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Social Security at The Crossroads: Toward Effective Pension Reform in Latin America

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  • Milko Matijascic
  • Stephen J. Kay

Abstract

Individual pension savings accounts in Latin America promised to improve compliance and raise benefits in a cost‐effective manner, while at the same time raising savings rates, which would in turn promote economic growth. A review of the evolution of pension reform in Latin America shows results to have been mixed. Analyses of the recent reforms generally fail to consider the extent to which the success or failure of pension systems is driven by exogenous factors, including macroeconomic and labour market conditions, and institutions. A number of recent studies have issued a reassessment of the region's reforms that stresses the importance of a basic guaranteed pension benefit and recognizes that a range of alternatives are viable in the region. Pension systems based on individual accounts are undergoing a thorough reevaluation.

Suggested Citation

  • Milko Matijascic & Stephen J. Kay, 2006. "Social Security at The Crossroads: Toward Effective Pension Reform in Latin America," International Social Security Review, John Wiley & Sons, vol. 59(1), pages 3-26, January.
    • Handle: RePEc:wly:intssr:v:59:y:2006:i:1:p:3-26
    DOI: 10.1111/j.1468-246X.2006.00231.x
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    Cited by:

    1. Marianne A. Ferber & Patricia Simpson, 2009. "Whither Systemic Reform? A Critical Review of the Literature on the Distributional and Income Adequacy Effects of Systemic Pension Reforms," management revue - Socio-Economic Studies, Nomos Verlagsgesellschaft mbH & Co. KG, vol. 20(3), pages 254-276.
    2. Joya, N.E.A., 2007. "Dreams that do not come true: Re-addressing social security to expand old-age social protection," ISS Working Papers - General Series 18755, International Institute of Social Studies of Erasmus University Rotterdam (ISS), The Hague.
    3. Reece, Christopher & Sam, Abdoul G., 2012. "Impact of Pension Privatization on Foreign Direct Investment," World Development, Elsevier, vol. 40(2), pages 291-302.
    4. Calvo, Esteban & Williamson, John B., 2006. "Old-Age Pension Reform and Modernization Pathways: Lessons for China from Latin America," MPRA Paper 4872, University Library of Munich, Germany, revised 2007.

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