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Old-Age Pension Reform and Modernization Pathways: Lessons for China from Latin America

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  • Calvo, Esteban
  • Williamson, John B.

Abstract

While numerous Western countries first experienced cultural rationalization, next economic modernization, and then faced the challenges of population aging and pension policy reform, both Latin America and China, in contrast, are dealing with these challenges in the context of much less developed economies and stronger traditional cultures. In this article we analyze old-age pension reform efforts in eight Latin American countries that have introduced funded defined contribution schemes with individual accounts. We are searching for insights about the potential success of similar reforms being implemented in China. All of these societies are organized primarily around the principles of family, reciprocity, loyalty and poverty. Our analysis suggests that these distinctive characteristics have important implications for the likely success of the reforms currently being implemented in China, particularly in four interrelated areas: coverage, compliance, transparency, and fiscal stability.

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Bibliographic Info

Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 4872.

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Date of creation: 2006
Date of revision: 2007
Handle: RePEc:pra:mprapa:4872

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Keywords: Pension reform; China; Latin America; Social Security; Culture;

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References

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  1. Robert Holzmann & Richard Hinz, 2005. "Old Age Income Support in the 21st century: An International Perspective on Pension Systems and Reform," World Bank Publications, The World Bank, number 7336, September.
  2. James A. Dorn, 2004. "Pension Reform in China: A Question of Property Rights," Cato Journal, Cato Journal, Cato Institute, vol. 23(3), pages 433-446, Winter.
  3. Brooks,Robin & Razin,Assaf (ed.), 2005. "Social Security Reform," Cambridge Books, Cambridge University Press, number 9780521844956.
  4. Friedman, Barry & James, Estelle & Kane, Cheikh & Queisser, Monika, 1996. "How can China provide income security for its rapidly aging population?," Policy Research Working Paper Series 1674, The World Bank.
  5. Federico Escobar & Osvaldo Nina, 2004. "Pension Reform in Bolivia: A Review of Approach and Experience," Development Research Working Paper Series 04/2004, Institute for Advanced Development Studies.
  6. Tuan, Francis & Somwaru, Agapi & Diao, Xinshen, 2000. "Rural labor migration, characteristics, and employment patterns," TMD discussion papers 63, International Food Policy Research Institute (IFPRI).
  7. Rofman, Rafael, 2005. "Social security coverage in Latin America," Social Protection Discussion Papers 32754, The World Bank.
  8. Treisman, Daniel, 2000. "The causes of corruption: a cross-national study," Journal of Public Economics, Elsevier, vol. 76(3), pages 399-457, June.
  9. Indermit S. Gill & Truman Packard & Juan Yermo, 2005. "Keeping the Promise of Social Security in Latin America," World Bank Publications, The World Bank, number 7391, September.
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Cited by:
  1. Bertranou, Fabio & Calvo, Esteban & Bertranou, Evelina, 2009. "Is Latin America retreating from individual retirement accounts?," MPRA Paper 17422, University Library of Munich, Germany.
  2. María Claudia LLANES VALENZUELA & Gabriel Armando PIRAQUIVE G., 2012. "Sistemas pensionales y solidarios de Chile, Irlanda,Polonia, Brasil y Perú," ARCHIVOS DE ECONOMÍA 009596, DEPARTAMENTO NACIONAL DE PLANEACIÓN.

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