Empirical analysis of two decades of pioneering pension and social security reform in Latin America and the Caribbean shows that much has been achieved, but that critical challenges remain. In tackling this unfinished agenda, a great deal can be learned from the reform experience of countries in the region. 'Keeping the Promise of Social Security in Latin America', produced by the chief...

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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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Both economic and epidemiological literature have shown that perceived high strain at work and lack of social infrastructures are good predictors of sick-leave. The latter is particularly relevant in (Mediterranean) countries where facilities for children and LTC services are relatively scarce and women are frequently asked to fill the gap. The Italian 2011 pension reform, approved under the...

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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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Desde la creación del sistema en 1981, las Administradoras de Fondos de Pensiones (AFPs) no han podido elegir libremente sus carteras de inversión. Esto es producto de una estricta regulación de las inversiones, específicamente a través de restricciones cuantitativas: límites. Uno de los elementos importantes en el diagnóstico implícito en esta regulación es que el mercado de capitales en Chile, a...

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Una de las consecuencias más importantes de la reforma chilena de pensiones realizada a principios de los 80s fue la transferencia de una porción significativa del riesgo asociado al financiamiento de las pensiones, desde el Estado, hacia los afiliados del nuevo sistema obligatorio. En este artículo se desarrolla un marco analítico que permite incorporar el comportamiento del administrador de...

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La Reforma Previsional recientemente aprobada introduce una serie de medidas que aumentan la competitividad con que opera la industria de AFP. Este artículo resume el análisis realizado en la elaboración y diseño de tales medidas, partiendo por un diagnóstico acabado del nivel de competencia de la industria de Administradoras de Fondos de Pensiones (AFP), y que incluye una descripción de su...

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In a defined contribution pension system based on individual accounts information is essential, as plan members are responsible for taking actions in order to avoid undesirable low levels of pension income during retirement. In this paper we use a unique natural experiment to analyze the impact of information on savings decisions. In 2005, Pension Fund Administrators started sending out a...

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We propose alternative methods to project pension rights and implement them in Chile and Uruguay and partially in Argentina. We use incomplete work histories databases from the social security administrations to project entire lifetime work histories. We first fit linear probability and duration models of the contribution status and dynamic linear models of the income level. We then run Monte...

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Este artículo presenta los principales riesgos que se enfrentan en un sistema de capitalización individual y describe la regulación que en el caso de Chile permite mitigarlos. Uno de los principales riesgos que se enfrentan se refiere al de inversión de los fondos, respecto del cual se analiza el sustento que puede tener una estrategia de inversión de ciclo de vida. Al evaluar estas estrategias se...

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