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Social Security Privatization Reform and Labor Markets: The Case of Chile

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Author Info
Sebastian Edwards
Alejandra Cox Edwards

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Abstract

We analyze the way in which social security privatization reform affects labor market outcomes. We develop a model of the labor market where we assume that, as is the case in most emerging markets, a formal and an informal sectors coexist side by side. According to our model, a social security reform that reduces the implicit tax on labor in the formal sector, will result in an increase in the wage rate in the informal sector and will have an undetermined effect on aggregate unemployment. Results from simulation exercises suggest that in the case of Chile the reforms resulted in an increase in informal sector wages of approximately 2.0%. These results also suggest that the reforms made a positive, but small, contribution to the reduction of Chile's aggregate of unemployment.

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Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 8924.

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Date of creation: May 2002
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Handle: RePEc:nbr:nberwo:8924

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Find related papers by JEL classification:
H55 - Public Economics - - National Government Expenditures and Related Policies - - - Social Security and Public Pensions
J3 - Labor and Demographic Economics - - Wages, Compensation, and Labor Costs

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  1. Carmen Li & Javier Olivera, 2005. "Participation in the Peruvian reformed pension system," Economics Discussion Papers 592, University of Essex, Department of Economics. [Downloadable!]
  2. Paula Auerbach & María Eugenia Genoni & Carmen Pagés-Serra, 2005. "Cobertura del sistema de seguridad social y el mercado laboral en países en desarrollo," RES Working Papers 4422, Inter-American Development Bank, Research Department. [Downloadable!]
  3. Rodrigo Cerda, 2006. "Pensiones en Chile: ¿Qué Hubiese Ocurrido sin la Reforma de 1981?," Documentos de Trabajo 310, Instituto de Economía. Pontificia Universidad Católica de Chile.. [Downloadable!]
  4. Esteban Puentes & Dante Contreras & Claudia Sanhueza, 2007. "Self-Employment in Chile, long run trends and education and age structures changes," Estudios de Economia, University of Chile, Department of Economics, vol. 34(2 Year 20), pages 203-247, December. [Downloadable!]
  5. 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. [Downloadable!]
  6. Lemos, Sara, 2004. "The Effects of the Minimum Wage in the Formal and Informal Sectors in Brazil," IZA Discussion Papers 1089, Institute for the Study of Labor (IZA). [Downloadable!]
    Other versions:
  7. Paula Auerbach & María Eugenia Genoni & Carmen Pagés-Serra, 2005. "Social Security Coverage and the Labor Market in Developing Countries," RES Working Papers 4421, Inter-American Development Bank, Research Department. [Downloadable!]
    Other versions:
  8. Estelle James & Alejandra Cox Edwards, 2005. "Do Individual Accounts Postpone Retirement: Evidence from Chile," Working Papers wp098, University of Michigan, Michigan Retirement Research Center. [Downloadable!]
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