기획주제
대체투자의 현황과 유의점｜변진호 ····················································· 4
국민연금 기금운용 성과평가체계(기간) 개선방안｜박영규 ························· 13
미국 정책금리 인상과 국민연금 해외투자 기회와 위험｜강대일 ··················· 23
스마트 베타와 연기금 투자전략｜최영민 ············································· 36

정책분석 및 연금동향
최근 연금 시위를 통해 살펴본 싱가포르 연금제도의 과제와 시사점｜최옥금 ···· 44
OASDI의 계리적수지차와 국민연금의 지속가능성｜최기홍 ························ 52
라소 모형을 이용한 자산의 추정｜최장훈 ············································ 61
거시경제 및 제도변화가 국민연금 가입률에 미치는 영향 분석｜성명기 ·········· 68
해외연기금의 투자정책서 비교분석｜박태영 ········································· 74
글로벌 메가프로젝트 사업의 위험과 시사점｜노상윤 ······························· 82
국민연금 국내주식 직접운용과 위탁운용의 성과 분석｜정문경 ···················· 91
국민연금기금의 환헤지 정책의 효과｜주상철 ········································ 99
해외 주요연기금의 기금운용 및 보상체계 비교｜황정욱 ··························· 107