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Privatizing Public Pension Systems: Lessons For The United States From Latin America

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Author Info
John B. Williamson () (Center for Retirement Research at Boston College)
Abstract

The primary goal of this study is to cast light on what might happen were the United States to partially privatize its Social Security system. The analysis draws on evidence from four Latin American countries that have privatized their public pension schemes (Chile, Mexico, Bolivia, and El Salvador) and four that have partially privatized (Argentina, Uruguay, Colombia, and Peru). In Latin America privatization tends to have positive economic effects. It contributes to the development of financial institutions and to an increase in investment capital. There is less consensus, but at least some evidence suggesting that it may increase the national savings rate and economic growth. However, privatization also leads to higher administrative costs as well as an increase in both income and gender inequality. In addition, there is a risk that many low-wage workers and particularly women will end up worse off with defined contribution than with defined benefit schemes.

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Paper provided by Center for Retirement Research in its series Working Papers, Center for Retirement Research at Boston College with number 1999-03.

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Date of creation: 29 Oct 2002
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Handle: RePEc:crr:crrwps:1999-03

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  1. Sebastian Edwards, 1996. "The Chilean Pension Reform: A Pioneering Program," NBER Working Papers 5811, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  2. Martin Feldstein & Jeffrey B. Liebman, 2001. "Social Security," NBER Working Papers 8451, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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    • Feldstein, Martin & Liebman, Jeffrey B., 2002. "Social security," Handbook of Public Economics, in: A. J. Auerbach & M. Feldstein (ed.), Handbook of Public Economics, edition 1, volume 4, chapter 32, pages 2245-2324 Elsevier. [Downloadable!] (restricted)
  3. Peter Diamond, 2004. "Social Security," American Economic Review, American Economic Association, vol. 94(1), pages 1-24, March. [Downloadable!]
  4. Queisser, Monika, 1997. "Pension reform and private pension funds in Peru and Colombia," Policy Research Working Paper Series 1853, The World Bank. [Downloadable!]
  5. Vittas, Dimitri, 1997. "The Argentine pension reform and its relevance for Eastern Europe," Policy Research Working Paper Series 1819, The World Bank. [Downloadable!]
  6. Diamond, Peter A, 1996. "Proposals to Restructure Social Security," Journal of Economic Perspectives, American Economic Association, vol. 10(3), pages 67-88, Summer. [Downloadable!] (restricted)
  7. Reisen, Helmut, 1997. "Liberalizing foreign investments by pension funds: Positive and normative aspects," World Development, Elsevier, vol. 25(7), pages 1173-1182, July. [Downloadable!] (restricted)
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  8. Troesken, Werner, 1997. "The," Journal of Law, Economics and Organization, Oxford University Press, vol. 13(1), pages 1-25, April.
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