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The New Wave of Pension Reforms in Latin America

In: Economic Challenges of Pension Systems

Author

Listed:
  • Carmelo Mesa-Lago

    (University of Pittsburgh)

  • Diego Valero

    (University of Barcelona)

Abstract

In 1980–2005, 11 Latin American countries (out of a total of 20) implemented structural reforms (“privatization”) in their pension systems, totally or partially shifting them from defined benefit, PAYG, and public administration toward defined contribution, fully funded financing, and private management. Initial design flaws and later modifications have required re-reforms ranging from full reversion to PAYG (Argentina and Bolivia) to improve the private system infusing social solidarity (Chile). Several countries that privatized their pensions have introduced parametric reforms (Colombia, Costa Rica, Mexico, and Uruguay), whereas others are discussing re-reforms (Dominican Republic, El Salvador, Panama, and Peru). Such reforms include adopting or expanding non-contributory pillars, increasing coverage, improving competition, and strengthening financial equilibrium, albeit with substantial differences between the countries. In this chapter, we review the implemented re-reforms, as well as those under discussion, and extract useful lesson for the region and the world.

Suggested Citation

  • Carmelo Mesa-Lago & Diego Valero, 2020. "The New Wave of Pension Reforms in Latin America," Springer Books, in: Marta Peris-Ortiz & José Álvarez-García & Inmaculada Domínguez-Fabián & Pierre Devolder (ed.), Economic Challenges of Pension Systems, chapter 0, pages 255-274, Springer.
    • Handle: RePEc:spr:sprchp:978-3-030-37912-4_12
    DOI: 10.1007/978-3-030-37912-4_12
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    Cited by:

    1. Ishay Wolf & Lorena Caridad y Lopez del Rio, 2021. "The Expectation for Pension Insurance in Funded Schemes: Theoretical Model and Global Implementation," Academic Journal of Interdisciplinary Studies, Richtmann Publishing Ltd, vol. 10, September.

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