Advanced Search
MyIDEAS: Login to save this paper or follow this series

Does Pension Reform Really Spur Productivity, Saving, and Growth?

Contents:

Author Info

  • : Klaus Schmidt-Hebbel

Abstract

Substituting a fully-funded system for a pay-as-you-go regime provides potential efficiency gains in factor markets, can contribute to higher saving, and hence could raise growth. But pension reformers face significant uncertainty about the size and timing of these benefits. This paper sheds light on this issue in two directions. First it reviews recent world-wide empirical and simulations evidence on pension systems and reforms to infer about the likely factor market benefits and potential saving effects of pension reform and their quantitative implications for growth. Then new evidence is provided for Chile, the country with the oldest and most radical pension reform to date. The results suggest that Chile's pension reform has improved labor-market performance and raised saving, investment, and factor productivity, contributing to a quarter of the country's growth increase.

Download Info

If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
File URL: http://www.bcentral.cl/estudios/documentos-trabajo/pdf/dtbc33a.pdf
Download Restriction: no

File URL: http://www.bcentral.cl/estudios/documentos-trabajo/pdf/dtbc33b.pdf
Download Restriction: no

File URL: http://www.bcentral.cl/estudios/documentos-trabajo/pdf/dtbc33c.pdf
Download Restriction: no

File URL: http://www.bcentral.cl/estudios/documentos-trabajo/pdf/dtbc33d.pdf
Download Restriction: no

File URL: http://www.bcentral.cl/estudios/documentos-trabajo/pdf/dtbc33e.pdf
Download Restriction: no

File URL: http://www.bcentral.cl/estudios/documentos-trabajo/pdf/dtbc33f.pdf
Download Restriction: no

Bibliographic Info

Paper provided by Central Bank of Chile in its series Working Papers Central Bank of Chile with number 33.

as in new window
Length:
Date of creation: Apr 1998
Date of revision:
Handle: RePEc:chb:bcchwp:33

Contact details of provider:
Postal: Casilla No967, Santiago
Phone: (562) 670 2000
Fax: (562) 698 4847
Web page: http://www.bcentral.cl/
More information through EDIRC

Related research

Keywords:

References

No references listed on IDEAS
You can help add them by filling out this form.

Citations

Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
as in new window

Cited by:
  1. Walker, Eduardo & Lefort, Fernando, 2002. "Pension reform and capital markets : are there any (hard) links?," Social Protection Discussion Papers 24082, The World Bank.
  2. Axel Börsch-Supan, 2003. "What are NDC Pension Systems? What Do They Bring to Reform Strategies?," MEA discussion paper series 03042, Munich Center for the Economics of Aging (MEA) at the Max Planck Institute for Social Law and Social Policy.
  3. Francisco Gallego & Felipe Morandé & Raimundo Soto, 2001. "El Ahorro y el Consumo de Bienes Durables Frente al Ciclo Económico en Chile: ¿Consumismo, Frugalidad, Racionalidad?," Working Papers Central Bank of Chile 96, Central Bank of Chile.
  4. Bravo, Jorge H., 2001. "The Chilean Pension System: A Review of Some Remaining Difficulties After 20 Years of Reform," Discussion Paper 7, Center for Intergenerational Studies, Institute of Economic Research, Hitotsubashi University.
  5. Jeanine Bailliu & Helmut Reisen, 1997. "Do Funded Pensions Contribute to Higher Aggregate Savings?: A Cross-Country Analysis," OECD Development Centre Working Papers 130, OECD Publishing.
  6. Axel Börsch-Supan, 2000. "Was lehrt uns die Empirie in Sachen Rentenreform?," Perspektiven der Wirtschaftspolitik, Verein für Socialpolitik, vol. 1(4), pages 431-451, November.

Lists

This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.

Statistics

Access and download statistics

Corrections

When requesting a correction, please mention this item's handle: RePEc:chb:bcchwp:33. See general information about how to correct material in RePEc.

For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Claudio Sepulveda).

If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

If references are entirely missing, you can add them using this form.

If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.

If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.

Please note that corrections may take a couple of weeks to filter through the various RePEc services.