Chile's pension reform after twenty years
AbstractThe aim of this paper is to describe the 1980 Chilean pension reform and to present its main results and economic impact. It is mainly descriptive; however we have tried to emphasize the lessons that may be learned and that may be of interest to other countries in different circumstances. In particular, we focus on potential areas for regulatory improvements. In Section II, a brief description of the AFP system and its place within Chile's social security system is presented. Also, the main characteristics of the transition from the"old"to the new system are sketched, together with the main changes in regulation after 1980. Section III includes a history of pension reform in Chile along with an analysis of the circumstances which may explain why the country decided to introduce such a radical reform. In Section IV, the performance of the AFP system is summarized. In Section V, the main economic effects of pension reform are discussed. Section VI presents our view regarding future development in the regulation of the AFP system. The paper concludes with some comments on the timing of possible regulatory changes.
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
Bibliographic InfoPaper provided by The World Bank in its series Social Protection Discussion Papers with number 24079.
Date of creation: 31 Dec 2001
Date of revision:
Pensions&Retirement Systems; Banks&Banking Reform; Insurance&Risk Mitigation; Environmental Economics&Policies; Gender and Law;
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Robert Holzmann, 1996.
"Pension Reform, Financial Market Development, and Economic Growth: Preliminary Evidence from Chile,"
IMF Working Papers
96/94, International Monetary Fund.
- Robert Holzmann, 1997. "Pension Reform, Financial Market Development, and Economic Growth: Preliminary Evidence from Chile," IMF Staff Papers, Palgrave Macmillan, vol. 44(2), pages 149-178, June.
- Morande, Felipe G., 1998.
"Savings in Chile. What went right?,"
Journal of Development Economics,
Elsevier, vol. 57(1), pages 201-228, October.
- Palacios, Robert & Rofman, Rafael, 2001. "Annuity markets and benefit design in multi-pillar pension schemes : experience and lessons from four Latin American countries," Social Protection Discussion Papers 23159, The World Bank.
- Catalan, Mario & Impavido, Gregorio & Musalem, Alberto R., 2000. "Contractual savings or stock market development - Which leads?," Policy Research Working Paper Series 2421, The World Bank.
- Eduardo Walker & Fernando Lefort, 2002.
"Pension Reform And Capital Markets: Are There Any (Hard) Links?,"
Escuela de Administracion. Pontificia Universidad Católica de Chile., vol. 5(2), pages 77-149.
- Walker, Eduardo & Lefort, Fernando, 2002. "Pension reform and capital markets : are there any (hard) links?," Social Protection Discussion Papers 24082, The World Bank.
- Palacios, Robert & Whitehouse, Edward, 1998.
"The role of choice in the transition to a funded pension system,"
Social Protection Discussion Papers
20109, The World Bank.
- Palacios, Robert & Whitehouse, Edward, 1998. "The Role of Choice in the Transition to a Funded Pension System," MPRA Paper 14176, University Library of Munich, Germany.
- Corsetti, Giancarlo & Schmidt-Hebbel, Klaus, 1995. "Pension reform and growth," Policy Research Working Paper Series 1471, The World Bank.
- Oscar Godoy & Salvador Valdés, 1994. "Democracia y Previsión en Chile: Experiencia con Dos Sistemas," Latin American Journal of Economics-formerly Cuadernos de Economía, Instituto de Economía. Pontificia Universidad Católica de Chile., vol. 31(93), pages 135-160.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Raiden C. Dillard).
If references are entirely missing, you can add them using this form.