Lessons from Pension Reform in the Americas
Lessons from Pension Reform in the Americas
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Abstract
Latin American experiments with pension reform began when Chile converted its public pay-as-you-go system to a system of private individual accounts in the early 1980s. Several other Latin American countries then followed suit, inspired both by Chile's reforms and by World Bank recommendations stressing compulsory government-mandated individual saving accounts. Individual accounts were subsequently introduced in a number of countries in Europe and Asia. Many are now re-evaluating these privatizations in an effort to ‘reform the reform’ to make these systems more efficient and equitable. This book assesses pension reforms in this new ‘post-privatization’ era. After a discussion on demographic trends in the foreword by Nobel laureate Robert W. Fogel, Section 1 of the book includes chapters on the role of pension system default options, the impact of gender, and a discussion of the World Bank's policies on pension reform. The chapter on the evidence from Chile's new social protection survey points to key lessons from the world's first privatization. Section 2 offers analysis of several significant reform initiatives in the hemisphere, and includes chapters on the United States, Canada, Mexico, Costa Rica, Brazil, Peru, Uruguay, and Argentina.
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Front Matter
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Foreword: Toward an Era of Longevity and Wealth
Robert W. Fogel
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1
Chapter 1 Overview: Lessons from Pension Reform in the Americas
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Part I System Design and Implications
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2
Chapter 2 The Chilean Pension Reform Turns 25: Lessons from the Social Protection Survey
Alberto Arenas de Mesa and others
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3
Chapter 3 The Importance of Default Options for Retirement Saving Outcomes: Evidence from the USA
John Beshears and others
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4
Chapter 4 The Gender Impact of Social Security Reform in Latin America
Estelle James and others
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5
Chapter 5 Pension Reform and Gender Inequality
Michelle Dion
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6
Chapter 6 Reflections on Pension Reform in the Americas: From ‘Averting the Old-Age Crisis’ to ‘Keeping the Promise of Old-Age Security’ and Beyond
Estelle James and others
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7
Chapter 7 Bounded Rationality in Latin-American Pension Reform
Kurt Weyland
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2
Chapter 2 The Chilean Pension Reform Turns 25: Lessons from the Social Protection Survey
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Part II Country Studies
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8
Chapter 8 Perspectives from the President's Commission on Social Security Reform
John F. Cogan andOlivia S. Mitchell
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9
Chapter 9 Reforms to Canadian Social Security, 1996–7
Robert L. Brown
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10
Chapter 10 A Decade of Government‐Mandated Privately Run Pensions in Mexico: What Have We Learned?
Tapen Sinha andMaria de los Angeles Yañez
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11
Chapter 11 Pensions in Brazil: Reaching the Limits of Parametric Reform in Latin America
Milko Matijascic andStephen J. Kay
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12
Chapter 12 Costa Rica's Pension Reform: A Decade of Negotiated Incremental Change
Juliana Martínez Franzoni
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13
Chapter 13 The Peruvian Pension Reform: Ailing or Failing?
Eliana Carranza andEduardo Morón
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14
Chapter 14 Uruguay: A Mixed Reform
Rodolfo Saldain
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Chapter 15 The Pension System in Argentina
Rafael Rofman
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Chapter 16 Epilogue: The Future of Retirement Systems in the Americas
Olivia S. Mitchell
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Chapter 8 Perspectives from the President's Commission on Social Security Reform
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End Matter
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