By Carolin A. Crabbe
The social defense equation is worsening world wide with the elderly inhabitants transforming into quicker than the exertions strength. within the final twenty years of the 20th century, the Latin American and the Caribbean zone used to be confronted with what appeared insurmountable problems during this regard. Social defense bills had grown with the inflation and upward changes of wages and frequent tax evasion. inside of this framework, numerous nations within the zone undertook a profound overhaul in their social defense structures, changing them totally or partly with a privately controlled and invested method. those far-reaching reforms have replaced the way in which social defense is considered and, thus, policymakers around the globe are the adventure of the area. 1 / 4 Century of Pension Reform in Latin the US and the Caribbean offers an research of those reforms, what labored good, what didn't, what are the teachings realized and what are the subsequent steps.
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Additional resources for A Quarter Century of Pension Reform in Latin America and the Caribbean: Lessons Learned and Next Steps
There are consequences associated with this large exposure to sovereign debt. 9 presents the proportion of investment by category in countries that undertook structural reforms. Pension funds in Chile and Peru have a fairly balanced investment proﬁle, but others are heavily 30 Copyright © by the Inter-American Development Bank. All rights reserved. 0 Government Financial Securities Institutions Corporate Bonds Equities Investment Funds Source: AIOS (2004). invested in government securities. This policy has had a negative impact on pension portfolios in several countries.
7 percent in 2003. 5. The table conﬁrms that Chile planned well for the rising costs of the transition to the reformed system, while in Bolivia, the transition has contributed signiﬁcantly to the rapid increase of the ﬁscal deﬁcit. Peru has shown some improvement and Mexico registered a slight increase above the projections. The apparent slight improvement of the ﬁscal deﬁcit in Argentina is more difﬁcult to assess in view of the 2001– 02 collapse of the economy. The fact that the pension reform failed to attain one of its primary objectives—to reduce government expenditures—has been used by opponents as evidence that the reform failed.
Ministerio de Trabajo, Empleo y Seguridad Social de Argentina. 2004. Dirección General de Estudios y Formulación de Políticas de Empleo. Buenos Aires. Palacios, Robert and Rafael Rofman. 2001. Annuity Markets and Beneﬁt Design in Multipillar Pension Schemes: Experiences and Lessons from Four Latin American Countries. Social Protection Discussion Paper Series No. 0107. C. Principal Financial Group. 2004. Global Financial Well-Being Study. Des Moines: Principal Financial Services, Inc. Rapp, Jorge García and Eduardo Merlinsky.
A Quarter Century of Pension Reform in Latin America and the Caribbean: Lessons Learned and Next Steps by Carolin A. Crabbe