Capital market development in Latin America has been driven largely by regulations imposed by the government on the pensions industry and other financial institutions, the state-sponsored modernization...
This note explores the impact of pension reform on country risk. Emphasis is placed on conceptual issues, empirical issues and evidence from Latin American countries which have or are currently in the...
This paper shows that the presence of a mandatory pension plan interacts with the operating costs of a realistic financial market to reduce the set of consumption plans attainable by provident workers...
This empirical paper identifies the main forces that influenced the coverage of the new Chilean pension system during the 1990s. I find that government policy determined coverage to a large extent. The...
Official statistics on contributions and retirement benefits show that coverage of social insurance is widening in Latin America. However, using maximum likelihood regression techniques, we found that...
What are the social and individual gains from a policy that mandates saving for retirement? This paper reviews the five rationales that are most frequently given for introducing a mandate - myopia, to...
This paper analyses the performance of private pension systems with respect to two key indicators: replacement rates and the return to pension contributions. While returns have been high since the inception...