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Reforma de los Sistemas Previsionales: Aspectos Macroeconómicos


  • Rodrigo Cifuentes


This paper evaluates the option of creating a Social Security system on a pay-as-you-go basis, and then replacing it by a fully funded one. The evaluation is done in terms of its macroeconomic impact as in terms of the welfare of the generations involved.

Suggested Citation

  • Rodrigo Cifuentes, 1995. "Reforma de los Sistemas Previsionales: Aspectos Macroeconómicos," Latin American Journal of Economics-formerly Cuadernos de Economía, Instituto de Economía. Pontificia Universidad Católica de Chile., vol. 32(96), pages 217-250.
  • Handle: RePEc:ioe:cuadec:v:32:y:1995:i:96:p:217-250

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    References listed on IDEAS

    1. Vittas, Dimitri & Iglesias, Augusto, 1992. "The rationale and performance of personal pension plans in Chile," Policy Research Working Paper Series 867, The World Bank.
    2. Modigliani, Franco, 1988. "The Role of Intergenerational Transfers and Life Cycle Saving in the Accumulation of Wealth," Journal of Economic Perspectives, American Economic Association, vol. 2(2), pages 15-40, Spring.
    3. Ricardo Paredes & Pilar Romaguera & Andras Uthoff, 1987. "Modelos de capital humano y segmentación: test y nueva evidencia," Estudios de Economia, University of Chile, Department of Economics, vol. 14(2 Year 19), pages 335-372, December.
    4. Hansson, Ingemar & Stuart, Charles, 1989. "Social Security as Trade among Living Generations," American Economic Review, American Economic Association, vol. 79(5), pages 1182-1195, December.
    5. Martin Feldstein, 1985. "The Optimal Level of Social Security Benefits," The Quarterly Journal of Economics, Oxford University Press, vol. 100(2), pages 303-320.
    6. Gert Wagner, 1991. "La seguridad social y el programa de pensión mínima garantizada," Estudios de Economia, University of Chile, Department of Economics, vol. 18(1 Year 19), pages 33-91, June.
    7. Arrau, Patricio, 1990. "Social security reform : the capital accumulation and intergenerational distribution effect," Policy Research Working Paper Series 512, The World Bank.
    8. Kotlikoff, Laurence J & Summers, Lawrence H, 1981. "The Role of Intergenerational Transfers in Aggregate Capital Accumulation," Journal of Political Economy, University of Chicago Press, vol. 89(4), pages 706-732, August.
    9. Diamond, P. A., 1977. "A framework for social security analysis," Journal of Public Economics, Elsevier, vol. 8(3), pages 275-298, December.
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    Cited by:

    1. Sebastian Edwards, 1998. "The Chilean Pension Reform: A Pioneering Program," NBER Chapters,in: Privatizing Social Security, pages 33-62 National Bureau of Economic Research, Inc.
    2. Rómulo A. Chumacero & Klaus Schmidt-Hebbel, 2005. "General Equilibrium Models: An Overview," Central Banking, Analysis, and Economic Policies Book Series,in: Rómulo A. Chumacero & Klaus Schmidt-Hebbel & Norman Loayza (Series Editor) & Klaus Schmidt-Hebbel (S (ed.), General Equilibrium Models for the Chilean Economy, edition 1, volume 9, chapter 1, pages 001-027 Central Bank of Chile.
    3. Bravo, Jorge Horacio, 2000. "Population ageing and pension systems in Latin America," Revista CEPAL, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL), December.

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