的交纳;美国二战后“婴儿潮”时期出生的人口自2010年将逐步进入 First, the reason for the rapid development of institutional investors in the major developed countries First, from the perspective of changes in the global population structure, major economies in the United States, Europe and East Asia, except Africa, have shown an aging trend. This situation exerted tremendous pressure on the implementation of the pay-as-you-go pension system in various countries: the trend toward Japan’s aging was most pronounced, and Japan’s pension fund suffered serious losses after the asset bubble burst in 1990. Germany, as a result of the war and The impact of inflation and the accumulation of funds were only enough to sustain the system for 11 days in 1999. As a result, the current pensions of the elderly have relied entirely on the payment of young people; the United States was born during the “Baby Boomer” period after World War II since 2010 Will gradually enter