En la actualidad todos los países del mundo se enfrentan al reto de cómo garantizar la eficiencia, la equidad y la sostenibilidad de los sistemas de salud en un contexto donde los recursos disponibles son limitados y las presiones sobre el gasto aumentan día a día. En este marco, la priorización explícita aparece cómo una estrategia para hacer frente a este desafío. Esta primer nota, de una serie...

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The retired population can be expected to make a substantial claim on the economic resources of virtually every nation. This book is geared to helping planners devise workable and efficient pension systems for Caribbean nations. It offers specific discussions of instruments, programs, and experiences in various Latin American and Caribbean nations and potential solutions that draw on the...

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This paper systematically compares and evaluates the reforms of private pensions systems in Argentina, Chile, Bolivia, and Hungary due to initial failures in design and performance after its implementation. The document presents advantages and flaws of the structural reforms and private pension systems before the re-reform and analyses legal features and socio-economic effects of the re-reforms....

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This policy paper: (i) examines IMF government spending projections for 181 countries, identifying two main phases: fiscal expansion (2008-2009) and fiscal consolidation (2010 onwards); (ii) presents the main adjustment measures considered since 2010 and their adverse socio-economic impacts in both high income and developing countries; (iii) analyses divergent trends in social protection across...

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We propose a method for projecting pension benefits, deriving from DC pension plans and other funded products, at retirement. Projections highlight how the current choice of asset allocation impacts on future potential retirement outcomes. The latter are compared with a money-back benchmark so as to clarify the trade-off between risk and return. After the initial projections, the pension plan...

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El presente documento constituye el informe final elaborado por Rodrigo Cerda y Fernando Coloma, que han desarrollado el estudio actuarial correspondiente al año 2008.

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Este documento tiene por objeto presentar la metodología utilizada en la elección de benchmarks exógenos para los fondos del Seguro de Cesantía, reconociendo sus distintos objetivos. La cartera referencial del Fondo de Cuentas Individuales de Cesantía (CIC) no considera inversión en renta variable con el objeto de minimizar la volatilidad de las cuentas individuales, en cambio, la cartera...

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As part of the pension reform recently approved in Chile, the government introduced a centralized auction mechanism to provide the Disability and Survivors (D&S) Insurance that covers recent contributors among the more than 8 million participants in the mandatory private pension system. This paper is intended as a case study presenting the main distortions found in the decentralized operation of...

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This paper studies the relation between institutional investors and capital market development by analyzing unique data on monthly asset-level portfolio allocations of Chilean pension funds between 1995 and 2005. The results depict pension funds as large and important institutional investors that tend to hold a large amount of bank deposits, government paper, and short-term assets; buy and hold...

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Regulation in countries that have adopted defined contribution (DC) pension systems based on savings accounts typically includes minimum return guarantees (MRG) provisions to limit the risk of financial downturns. This paper studies the consequences of this regulation over asset allocation within a standard model of dynamic portfolio selection, where managers act strategically while making their...

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