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The Limits of Pension Privatization: Lessons from Argentine Experience

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  • Arza, Camila

Abstract

Summary The paper studies the operation of the mixed pension system established in Argentina in 1994. It points to the limitations that the new system has encountered to achieve some of the most important objectives of pension policy and pension reform. The analysis looks at the mechanisms affecting pension system performance, with particular attention to the way in which the new pension rules have interacted with the local macroeconomic, social, and political context. The empirical analysis of this experience is oriented to provide lessons for Argentina's future reforms, as well as for many Latin American countries with similar pension arrangements.

Suggested Citation

  • Arza, Camila, 2008. "The Limits of Pension Privatization: Lessons from Argentine Experience," World Development, Elsevier, vol. 36(12), pages 2696-2712, December.
  • Handle: RePEc:eee:wdevel:v:36:y:2008:i:12:p:2696-2712
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    References listed on IDEAS

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    1. Feldstein, Martin, 1996. "The Missing Piece in Policy Analysis: Social Security Reform," American Economic Review, American Economic Association, vol. 86(2), pages 1-14, May.
    2. Nicholas Barr & Peter Diamond, 2006. "The Economics of Pensions," Oxford Review of Economic Policy, Oxford University Press, vol. 22(1), pages 15-39, Spring.
    3. Demarco, Gustavo C. & Schulthess, Walter E., 2000. "El financiamiento del régimen previsional público en Argentina después de la reforma," Series Históricas 111, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL).
    4. John Geanakoplos & Olivia S. Mitchell & Stephen P. Zeldes, "undated". "Would a Privatized Social Security System Really Pay a Higher Rate of Return?," Pension Research Council Working Papers 98-6, Wharton School Pension Research Council, University of Pennsylvania.
    5. Martin S. Feldstein & Jeffrey B. Liebman, 2002. "The Distributional Effects of an Investment-Based Social Security System," NBER Chapters,in: The Distributional Aspects of Social Security and Social Security Reform, pages 263-326 National Bureau of Economic Research, Inc.
    6. Mitchell, Olivia S & Zeldes, Stephen P, 1996. "Social Security Privatization: A Structure for Analysis," American Economic Review, American Economic Association, vol. 86(2), pages 363-367, May.
    7. Mesa-Lago, Carmelo, 2004. "Las reformas de pensiones en América Latina y su impacto en los principios de la seguridad social," Financiamiento para el Desarrollo 144, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL).
    8. Paul A. Samuelson, 1958. "An Exact Consumption-Loan Model of Interest with or without the Social Contrivance of Money," Journal of Political Economy, University of Chicago Press, vol. 66, pages 467-467.
    9. Barr, Nicholas, 2002. "Reforming pensions : myths, truths, and policy choices," LSE Research Online Documents on Economics 286, London School of Economics and Political Science, LSE Library.
    10. James, Estelle, 1996. "Protecting the old and promoting growth : a defense of averting the old age crisis," Policy Research Working Paper Series 1570, The World Bank.
    11. repec:cup:apsrev:v:97:y:2003:i:03:p:425-446_00 is not listed on IDEAS
    12. Arza, Camila, 2006. "Distributional Impacts of Pension Policy in Argentina," The Journal of Economic History, Cambridge University Press, vol. 66(02), pages 467-472, June.
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    Cited by:

    1. Reece, Christopher & Sam, Abdoul G., 2012. "Impact of Pension Privatization on Foreign Direct Investment," World Development, Elsevier, vol. 40(2), pages 291-302.
    2. Camila Arza, 2017. "The expansion of economic protection for older adults in Latin America: Key design features of non-contributory pensions," WIDER Working Paper Series 029, World Institute for Development Economic Research (UNU-WIDER).

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