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¿Está Latinoamérica alejándose de las cuentas individuales de pensiones?
[Is Latin America Retreating from Individual Retirement Accounts?]

Listed author(s):
  • Bertranou, Fabio
  • Calvo, Esteban
  • Bertranou, Evelina

En 1981, Chile inició una ronda de reformas a los sistemas de pensiones que introdujo cuentas individuales de pensión de tipo obligatorio, alejándose así de los sistemas públicos. A principios de los 1990s, otros diez países Latinoamericanos siguieron el ejemplo de Chile. En años recientes, incluso antes del comienzo de la crisis financiera, una segunda ronda de reformas de pensiones fue iniciada para fortalecer el componente público del sistema y enfrentar los problemas creados por las cuentas individuales. El caso más extremo de contracción es Argentina, donde las cotizaciones obligatorias a las cuentas individuales fueron eliminadas a finales de 2008, volviendo así a un plan tradicional de beneficios definidos bajo un esquema de reparto. Este nota de investigación analiza las dos rondas de reformas de pensiones en Latinoamérica para determinar si la región esta alejándose de las pensiones basadas en cuentas individuales. Aunque Latinoamérica es bastante heterogénea, sus mercados laborales y sus sistemas de seguridad social comparten características como una economía informal extensa y la desarticulación de una variedad de instituciones que proveen protección de los ingresos durante la vejez. A esto se le suma la crisis financiera y la recesión económica que está generando nuevos desafíos para los sistemas basados en cuentas individuales. In 1981, Chile initiated old-age pension reforms that introduced mandatory funded individual retirement accounts (IRAs) and moved away from public systems. Beginning in the 1990s, ten other Latin American countries followed in Chile’s wake. In recent years, even before the onset of the financial crisis, a second round of pension reforms was initiated to strengthen the public component and address the problems created by individual accounts. The most extreme case of retrenching is Argentina, where IRAs were eliminated for mandatory contributions in late 2008. This country has gone back to a traditional defined-benefit pay-as-you-go scheme. This brief reviews the two rounds of pension reforms to determine whether Latin American countries are moving away from individual pensions.1 Even though this region is quite heterogeneous, its labor markets and social security systems share some common features, such as a large informal economy and a variety of uncoordinated institutions providing old-age income protection. The 2008-2009 financial crisis and economic recession is posing new challenges to systems that have introduced IRAs.

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Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 48751.

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Date of creation: May 2010
Handle: RePEc:pra:mprapa:48751
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  1. Joaquin Vial & Angel Melguizo, 2008. "Moving from Pay as You Go to Privately Managed Individual Pension Accounts: What have we learned after 25 years of the Chilean Pension Reform?," Working Papers 0805, BBVA Bank, Economic Research Department.
  2. 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, February.
  3. Rafael Rofman & Leonardo Lucchetti & Guzmán Ourens, 2010. "Pension Systems in Latin America: Concepts and Measurements of Coverage," Documentos de Trabajo (working papers) 0510, Department of Economics - dECON.
  4. Mesa-Lago, Carmelo, 2004. "Evaluación de un cuarto de siglo de reformas estructurales de pensiones en América Latina," Revista CEPAL, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL), December.
  5. Calvo, Esteban & Williamson, John B., 2006. "Old-Age Pension Reform and Modernization Pathways: Lessons for China from Latin America," MPRA Paper 4872, University Library of Munich, Germany, revised 2007.
  6. Mesa-Lago, Carmelo, 2008. "Reassembling Social Security: A Survey of Pensions and Health Care Reforms in Latin America," OUP Catalogue, Oxford University Press, number 9780199233779.
  7. Barr, Nicholas & Diamond, Peter, 2008. "Reforming Pensions: Principles and Policy Choices," OUP Catalogue, Oxford University Press, number 9780195311303.
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