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Lessons from Pension Reform in the Americas - Oxford Scholarship Online
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Lessons from Pension Reform in the Americas

Stephen J. Kay and Tapen Sinha


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 b ... More

Keywords: Chile, pay-as-you-go systems, savings, post-privatization era, gender and pensions, World Bank, social protection survey, United States, Canada, Mexico

Bibliographic Information

Print publication date: 2007 Print ISBN-13: 9780199226801
Published to Oxford Scholarship Online: January 2008 DOI:10.1093/acprof:oso/9780199226801.001.0001


Affiliations are at time of print publication.

Stephen J. Kay, editor
Americas Center Coordinator, Research Department, Federal Reserve Bank of Atlanta

Tapen Sinha, editor
Director, International Center for Pension Research and ING Chair Professor, ITAM, Mexico and Special Professor, School of Business, University of Nottingham, UK

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Part I System Design and Implications

Chapter 2 The Chilean Pension Reform Turns 25: Lessons from the Social Protection Survey

Alberto Arenas de Mesa, David Bravo, Jere R. Behrman, Olivia S. Mitchell, and Petra E. Todd, with assistance from Andres Otero, Jeremy Skog, Javiera Vasquez, and Viviana Velez‐Grajales

Chapter 3 The Importance of Default Options for Retirement Saving Outcomes: Evidence from the USA*

John Beshears, James J. Choi, David Laibson, and Brigitte C. Madrian

Chapter 4 The Gender Impact of Social Security Reform in Latin America*

Estelle James, Alejandra Cox Edwards, and Rebeca Wong

Part II Country Studies

End Matter