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Tasas de reemplazo y la emisión de un bono previsional en el sistema de seguridad social uruguayo

Author

Listed:
  • Javier Illanes

    (Banco Central del Uruguay)

Abstract

This document estimates the replacement rates for the dual system of social security in Uruguay (DC, DB), allowing for differences in the level, density and time of contributions and the rate of return of the pension funds. The replacement rates of the dual system are higher than the previous system (DB) and this is consistent with the golden rule of social security for Uruguay. Taking into account the interest rate and inflation risks, it is designed an indexed provisional bond that hedges the future flow of payments ofthe pension funds and other social security government agencies.

Suggested Citation

  • Javier Illanes, 2013. "Tasas de reemplazo y la emisión de un bono previsional en el sistema de seguridad social uruguayo," Documentos de trabajo 2013001, Banco Central del Uruguay.
    • Handle: RePEc:bku:doctra:2013001
    as

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    File URL: https://www.bcu.gub.uy/Estadisticas-e-Indicadores/Documentos%20de%20Trabajo/1.2013.pdf
    File Function: First version, 2012
    Download Restriction: no
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    More about this item

    Keywords

    pension funds; income retirement; dual system of defined contribution (DC) and defined benefit (DB) for social security;
    All these keywords.

    JEL classification:

    • G22 - Financial Economics - - Financial Institutions and Services - - - Insurance; Insurance Companies; Actuarial Studies
    • G23 - Financial Economics - - Financial Institutions and Services - - - Non-bank Financial Institutions; Financial Instruments; Institutional Investors
    • H24 - Public Economics - - Taxation, Subsidies, and Revenue - - - Personal Income and Other Nonbusiness Taxes and Subsidies
    • H55 - Public Economics - - National Government Expenditures and Related Policies - - - Social Security and Public Pensions
    • J11 - Labor and Demographic Economics - - Demographic Economics - - - Demographic Trends, Macroeconomic Effects, and Forecasts
    • J26 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Retirement; Retirement Policies

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