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Reforma de las pensiones y politica fiscal: algunas lecciones de Chile

Author

Listed:
  • Angel Melguizo
  • David Tuesta
  • Angel Munoz
  • Joaquin Vial

Abstract

En este documento analizamos los costes fiscales a corto y medio plazo derivados de la reforma estructural del sistema de pensiones, tomando a Chile como ejemplo. El sistema de pensiones chileno, basado en cuentas de capitalizacion individual gestionadas por el sector privado esta funcionando desde hace casi 30 anos, lo que permite analizar con garantias el impacto de los sistemas de pensiones privados en las cuentas publicas. Ademas, en la actualidad se esta implementando una reforma que cambia radicalmente el pilar solidario. En este documento sostenemos que aunque los costes de la transicion fiscal son mucho menores que sus beneficios, suelen ser altos y persistentes, por lo que es aconsejable una consolidacion fiscal antes de embarcarse en el proceso. Esto tambien permite solventar la falta de cobertura que provoca la informalidad del mercado de trabajo, como se demuestra para Chile, Colombia, Mexico y Peru. Finalmente, en terminos mas generales, la posibilidad de exportar este tipo de reforma de las pensiones no solo depende de su diseno especifico, sino de la calidad de las instituciones publicas y de regulacion del mercado.

Suggested Citation

  • Angel Melguizo & David Tuesta & Angel Munoz & Joaquin Vial, 2009. "Reforma de las pensiones y politica fiscal: algunas lecciones de Chile," Working Papers 0913, BBVA Bank, Economic Research Department.
    • Handle: RePEc:bbv:wpaper:0913
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    More about this item

    Keywords

    Reforma de las pensiones; deuda implicita; costes fiscales; pilar solidario; pension minima; Chile;
    All these keywords.

    JEL classification:

    • E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy; Modern Monetary Theory
    • H55 - Public Economics - - National Government Expenditures and Related Policies - - - Social Security and Public Pensions
    • H68 - Public Economics - - National Budget, Deficit, and Debt - - - Forecasts of Budgets, Deficits, and Debt

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