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Welfare, inequality and financial consequences of a multi-pillar pension system. A reform in Peru

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  • Olivera Angulo, Javier

Abstract

The distributional impact of the structural pension reform in Latin American countries has been largely absent in the economic debate. However, this reform may widen inequality in old‐age and reduce welfare. In this paper we study the consequences of implementing a multi‐pillar system in one of these countries. We take advantage of available administrative records for Peruvian workers to estimate inequality in pensions, pension debt and welfare. Overall, our results show that the pension debt and inequality can be substantially reduced without welfare losses. Thus, the proposed multi‐pillar system allows recovering the principle of solidarity and saves fiscal resources.

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Bibliographic Info

Paper provided by Katholieke Universiteit Leuven in its series Open Access publications from Katholieke Universiteit Leuven with number urn:hdl:123456789/237022.

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Date of creation: 2009
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Handle: RePEc:ner:leuven:urn:hdl:123456789/237022

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Web page: http://www.kuleuven.be

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Keywords: Pension reform; Pension inequality; Social security; Latin America; Peru;

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  1. 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.
  2. Abigail Barr & Truman Packard, 2005. "Seeking solutions to vulnerability in old age: Preferences, constraints, and alternatives for coverage under peru`s pension system," Framed Field Experiments 00123, The Field Experiments Website.
  3. Assar Lindbeck & Mats Persson, 2003. "The Gains from Pension Reform," Journal of Economic Literature, American Economic Association, vol. 41(1), pages 74-112, March.
  4. Atkinson, Anthony B., 1970. "On the measurement of inequality," Journal of Economic Theory, Elsevier, vol. 2(3), pages 244-263, September.
  5. Holzmann, Robert & Palacios, Robert & Zviniene, Asta, 2004. "Implicit pension debt: issues, measurement and scope in international perspective," Social Protection Discussion Papers 30153, The World Bank.
  6. Barr, Nicholas & Diamond, Peter, 2009. "Reforming pensions: principles, analytical errors and policy directions," Open Access publications from London School of Economics and Political Science http://eprints.lse.ac.uk/, London School of Economics and Political Science.
  7. Leonardo Gasparini & Guillermo Cruces & Leopoldo Tornarolli & Mariana Marchionni, 2009. "A Turning Point? Recent Developments on Inequality in Latin America and the Caribbean," CEDLAS, Working Papers 0081, CEDLAS, Universidad Nacional de La Plata.
  8. Carmen A Li & Javier Olivera, 2008. "Voluntary Enrolment In The Peruvian Private Pension System," Working Papers 86 Key Words: Latin Ameri, CENTRE FOR THE STUDY OF ECONOMIC AND SOCIAL CHANGE IN EUROPE,School of Slavonic and East European Studies,University College London (SSEES,UCL).
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