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Pension Reform: Lessons from Latin America

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  • Monika Queisser

Abstract

• There are benefits from Latin American pension reform, but they have been overestimated. • The approaches taken in second-generation reforms and their still early results hold lessons for OECD and non-OECD countries alike. • A partial shift to funding is feasible and can be financed in different ways; partial funding of pensions can lead to greater risk diversification. • High administrative costs and uniformity of investment portfolios make the new systems inefficient; pension regulation has to be designed and implemented to lessen these negative effects.

Suggested Citation

  • Monika Queisser, 1999. "Pension Reform: Lessons from Latin America," OECD Development Centre Policy Briefs 15, OECD Publishing.
    • Handle: RePEc:oec:devaab:15-en
    DOI: 10.1787/056345037755
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    Cited by:

    1. Peter Hicks & Cliff Halliwell & Benoît-Paul Hébert & Gordon Lenjosek, 2008. "Some Perspectives on Changing the Pension System," Canadian Public Policy, University of Toronto Press, vol. 34(s1), pages 15-20, November.
    2. De la Torre, Augusto & Schmukler, Sergio, 2007. "Emerging Capital Markets and Globalization: The Latin American Experience," IDB Publications (Books), Inter-American Development Bank, number 349, March.
    3. de la Torre, Augusto & Gozzi, Juan Carlos & Schmukler, Sergio L., 2007. "Stock market development under globalization: Whither the gains from reforms?," Journal of Banking & Finance, Elsevier, vol. 31(6), pages 1731-1754, June.
    4. Robert Holzmann & Richard Hinz, 2005. "Old Age Income Support in the 21st century: An International Perspective on Pension Systems and Reform," World Bank Publications - Books, The World Bank Group, number 7336, December.
    5. Pecchenino, R.A. & Pollard, P.S., 1999. "Government Mandated Private Pensions: A Dependable Foundation for Retirement Security?," Papers 9902, Michigan State - Econometrics and Economic Theory.
    6. Eisen, Roland, 2000. "(Partial) privatization social security: The Chilean model - a lesson to follow?," CFS Working Paper Series 2000/13, Center for Financial Studies (CFS).
    7. Bernardo Queiroz, 2013. "Social security, economic development and the labor force participation of the elderly in Latin America," Textos para Discussão Cedeplar-UFMG 490, Cedeplar, Universidade Federal de Minas Gerais.
    8. Michael W. Kpessa, 2011. "Provident Funds Pension Programs in English‐Speaking Sub‐Saharan Africa: A Look in the Rear Mirror and Lessons for the Future," Poverty & Public Policy, John Wiley & Sons, vol. 3(3), pages 1-25, September.
    9. Raddatz, Claudio & Schmukler, Sergio L., 2008. "Pension Funds And Capital Market Development:How Much Bang For The Buck?," Policy Research Working Paper Series 4787, The World Bank.
    10. Dayoub, Mariam & Lasagabaster, Esperanza, 2008. "General trends in competition policy and investment regulation in mandatory defined contribution markets in Latin America," Policy Research Working Paper Series 4720, The World Bank.
    11. Augusto de la Torre & Sergio L. Schmukler, 2007. "Emerging Capital Markets and Globalization : The Latin American Experience," World Bank Publications, The World Bank, number 7187, September.
    12. Federico Escobar & Osvaldo Nina, 2004. "Pension Reform in Bolivia: A Review of Approach and Experience," Development Research Working Paper Series 04/2004, Institute for Advanced Development Studies.

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