经营管理-长期风险与金融新秩序(英文版)(ppt31)-投资融资(编辑修改稿)

经营管理-长期风险与金融新秩序(英文版)(ppt31)-投资融资(编辑修改稿)内容摘要：

me equity insurance: manage risks to home values A More Effectively Progressive Ine Tax System and Earned Ine Tax Credit • Higher taxation of successful people used to subsidize less successful • Subsidy of less successful is made in terms of a wage subsidy (EITC) to maintain incentives Inequality Insurance • Tax rates could be indexed to a measure of inequality in such a way that inequality is prevented from worsening • Can legislate a tax system that prevents further worsening • Implement a plan for such a tax system that will alleviate ine inequality in the future even if the system cannot be implemented for some time. Move towards Electronic Money • Cash transactions are hard to tax • Thoroughgoing use of electronic money in China would make an effective ine tax and wage subsidy system feasible • In US, cash transactions are confined to small items, newspapers, candy bars • Electronic payment systems already here in China: need to expand them Indexed Money • Once we have a system of electronic money, the money can be indexed • Inflationindexed debt allows savers to lock in their future returns • Inflationindexed life annuities allow people to guarantee their retirement • Indexation can be helped by creating new units of measurement: the Unidad de Fomento (UF) of Chile Social Security System: Old Age Insurance • Social Security is in ferment around the world today because of declining birth rate • In ing decades, will be large number of elderly relative to working people in China, as in many other countries Intergenerational Risk Sharing • In many countries, oldaged pension benefits are indexed to inflation • But。