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Impacto Macroeconómico de la Reforma de Pensiones en México


  • Alejandro Villagómez

    () (Division of Economics, CIDE)

  • Arturo Antón-Sarabia

    () (Division of Economics, CIDE)


In this paper we estimate the macroeconomic impact of the 1997 Mexican pension reform, which substituted a pay-as-you-go for a fully- funded system with individual accounts. To analyze the impact of the reform on GDP growth, three main channels are considered: national savings and domestic investment; labor markets; and the development of capital markets. Our estimations suggest that the reform has contributed between 0.18 and 0.52 percentage points of the average GDP growth rate, which has been 2.4% in the last 15 years.

Suggested Citation

  • Alejandro Villagómez & Arturo Antón-Sarabia, 2013. "Impacto Macroeconómico de la Reforma de Pensiones en México," Working papers DTE 560, CIDE, División de Economía.
  • Handle: RePEc:emc:wpaper:dte560

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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


    Mexican pension reform; fully-funded system.;

    JEL classification:

    • H55 - Public Economics - - National Government Expenditures and Related Policies - - - Social Security and Public Pensions
    • I38 - Health, Education, and Welfare - - Welfare, Well-Being, and Poverty - - - Government Programs; Provision and Effects of Welfare Programs
    • J26 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Retirement; Retirement Policies
    • O40 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - General

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