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Pension Reform, Financial Market Development, and Economic Growth

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  • 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.

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Bibliographic Info

Paper provided by International Monetary Fund in its series IMF Working Papers with number 96/94.

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Length: 52
Date of creation: 01 Aug 1996
Date of revision:
Handle: RePEc:imf:imfwpa:96/94

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Cited by:
  1. Ingo Walter & Elif Sisli, 2006. "The Asset Management Industry in Asia: Dynamics of Growth, Structure, and Performance," Working Papers 06-29, New York University, Leonard N. Stern School of Business, Department of Economics.
  2. Roberto J. Santillán Salgado & David López & Justo Montenegro, 2010. "Las Administradoras de Fondos de Pensiones y el desarrollo del mercado de capitales en Chile," Ensayos Revista de Economia, Universidad Autonoma de Nuevo Leon, Facultad de Economia, vol. 0(2), pages 53-76, November.
  3. Dayoub, Mariam & Lasagabaster, Esperanza, 2008. "General trends in competition policy and investment regulation in mandatory defined contribution markets in Latin America," Policy Research Working Paper Series 4720, The World Bank.
  4. Axel Börsch-Supan, 2002. "Eine Blaupause für eine nachhaltige Rentenreform in Deutschland," MEA discussion paper series 02001, Munich Center for the Economics of Aging (MEA) at the Max Planck Institute for Social Law and Social Policy.
  5. Palacios, Robert & Rocha, Roberto, 1998. "The Hungarian pension system in transition," Social Protection Discussion Papers 20048, The World Bank.
  6. Axel Börsch-Supan, 2002. "A Blue Print For Germany’s Pension Reform," MEA discussion paper series 02002, Munich Center for the Economics of Aging (MEA) at the Max Planck Institute for Social Law and Social Policy.
  7. Alberto Arenas de Mesa & David Bravo & Jere R. Behrman & Olivia S. Mitchell & Petra E. Todd, 2006. "The Chilean Pension Reform Turns 25: Lessons From the Social Protection Survey," NBER Working Papers 12401, National Bureau of Economic Research, Inc.
  8. Cerda, Luis & Grandolini & Grandolini, Gloria, 1998. "The 1997 pension reform in Mexico," Policy Research Working Paper Series 1933, The World Bank.
  9. Robert Holzmann, 2000. "Can Investments in Emerging Markets Help to Solve the Aging Problem?," CESifo Working Paper Series 304, CESifo Group Munich.
  10. Julia Lynn Coronado, 1998. "The effects of social security privatization on household saving: evidence from the Chilean experience," Finance and Economics Discussion Series 1998-12, Board of Governors of the Federal Reserve System (U.S.).
  11. Angeliki Theophilopoulou, 2008. "The Impact of Structural Pension Reforms on the Macroeconomic Performance: An Empirical Analysis," Birkbeck Working Papers in Economics and Finance 0806, Birkbeck, Department of Economics, Mathematics & Statistics.
  12. Dominique Hachette, 1998. "Ahorro Privado en Chile," Latin American Journal of Economics-formerly Cuadernos de Economía, Instituto de Economía. Pontificia Universidad Católica de Chile., vol. 35(104), pages 3-48.
  13. Augusto Iglesias-Palau, 2000. "Pension Reform And Corporate Governance: Impact In Chile," Abante, Escuela de Administracion. Pontificia Universidad Católica de Chile., vol. 3(1), pages 109- 141.
  14. Olivia S. Mitchell, . "Building an Environment for Pension Reform in Developing Countries," Pension Research Council Working Papers 97-7, Wharton School Pension Research Council, University of Pennsylvania.
  15. Barr, Abigail & Packard, Truman, 2002. "Revealed preference and self-insurance - Can we learn from the self-employed in Chile?," Policy Research Working Paper Series 2754, The World Bank.
  16. 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.
  17. Acuna R., Rodrigo & Iglesias P., Augusto, 2001. "Chile's pension reform after twenty years," Social Protection Discussion Papers 24079, The World Bank.
  18. Góra, Marek & Palmer, Edward, 2004. "Shifting Perspectives in Pensions," IZA Discussion Papers 1369, Institute for the Study of Labor (IZA).
  19. Thiele, Rainer, 1997. "Social policy in economic development: the case of health and old age insurance," Kiel Working Papers 811, Kiel Institute for the World Economy.
  20. Kuhan Harichandra & S. M. Thangavelu, 2004. "Institutional Investors, Financial Sector Development And Economic Growth in OECD Countries," Departmental Working Papers wp0405, National University of Singapore, Department of Economics.
  21. Catalan, Mario & Impavido, Gregorio & Musalem, Alberto R., 2000. "Contractual savings or stock market development - Which leads?," Policy Research Working Paper Series 2421, The World Bank.
  22. Axel Börsch-Supan, 2002. "Nach der Reform ist vor der Reform:Weitere Schritte für eine nachhaltige Reform der Altersvorsorge in Deutschland," MEA discussion paper series 02015, Munich Center for the Economics of Aging (MEA) at the Max Planck Institute for Social Law and Social Policy.
  23. Olivia S. Mitchell, . "Insulating Old-Age Systems from Political Risk," Pension Research Council Working Papers 98-3, Wharton School Pension Research Council, University of Pennsylvania.

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