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Pension Reform, Financial Market Development, and Economic Growth: Preliminary Evidence From Chile

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  • Mr. Robert Holzmann

Abstract

The Chilean pension reform of 1981, in which Chile moved from an unfunded to a funded scheme, is considered to have contributed to this country’s excellent economic performance since the mid-1980s. The paper highlights the theoretical underpinnings of the claimed economic effects and presents empirical data and preliminary econometric testing of the conjectured growth, capital formation, and saving effects. The empirical evidence is consistent with most of the claims. In particular, the direct impact of financial market development on private saving is found to be negative, which underscores the importance of sound fiscal policy and public saving to support the transition.

Suggested Citation

  • Mr. Robert Holzmann, 1996. "Pension Reform, Financial Market Development, and Economic Growth: Preliminary Evidence From Chile," IMF Working Papers 1996/094, International Monetary Fund.
    • Handle: RePEc:imf:imfwpa:1996/094
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    Keywords

    WP; financial market; economic growth; labor market; private sector; rate of return; saving rate; market activity; stock market exchange; investment volume; investment rate; labor market participation; Pension spending; Pension reform; Private savings; Financial sector development; Capital formation; Central and Eastern Europe;
    All these keywords.

    JEL classification:

    • G23 - Financial Economics - - Financial Institutions and Services - - - Non-bank Financial Institutions; Financial Instruments; Institutional Investors
    • O16 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Financial Markets; Saving and Capital Investment; Corporate Finance and Governance
    • O54 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Latin America; Caribbean

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