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Pension Reform and Macroeconomic Stability in Latin America

  • Jorge Roldos
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    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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    Paper provided by International Monetary Fund in its series IMF Working Papers with number 07/108.

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    Length: 32
    Date of creation: 01 May 2007
    Date of revision:
    Handle: RePEc:imf:imfwpa:07/108
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    1. Srinivas, P.S. & Whitehouse, Edward & Yermo, Juan, 2000. "Regulating private pension funds'structure, performance, and investments : cross-country evidence," Social Protection Discussion Papers 23302, The World Bank.
    2. 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.
    3. Catalan, Mario & Impavido, Gregorio & Musalem, Alberto R., 2000. "Contractual savings or stock market development - Which leads?," Policy Research Working Paper Series 2421, The World Bank.
    4. Schmidt-Hebbel, K., 1995. "Columbia's Pension Reform. Fiscal and Macroeconomic Effects," World Bank - Discussion Papers 314, World Bank.
    5. 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.
    6. 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.
    7. Indermit S. Gill & Truman G. Packard & Juan Yermo, 2005. "Keeping the Promise of Social Security in Latin America," IDB Publications (Books), Inter-American Development Bank, number 59998.
    8. Salvador Valdés & Peter Diamond, . "Social Security Reforms in Chile," Documentos de Trabajo 161, Instituto de Economia. Pontificia Universidad Católica de Chile..
    9. Hernando Vargas H. & Rocío Betancourt, 2006. "Pension Fund Managers Behavior In The Foreign Exchange Market," BORRADORES DE ECONOMIA 003317, BANCO DE LA REPÚBLICA.
    10. Walker, Eduardo & Lefort, Fernando, 2002. "Pension reform and capital markets : are there any (hard) links?," Social Protection Discussion Papers 24082, The World Bank.
    11. N. A. Barr, 2002. "The Pension Puzzle; Prerequisites and Policy Choices in Pension Design," IMF Economic Issues 29, International Monetary Fund.
    12. Holzmann, Robert, 1998. "Financing the transition to multipillar," Social Protection Discussion Papers 20052, The World Bank.
    13. repec:idb:brikps:59998 is not listed on IDEAS
    14. repec:idb:brikps:41658 is not listed on IDEAS
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