Pension Reform and Macroeconomic Stability in Latin America
This paper reviews macroeconomic aspects of pension reforms in Latin America, focusing on financial market stability and fiscal sustainability. Concentration of pension fund portfolios in government bonds remains high, and the lack of new investment alternatives has distorted asset prices. Countries have gradually liberalized investments abroad, but remain wary of the impact on foreign currency markets. The fiscal costs of the transition to funded systems have been higher than expected, and have contributed to high debt levels. The paper highlights the importance of coordinating changes in portfolio limits with debt management policies and measures to develop securities markets.
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- Marianne Baxter & Robert G. King, 2001. "The Role of International Investment in a Privatized Social Security System," NBER Chapters, in: Risk Aspects of Investment-Based Social Security Reform, pages 371-438 National Bureau of Economic Research, Inc.
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- repec:idb:brikps:59998 is not listed on IDEAS
- 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, November.
- repec:idb:brikps:41658 is not listed on IDEAS
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