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After Bretton Woods II


  • Jose Luis Escriva
  • Alicia Garcia-Herrero
  • Galo Nuno
  • Joaquin Vial


This paper presents a brief history of pension reform in Chile, and the reasons behind the introduction of individual privately-managed accounts in 1981, as well as the adjustments to the system introduced in 2006-07. The main conclusions are that the system is sound, but the reinforcement of the social protection to low income-low contribution workers was a necessary step, given the problems of the formal labour market. This adjustment is also feasible since the budgetary expenses linked to the transition of the 1981 reform are entering the decreasing phase, opening room for these adjustments. We emphasize the importance of economic growth for the good performance of the pension system, reversing one of the traditional arguments for pension reform. Finally we explore elements that must be taken into account when designing this type of pension reform.

Suggested Citation

  • Jose Luis Escriva & Alicia Garcia-Herrero & Galo Nuno & Joaquin Vial, 2008. "After Bretton Woods II," Working Papers 0803, BBVA Bank, Economic Research Department.
  • Handle: RePEc:bbv:wpaper:0803

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    References listed on IDEAS

    1. Graciela Kaminsky & Saul Lizondo & Carmen M. Reinhart, 1998. "Leading Indicators of Currency Crises," IMF Staff Papers, Palgrave Macmillan, vol. 45(1), pages 1-48, March.
    2. Cohen, Benjamin H. & Remolona, Eli M., 2008. "Information flows during the Asian crisis: Evidence from closed-end funds," Journal of International Money and Finance, Elsevier, vol. 27(4), pages 636-653, June.
    3. Jesus Crespo Cuaresma & Tomas Slacik, 2010. "An almost-too-late warning mechanism for currency crises," The Economics of Transition, The European Bank for Reconstruction and Development, vol. 18(1), pages 123-141, January.
    4. George Allayannis & Gregory W. Brown & Leora F. Klapper, 2003. "Capital Structure and Financial Risk: Evidence from Foreign Debt Use in East Asia," Journal of Finance, American Finance Association, vol. 58(6), pages 2667-2710, December.
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