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Is Latin America retreating from individual retirement accounts?

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  • Bertranou, Fabio
  • Calvo, Esteban
  • Bertranou, Evelina

Abstract

This brief reviews two rounds of pension reforms in ten Latin American countries to determine whether they are moving away from individual retirement accounts (IRAs). Although the idea is provocative, we conclude that the notion of “moving away from IRAs” is insufficient to characterize the new politics of pension reform. As opposed to the politics of enactment of IRAs of the late twentieth century, pension reform in Latin America in recent years has combined significant comeback of public components in old-age income support with improvement of IRAs. Clearly, the policy prescriptions that were most influential during the first round of reforms in Latin America have been re-evaluated. The World Bank and other organizations that promoted IRAs have recognized that pension reform should pay more attention to poverty reduction, coverage and equity, and to protect participants from market risks. The experience and challenges faced by countries that introduced IRAs, the changes in policies by international financing institutions, and the recent financial volatility and heavy losses experienced in financial markets may have tempered the enthusiasm of other countries from applying the same type of reforms. Scholars and policymakers around the globe could benefit from looking closely at these changes in pension policy.

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Bibliographic Info

Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 17422.

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Date of creation: 2009
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Handle: RePEc:pra:mprapa:17422

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Keywords: pension reform; pension policy; social security; retirement; Latin America;

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  1. Joaquin Vial & Angel Melguizo, 2008. "Moving from Pay as You Go to Privately Managed Individual Pension Accounts: What have we learned after 25 years of the Chilean Pension Reform?," Working Papers 0805, BBVA Bank, Economic Research Department.
  2. Augusto Iglesias-Palau, 2009. "Pension Reform in Chile Revisited: What Has Been Learned?," OECD Social, Employment and Migration Working Papers 86, OECD Publishing.
  3. Barr, Nicholas & Diamond, Peter, 2008. "Reforming Pensions: Principles and Policy Choices," OUP Catalogue, Oxford University Press, number 9780195311303.
  4. World Bank, 2007. "Argentina : Facing the Challenge of Ageing and Social Security," World Bank Other Operational Studies 7989, The World Bank.
  5. Indermit S. Gill & Truman G. Packard & Juan Yermo, . "Keeping the Promise of Social Security in Latin America," IDB Publications 59998, Inter-American Development Bank.
  6. Calvo, Esteban & Williamson, John B., 2006. "Old-Age Pension Reform and Modernization Pathways: Lessons for China from Latin America," MPRA Paper 4872, University Library of Munich, Germany, revised 2007.
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Cited by:
  1. Barrientos, Armando, 2011. "On the Distributional Implications of Social Protection Reforms in Latin America," Working Paper Series UNU-WIDER Research Paper , World Institute for Development Economic Research (UNU-WIDER).
  2. Rofman, Rafael & Oliveri, Maria Laura, 2012. "Pension coverage in Latin America : trends and determinants," Social Protection Discussion Papers 70926, The World Bank.

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