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The Chilean Pension Reform Turns 25: Lessons From the Social Protection Survey

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  • Alberto Arenas de Mesa
  • David Bravo
  • Jere R. Behrman
  • Olivia S. Mitchell
  • Petra E. Todd

Abstract

In 1980, Chile dramatically reformed its retirement system, replacing what was an old insolvent PAYGO program with a new structure that relies heavily on funded defined contribution individual accounts. In addition, eligibility and benefit requirements were standardized, and a safety net for old-age poverty was strengthened. Twenty-five years after this reform, the Chilean model is being re-assessed, in terms of coverage, contribution, investment, and retirement benefit outcomes. This paper introduces a recently-developed longitudinal survey of individual respondents in Chile, the Social Protection Survey (or Encuesta de Previsión Social, EPS), and illustrates some uses of this survey for microeconomic analysis of key aspects of the Chilean system.

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Bibliographic Info

Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 12401.

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Date of creation: Aug 2006
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Publication status: published as Kay, Stephen and Tapen Sinha (eds.) Lessons from Pension Reform in the Americas. Oxford: OUP, 2008.
Handle: RePEc:nbr:nberwo:12401

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  1. De Mesa, Alberto Arenas & Bertranou, Fabio, 1997. "Learning from social security reforms: Two different cases, Chile and Argentina," World Development, Elsevier, vol. 25(3), pages 329-348, March.
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Citations

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Cited by:
  1. Asher, Mukul G. & Vasudevan, Deepa, 2008. "Lessons for Asian Countries from Pension Reforms in Chile," PIE/CIS Discussion Paper 381, Center for Intergenerational Studies, Institute of Economic Research, Hitotsubashi University.
  2. Annamaria Lusardi & Olivia S. Mitchell, 2013. "The Economic Importance of Financial Literacy: Theory and Evidence," NBER Working Papers 18952, National Bureau of Economic Research, Inc.
  3. David Bravo Urrutia & Olivia S. Mitchell & Petra Todd, 2007. "Learning from the Chilean Experience: The Determinants of Pension Switching," Working Papers wp266, University of Chile, Department of Economics.
  4. Justine S. Hastings & Olivia S. Mitchell, 2011. "How Financial Literacy and Impatience Shape Retirement Wealth and Investment Behaviors," NBER Working Papers 16740, National Bureau of Economic Research, Inc.
  5. Oscar Landerretche & Claudia Martínez, 2011. "Voluntary Savings, Financial Behavior and Pension Finance Literacy: Evidence from Chile," Working Papers wp328, University of Chile, Department of Economics.
  6. Jere R. Behrman & Olivia S. Mitchell & Cindy Soo & David Bravo, 2010. "Financial Literacy, Schooling, and Wealth Accumulation," NBER Working Papers 16452, National Bureau of Economic Research, Inc.
  7. Estelle James & Alejandra Cox Edwards & Rebeca Wong, 2012. "The Gender Impact of Pension Reform," World Bank Other Operational Studies 13046, The World Bank.
  8. Annamaria Lusardi & Olivia Mitchell, 2006. "Financial Literacy and Retirement Preparedness: Evidence and Implications for Financial Education Programs," Working Papers wp144, University of Michigan, Michigan Retirement Research Center.
  9. Javier OLIVERA, 2009. "Welfare, inequality and financial consequences of a multi-pillar pension system. A reform in Peru," Center for Economic Studies - Discussion papers ces09.11, Katholieke Universiteit Leuven, Centrum voor Economische Studiën.
  10. Ramon Moreno & Marjorie Santos, 2008. "Pension systems in EMEs: implications for capital flows and financial markets," BIS Papers chapters, in: Bank for International Settlements (ed.), Financial globalisation and emerging market capital flows, volume 44, pages 45-69 Bank for International Settlements.
  11. 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.
  12. Estelle James & Alejandra CoxEdwards & Augusto Iglesias, 2007. "The Impact of Private Participation on Disability Costs: Evidence from Chile," Working Papers wp161, University of Michigan, Michigan Retirement Research Center.
  13. James, Estelle & Iglesias, Augusto & Cox Edwards, Alejandra, 2008. "Disability insurance with pre-funding and private participation : the Chilean model," Social Protection Discussion Papers 42268, The World Bank.
  14. Emma Aguila & Michael D. Hurd & Susann Rohwedder, 2008. "Pension Reform in Mexico: The Evolution of Pension Fund Management Fees and their Effect on Pension Balances," Working Papers wp196, University of Michigan, Michigan Retirement Research Center.
  15. Petra Todd & Viviana Vélez-Grajales, 2008. "How Pension Rules Affect Work and Contribution Patterns: A Behavioral Model of the Chilean Privatized Pension System," Working Papers wp193, University of Michigan, Michigan Retirement Research Center.

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