What Can Countries in Other Regions Learn from Social Security Reform in Latin America?
About a dozen countries in Latin America have enacted reforms that include elements being contemplated elsewhere, including the partial privatization of social security. It is not easy to draw universal lessons for social security reform from the experience of countries such as Argentina, Chile, and...
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World Bank
2012
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| Online Access: | http://hdl.handle.net/10986/4415 |
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okr-10986-44152021-04-23T14:02:17Z What Can Countries in Other Regions Learn from Social Security Reform in Latin America? Gill, Indermit S. Ozer, Ceren Tatucu, Radu capital markets consumption smoothing contingent liabilities financial institutions financial instrument fiscal deficits government involvement income security instrument insurance international bank labor market missing markets old-age income pension pension reform pension reforms pension system pension systems pensions About a dozen countries in Latin America have enacted reforms that include elements being contemplated elsewhere, including the partial privatization of social security. It is not easy to draw universal lessons for social security reform from the experience of countries such as Argentina, Chile, and Mexico, however, where sizeable public pension systems went bankrupt before the populations aged, mainly because of mismanagement. Most developing economies have much smaller social security systems. Relatively well-managed systems in industrial countries face problems that are long term in nature and have been brought about by an aging population. The experiences of Latin America nevertheless offer some general lessons for countries in other parts of the world. These lessons relate to changes in labor market incentives accompanying reforms and how workers react to them, government actions that have met with success in managing the transition to funded pensions, and the expectations of individuals from social security systems. Latin America's reforms suggest that the most effective approach is to keep payroll taxes low, governments solvent, and social security systems focused on providing reasonable insurance against poverty in old age. 2012-03-30T07:12:33Z 2012-03-30T07:12:33Z 2008-03-01 Journal Article World Bank Research Observer 1564-6971 http://hdl.handle.net/10986/4415 CC BY-NC-ND 3.0 IGO http://creativecommons.org/licenses/by-nc-nd/3.0/igo/ World Bank World Bank Journal Article Latin America & Caribbean Brazil Chile Bolivia Argentina |
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Digital Repository |
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Foreign Institution |
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Digital Repositories |
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World Bank Open Knowledge Repository |
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World Bank |
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capital markets consumption smoothing contingent liabilities financial institutions financial instrument fiscal deficits government involvement income security instrument insurance international bank labor market missing markets old-age income pension pension reform pension reforms pension system pension systems pensions |
| spellingShingle |
capital markets consumption smoothing contingent liabilities financial institutions financial instrument fiscal deficits government involvement income security instrument insurance international bank labor market missing markets old-age income pension pension reform pension reforms pension system pension systems pensions Gill, Indermit S. Ozer, Ceren Tatucu, Radu What Can Countries in Other Regions Learn from Social Security Reform in Latin America? |
| geographic_facet |
Latin America & Caribbean Brazil Chile Bolivia Argentina |
| description |
About a dozen countries in Latin America have enacted reforms that include elements being contemplated elsewhere, including the partial privatization of social security. It is not easy to draw universal lessons for social security reform from the experience of countries such as Argentina, Chile, and Mexico, however, where sizeable public pension systems went bankrupt before the populations aged, mainly because of mismanagement. Most developing economies have much smaller social security systems. Relatively well-managed systems in industrial countries face problems that are long term in nature and have been brought about by an aging population. The experiences of Latin America nevertheless offer some general lessons for countries in other parts of the world. These lessons relate to changes in labor market incentives accompanying reforms and how workers react to them, government actions that have met with success in managing the transition to funded pensions, and the expectations of individuals from social security systems. Latin America's reforms suggest that the most effective approach is to keep payroll taxes low, governments solvent, and social security systems focused on providing reasonable insurance against poverty in old age. |
| format |
Journal Article |
| author |
Gill, Indermit S. Ozer, Ceren Tatucu, Radu |
| author_facet |
Gill, Indermit S. Ozer, Ceren Tatucu, Radu |
| author_sort |
Gill, Indermit S. |
| title |
What Can Countries in Other Regions Learn from Social Security Reform in Latin America? |
| title_short |
What Can Countries in Other Regions Learn from Social Security Reform in Latin America? |
| title_full |
What Can Countries in Other Regions Learn from Social Security Reform in Latin America? |
| title_fullStr |
What Can Countries in Other Regions Learn from Social Security Reform in Latin America? |
| title_full_unstemmed |
What Can Countries in Other Regions Learn from Social Security Reform in Latin America? |
| title_sort |
what can countries in other regions learn from social security reform in latin america? |
| publisher |
World Bank |
| publishDate |
2012 |
| url |
http://hdl.handle.net/10986/4415 |
| _version_ |
1764391261627744256 |