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Impact on Savings of Mexico’s Pension System Reform


  • F. Alejandro Villagómez

    (División de Economía, CIDE, y EGAP (ITESM-CCM). México, D.F. México.)

  • Juan Ignacio Hernández

    (Secretaría de Energía. México, D.F. México.)


One of the main arguments for pension system reform in Mexico was its impact on savings. Our work presents a first quantification of this impact, by estimating the contractual savings generated by this program and its relationship with voluntary savings. Our results suggest that there is no compensation effect between voluntary and contractual savings. Also, the latter, together with changes in public savings after ten years of reform, have, on average, a positive (although small) effect on national saving.

Suggested Citation

  • F. Alejandro Villagómez & Juan Ignacio Hernández, 2010. "Impact on Savings of Mexico’s Pension System Reform," Economía Mexicana NUEVA ÉPOCA, CIDE, División de Economía, vol. 0(2), pages 271-310, July-Dece.
  • Handle: RePEc:emc:ecomex:v:19:y:2010:i:2:p:271-310

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    Blog mentions

    As found by, the blog aggregator for Economics research:
    1. Bibliografía Sobre el Sistema de Pensiones en México y Ahorro para el Retiro
      by Alejandro Villagomez in Tintero Económico Diario on 2015-11-07 06:19:00

    More about this item


    savings; pension system reform; private savings; contractual savings; unvoluntary savings.;
    All these keywords.

    JEL classification:

    • E21 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Consumption; Saving; Wealth
    • H55 - Public Economics - - National Government Expenditures and Related Policies - - - Social Security and Public Pensions


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