世界の投資信託30年の変化と今後の課題

1 30 28 5 12 1 30 IIFA 30 2016 30 30 28 15 4,000 2 1 2 3 4 5 6 ETF IT ESG 2 30 IIFA 30 2016 1 30 30 28 ETF 1 85 15 15 1 120 4.

2 090 28 00 IT 08 11 IIFA 15 15 GDP2 85 15 90 50 15 3 1 10 24 28 21 2 IMF World Economic Outlook Database October 2015 GDP 85 15 3 IIFA 15 3 4 27 90 50 MMF 90 15 100 5 14 160 2 31 GDP GDP IMF Wprld Economic Outlook Database 2015 October GDP 0%5%10%15%20%25%30%35%40%45%50%05,00010, 00015,00020,00025,00030,00035,00040,0008 5 87 89 91 93 95 97 99 01 03 05 07 09 11 13 15 ( GDP ( ))

3 85 15 30 5 28 GDP 85 15 6 20 15 7 1, 8 4 WFE 5 BIS 15 6 BIS Quarterly Report 15 2Q 100 6 GDP 85 15 7 8 2016 1 4 30 1 2 3 4 5 6 30 2 85 15 30 [ 2] 01002003004005006007008009001,00085 87 89 91 93 95 97 99 01 03 05 07 09 11 13 15 85 100 (S&P500) DAX) CAC400 FTSE100) TOPIX)

4 9690%2%4%6%8%10%12%858789919395979901030 50709111315 10 10 10 787 512 463 148 5 9 00 14 15 53 47 TOPIX 2 85 15 6 1 89 100 15 54 579 600 2 99 2 00 14 15 10 30 11 85 15 12 GDP 9 IIFA Net Sales 10 10 15 6 30 16 3 11 ICI The Rise of Mutual Funds (Oxford University Press, 2011) 12 FRB Financial Accounts of the United States (15 4 5 )

5 6 19 04 15 9 11 13 92 92 14 15 9 15 23 85 572 15 1,741 16 30 92 15 3 90 2000 2 17 86 15 30 18 13 Eurostat database (15 4 5 ) 14 Bundesbank (15 4 5 ) 15 13 16 15 3 17 18 7 3 01234567885 87 89 91 93 95 97 99 01 03 05 07 09 11 13 15 15 10 505101585 87 89 91 93 95 97 99 01 03 05 07 09 11 13 15 DC 15 4 1 6 2.

6 400 4 DC DC DC IRA 401k 85 15 19 DC 85 IRA 15 IRA 15 DC 46 61 80 DC 19 19 APRA Insight 2 2007 Special edition Celebrating 10 years of data collection 1996 2006 8 20 95 6 15 6 9 15 DC 4 85 15 480 01 15 9 DC 9 4 20 93 4 IIFA 85 12 15 46 17 21 85 4 30 2000 99 15 159 194 22 99 15 375 1.

7 612 ISA23 99 15 321 454 310 07 IIFA 15 7 08 15 pp3 20 DC 16 1 18 DC 2015 9 21 IMF World Economic Outlook Database October 2015 22 00 4 23 ISA Individual Savings Account 99 NISA 9 357 15 20 17 15 2000 99 15 1,139 29 179 4 20082015 85 99 99 15 (08 15)

8 6, 9, 17, 1282% 159% 85% 1, 3, 69% 1, 1, 676% 179% 15% 1, 126% 1, 1178% 321% 200% 1, 11149% 310% 81% 3545% 230% 114% 408% 62% 41% 239% 1054% 59% 58% 2243% 105% 55% 147% 1% 2820% -58% -24% 1002% 323% 79% 149% 2205% 41% -12% 81% -27% 940% -32% -17% 37% 295% 59% 49% -65% 29 11, 17, 31, 78% 1.

9 -5% 168% 76% 75% 127% 82% 325% 55% 298% 17 0 0 1, , 122% 11, 18, 34, 1389% 194% 80% 1985 . 2000 19851999 10 80 80 90 IFA 2000 IT 24 80 DC DC IFA IFA 98 15 31 70 MMF MMF

10 MMF MMF 99 2000 5 00 00 02 IT MMF 08 48 MMF 24 11 28 15 DC 25 5 15 0500010000150002000025000300003500099020 70815 80 92 MMF 90 MMF 16 MMF 25 2020 25 30 35 5 12 30 ETF IT 30 85 15 05