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The Cyclical Characteristics of Universal Social Insurance

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  • Hemming, Richard

Abstract

This paper examines how a universal social insurance program proposed for Mexico can respond to cyclical variations in revenue while remaining selffinancing. More specifically, it discusses the issues involved in setting up a stabilization fund that can accumulate surpluses when revenue is cyclically high, which can be drawn down when revenue is cyclically low. Attention is also paid to the options available to create a fund with sufficient resources to respond to revenue shocks early it its life, before a significant revenue cushion can be built up. In this connection, it is argued that letting the fund borrow to do this would not compromise the financial independence of the program.

Suggested Citation

  • Hemming, Richard, 2013. "The Cyclical Characteristics of Universal Social Insurance," IDB Publications (Working Papers) 4538, Inter-American Development Bank.
    • Handle: RePEc:idb:brikps:4538
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    File URL: https://publications.iadb.org/publications/english/document/The-Cyclical-Characteristics-of-Universal-Social-Insurance.pdf
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    References listed on IDEAS

    as
    1. Mr. Dimitar Radev & Mr. Richard I Allen, 2006. "Managing and Controlling Extrabudgetary Funds," IMF Working Papers 2006/286, International Monetary Fund.
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    More about this item

    Keywords

    Social insurance;

    JEL classification:

    • E39 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Other
    • H53 - Public Economics - - National Government Expenditures and Related Policies - - - Government Expenditures and Welfare Programs
    • H55 - Public Economics - - National Government Expenditures and Related Policies - - - Social Security and Public Pensions
    • I38 - Health, Education, and Welfare - - Welfare, Well-Being, and Poverty - - - Government Programs; Provision and Effects of Welfare Programs

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