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Social Security Reforms in Colombia; Striking Demographic and Fiscal Balances

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  • Sergio Clavijo

Abstract

This paper analyzes the economic rationale for adopting parametric pension reforms and reforms broadening the coverage of public health care in Colombia during 1993-2008. Parametric pension reforms have focused on increasing the retirement age and moderating replacement rates. The health system reforms aimed at reaching universal coverage by 2012, while providing a more homogenous level of services. Our results indicate that the Net Present Value of the debt of the social security system in Colombia is roughly 160 percent of GDP for pensions and about 97 percent of GDP for the health system.

Suggested Citation

  • Sergio Clavijo, 2009. "Social Security Reforms in Colombia; Striking Demographic and Fiscal Balances," IMF Working Papers 09/58, International Monetary Fund.
  • Handle: RePEc:imf:imfwpa:09/58
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    References listed on IDEAS

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    1. Mauricio Cardenas & Raquel Bernal, 2004. "Determinants of Labor Demand in Colombia. 1976-1996," NBER Chapters,in: Law and Employment: Lessons from Latin America and the Caribbean, pages 229-272 National Bureau of Economic Research, Inc.
    2. 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.
    3. Alain Jousten, 2007. "Public Pension Reform; A Primer," IMF Working Papers 07/28, International Monetary Fund.
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    More about this item

    Keywords

    Colombia; Pensions; Social security; Social safety nets; Labor market policy; Health care; Government expenditures; Fiscal reforms; Healthcare Expenditures; pension; retirement; retirement age; replacement rates;

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