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Economía política de la reforma del sistema colombiano de pensiones

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  • Álvaro Martín Moreno R.

    ()
    (Universidad Nacional de Colombia)

  • Fabio Ortiz

    ()
    (Universidad Externado de Colombia)

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    Abstract

    This paper offers a critical analysis of the arguments against the public pensions system. It shows that the defense of the fully funded system based on its solvency and its ability to automatically cope with the processes of aging society are mere fallacies. In fact, it can be shown that the pay-as-you-go and fully funded systems are equivalent, facing the same problems in the long term. Finally, projections of conventional indicators show that the cries of alarm of Fedesarrollo and BBVA have no solid foundation.

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    File URL: http://www.uexternado.edu.co/facecono/ecoinstitucional/workingpapers/amoreno22.pdf
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    Bibliographic Info

    Article provided by Universidad Externado de Colombia - Facultad de Economía in its journal Revista de Economía Institucional.

    Volume (Year): 12 (2010)
    Issue (Month): 22 (January-June)
    Pages: 167-192

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    Handle: RePEc:rei:ecoins:v:12:y:2010:i:22:p:167-192

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    Related research

    Keywords: pension system; political economy;

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    References

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    1. Leimer, Dean R & Lesnoy, Selig D, 1982. "Social Security and Private Saving: New Time-Series Evidence," Journal of Political Economy, University of Chicago Press, vol. 90(3), pages 606-29, June.
    2. Sergio Cesaratto, 2006. "Transition to fully funded pension schemes: a non-orthodox criticism," Cambridge Journal of Economics, Oxford University Press, vol. 30(1), pages 33-48, January.
    3. Sergio Cesaratto, 2002. "The Economics of Pensions: A non-conventional approach," Review of Political Economy, Taylor & Francis Journals, vol. 14(2), pages 149-177.
    4. Abba P. Lerner, 1959. "Consumption-Loan Interest and Money," Journal of Political Economy, University of Chicago Press, vol. 67, pages 512.
    5. Martin Feldstein, 1997. "The Missing Piece in Policy Analysis: Social Security Reform," NBER Working Papers 5413, National Bureau of Economic Research, Inc.
    6. Paul A. Samuelson, 1958. "An Exact Consumption-Loan Model of Interest with or without the Social Contrivance of Money," Journal of Political Economy, University of Chicago Press, vol. 66, pages 467.
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