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Pension reform and fully funded complimentary regime

Author

Listed:
  • Lena Lavinas
  • Eliane de Araújo

Abstract

This article examines how pay as you go (defined benefit) public pension system relates to a fully funded complimentary regime (or defined contribution pension), in the context of a renewed attempt to reform public retirement benefits in Brazil. After featuring the main characteristics of the public pension system and how the fully funded private regime has evolved as of late, this paper questions the idea that the latter would be more beneficial to the increase of private savings and, as a result, of investment, aspects that are crucial for the development of Brazil. The findings suggest that the fully funded private regime, rather than incentivizing investment growth and the stock market, tends to reinforce income concentration, which is by all standards already alarming in Brazil. JEL Classification: H55; H58; J11; J21; J24.

Suggested Citation

  • Lena Lavinas & Eliane de Araújo, 2017. "Pension reform and fully funded complimentary regime," Brazilian Journal of Political Economy, Center of Political Economy, vol. 37(3), pages 615-635.
    • Handle: RePEc:ekm:repojs:v:37:y:2017:i:3:p:615-635:id:150
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    File URL: https://centrodeeconomiapolitica.org.br/repojs/index.php/journal/article/view/150/139
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    More about this item

    Keywords

    social insurance; fully funde complementar regime; Brazil.; PAYG system;
    All these keywords.

    JEL classification:

    • H55 - Public Economics - - National Government Expenditures and Related Policies - - - Social Security and Public Pensions
    • J11 - Labor and Demographic Economics - - Demographic Economics - - - Demographic Trends, Macroeconomic Effects, and Forecasts
    • J21 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Labor Force and Employment, Size, and Structure
    • J24 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Human Capital; Skills; Occupational Choice; Labor Productivity

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