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Private and public pension systems compared: an evaluation of the Latin American experience

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  • Carmelo Mesa-Lago

Abstract

This article briefly explains the main features of public and private pension systems, as well as structural and parametric pension reforms. Its core compares performance, within Latin America, between private pension systems in ten countries and public pension systems in eight countries, based on nine indicators: labor force coverage, ages of retirement and pension levels, gender equality, administrative costs, wage contributions, compliance, portfolio diversification in investment of pension funds, rates of returns of investment, and financial equilibrium. Contrary to what is often maintained, the article concludes that public systems perform better than private ones in most of those indicators.

Suggested Citation

  • Carmelo Mesa-Lago, 2006. "Private and public pension systems compared: an evaluation of the Latin American experience," Review of Political Economy, Taylor & Francis Journals, vol. 18(3), pages 317-334.
    • Handle: RePEc:taf:revpoe:v:18:y:2006:i:3:p:317-334
    DOI: 10.1080/09538250600797768
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    References listed on IDEAS

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    1. 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.
    2. Gill, Indermit S. & Packard, Truman G. & Yermo, Juan, 2005. "Keeping the Promise of Social Security in Latin America," IDB Publications (Books), Inter-American Development Bank, number 346, December.
    3. Indermit S. Gill & Truman Packard & Juan Yermo, 2005. "Keeping the Promise of Social Security in Latin America," World Bank Publications - Books, The World Bank Group, number 7391.
    4. repec:idb:brikps:59998 is not listed on IDEAS
    5. Mesa-Lago, Carmelo, 2004. "Las reformas de pensiones en América Latina y su impacto en los principios de la seguridad social," Financiamiento para el Desarrollo 5126, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL).
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    Cited by:

    1. Lorenzo Corsini & Pier Mario Pacini & Luca Spataro, 2012. "Workers' Choice on Pension Schemes," Public Finance Review, , vol. 40(2), pages 207-239, March.
    2. Emma Aguila & Jung Ho Park & Alma Vega, 2020. "Living Arrangements and Supplemental Income Programs for Older Adults in Mexico," Demography, Springer;Population Association of America (PAA), vol. 57(4), pages 1345-1368, August.
    3. Forteza, Alvaro & Ourens, Guzmán, 2012. "Redistribution, insurance and incentives to work in Latin-American pension programs," Journal of Pension Economics and Finance, Cambridge University Press, vol. 11(3), pages 337-364, July.

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