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Reforming old-age pension systems in developing countries: lessons from Latin America

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  • Ana Luiza Cortez Roncada

Abstract

Latin American countries, pioneered by Chile, have launched bold old age pensionreforms. While these reforms may address issues of financial sustainability of the pensionsystems, their most valuable contribution is related to political economy aspects asthey avoid perverse redistribution within the system and minimise the risk of governmentappropriation. On the negative side, Chilean inspired reforms represent a costly approach toreform; they may lead to concentration within the industry and increase risks faced by theindividual. They do not eliminate evasion, and in some of its versions, they may introduceproblems of adverse selection. More importantly, such reforms do not guarantee that oldage will be free of poverty, which is (or should be) the main objective of a pension system.JEL JEL Classification: J26; H55; J14.

Suggested Citation

  • Ana Luiza Cortez Roncada, 2000. "Reforming old-age pension systems in developing countries: lessons from Latin America," Brazilian Journal of Political Economy, Center of Political Economy, vol. 20(1), pages 124-145.
    • Handle: RePEc:ekm:repojs:v:20:y:2000:i:1:p:124-145:id:1019
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    More about this item

    Keywords

    Pensions; pension reform; pension system;
    All these keywords.

    JEL classification:

    • J26 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Retirement; Retirement Policies
    • H55 - Public Economics - - National Government Expenditures and Related Policies - - - Social Security and Public Pensions
    • J14 - Labor and Demographic Economics - - Demographic Economics - - - Economics of the Elderly; Economics of the Handicapped; Non-Labor Market Discrimination

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