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Penzijní reforma v Chile: aktuální vývoj plně fondového DC systému a analýza dopadů
[Chilean Pension System: Current Development of Fully Funded DC System and Its Impacts]


  • Petr Brabec
  • Karina Kubelková


General elections in Chile in the autumn of 2013 have unleashed a discussion about the shortcomings of the Chilean pension system and the necessary changes. Radical solutions contains various forms of return of the PAYG system. The paper deals with the preparation and the main implication of the pension reform in 1981 which led to the transition from the PAYG system to the capital system. Thanks to the reconstruction of the time series from the 70s and 80s of the 20th century using the latest data from 2013 and own calculations the article confirmed that the transition meant a noticeable increase in pensions for everybody included in the system. This outcome is driven mainly by the lower tax burden, generated savings and positive impact, particularly on the country´s GDP and government budget. The paper also summarize the available knowledge about the pension reform in Chile in the Czech language.

Suggested Citation

  • Petr Brabec & Karina Kubelková, 2015. "Penzijní reforma v Chile: aktuální vývoj plně fondového DC systému a analýza dopadů
    [Chilean Pension System: Current Development of Fully Funded DC System and Its Impacts]
    ," Politická ekonomie, University of Economics, Prague, vol. 2015(4), pages 517-533.
  • Handle: RePEc:prg:jnlpol:v:2015:y:2015:i:4:id:1033:p:517-533

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    More about this item


    PAYG; pension reform; Chile; capital system; 1981; AFP;

    JEL classification:

    • G23 - Financial Economics - - Financial Institutions and Services - - - Non-bank Financial Institutions; Financial Instruments; Institutional Investors
    • H55 - Public Economics - - National Government Expenditures and Related Policies - - - Social Security and Public Pensions
    • J32 - Labor and Demographic Economics - - Wages, Compensation, and Labor Costs - - - Nonwage Labor Costs and Benefits; Retirement Plans; Private Pensions
    • P11 - Economic Systems - - Capitalist Systems - - - Planning, Coordination, and Reform


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