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Keeping the Promise of Social Security in Latin America


  • Indermit S. Gill
  • Truman Packard
  • Juan Yermo


Nations around the world (both large and small, rich and poor) are engaged in debate over how to reform their social security systems and care for the aged. For many countries this debate requires speculation on hypothetical scenarios, but in Latin America a rich body of experience on social security reform has been accumulating for more than a decade (for Chile, more than two decades). This report, entitled, Keeping the Promise of Social Security in Latin America, takes stock of those reforms, evaluates their successes and failures, and considers the lessons that can be drawn for the future of pension policy in the region. The authors draw on a series of background papers and surveys commissioned specifically for this inquiry, as well as existing research conducted by themselves and other pension experts. In the debate on pension reform there is no orthodoxy, as reflected in major differences of opinion among leading experts. Despite more than a decade of experience with pension reform in Latin America, although undoubtedly a major step forward, reforms are still works in progress. This report furthers enrich the policy dialogue that is of crucial importance to the future of the region.

Suggested Citation

  • Indermit S. Gill & Truman Packard & Juan Yermo, 2005. "Keeping the Promise of Social Security in Latin America," World Bank Publications, The World Bank, number 7391.
  • Handle: RePEc:wbk:wbpubs:7391

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    References listed on IDEAS

    1. Yamada, Gustavo, 1996. "Urban Informal Employment and Self-Employment in Developing Countries: Theory and Evidence," Economic Development and Cultural Change, University of Chicago Press, vol. 44(2), pages 289-314, January.
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    Cited by:

    1. Bloom, David E. & McKinnon, Roddy, 2013. "The Design and Implementation of Public Pension Systems in Developing Countries: Issues and Options," IZA Policy Papers 59, Institute for the Study of Labor (IZA).
    2. Augusto de la Torre & Sergio Schmukler, 2007. "Emerging Capital Markets and Globalization: The Latin American Experience," IDB Publications (Books), Inter-American Development Bank, number 349.
    3. Reece, Christopher & Sam, Abdoul G., 2012. "Impact of Pension Privatization on Foreign Direct Investment," World Development, Elsevier, vol. 40(2), pages 291-302.
    4. Lora, Eduardo, 2008. "El futuro de los pactos fiscales en América Latina," Coediciones, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL), number 1310, March.
    5. Adriana Kugler & Maurice Kugler, 2009. "Labor Market Effects of Payroll Taxes in Developing Countries: Evidence from Colombia," Economic Development and Cultural Change, University of Chicago Press, vol. 57(2), pages 335-358, January.
    6. repec:idb:idbbks:314 is not listed on IDEAS
    7. Calvo, Esteban & Williamson, John B., 2006. "Old-Age Pension Reform and Modernization Pathways: Lessons for China from Latin America," MPRA Paper 4872, University Library of Munich, Germany, revised 2007.
    8. Pietro Masci & Carolin A. Crabbe & Guillermo Larraín Ríos & Agustín Vidal-Aragón de Olives & The Principal Financial Group & Alberto Arenas de Mesa & Kenroy Dowers & Lawrence H. Thompson & Rafael Rofm, 2005. "A Quarter Century of Pension Reform in Latin America and the Caribbean: Lessons Learned and Next Steps," IDB Publications (Books), Inter-American Development Bank, number 41658 edited by Carolin A. Crabbe, February.
    9. Schmähl, Winfried, 2007. "Soziale Sicherung im Lebenslauf: finanzielle Aspekte in längerfristiger Perspektive am Beispiel der Alterssicherung in Deutschland," Working papers of the ZeS 09/2007, University of Bremen, Centre for Social Policy Research (ZeS).
    10. Jorge Roldos, 2007. "Pension Reform and Macroeconomic Stability in Latin America," IMF Working Papers 07/108, International Monetary Fund.
    11. Paddison, Oliver, 2007. "Social protection in the english-speaking Caribbean," Revista CEPAL, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL), August.
    12. David Tuesta, 2015. "The informal economy and the constraints that it imposes on pension contributions in Latin America," Working Papers 1419, BBVA Bank, Economic Research Department.
    13. Peña, Ximena., 2013. "The formal and informal sectors in Colombia : country case study on labour market segmentation," ILO Working Papers 994820883402676, International Labour Organization.
    14. Alberto Arenas de Mesa & David Bravo & Jere R. Behrman & Olivia S. Mitchell & Petra E. Todd, 2006. "The Chilean Pension Reform Turns 25: Lessons From the Social Protection Survey," NBER Working Papers 12401, National Bureau of Economic Research, Inc.
    15. Pundarik Mukhopadhaya & Sunil Venaik, 2014. "Old-Age Income Insecurity in Singapore: A Problem of Non-Inclusive Development," Australian Economic Papers, Wiley Blackwell, vol. 53(3-4), pages 184-206, December.
    16. Anna Zalewska, 2005. "Home bias and stock market development. The Polish experience," The Centre for Market and Public Organisation 05/136, Department of Economics, University of Bristol, UK.
    17. Raddatz, Claudio & Schmukler, Sergio L., 2008. "Pension Funds And Capital Market Development:How Much Bang For The Buck?," Policy Research Working Paper Series 4787, The World Bank.
    18. Appelbaum, Elie & Katz, Eliakim, 1991. "The Demand for Children in the Absence of Capital and Risk Markets: A Portfolio Approach," Oxford Economic Papers, Oxford University Press, vol. 43(2), pages 292-304, April.
    19. Paddison, Oliver, 2010. "La protection sociale dans les Caraïbes anglophones," Revista CEPAL, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL), June.
    20. Benedict J. Clements & Christopher Faircloth & Marijn Verhoeven, 2007. "Public Expenditure in Latin America; Trends and Key Policy Issues," IMF Working Papers 07/21, International Monetary Fund.
    21. Augusto de la Torre & Sergio L. Schmukler, 2007. "Emerging Capital Markets and Globalization : The Latin American Experience," World Bank Publications, The World Bank, number 7187, September.


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