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Pension Reform and the Development of Pension Systems: An Evaluation of World Bank Assistance

Autor: Independent Evaluation Group
Año: 2006
Resumen: This report analyzes the Bank's assistance to support pension reform to determine if the Bank's strategy was relevant and if it was followed. The evaluation assesses whether pension reform decisions reflected best practice guidelines at entry, and whether Bank-assisted reforms achieved their social, macroeconomic, and financial objectives. The report also evaluates the Bank's assistance in building institutional capacity, coordinating within the Bank, and cooperating with other international organizations. Finally, the evaluation summarizes these findings and presents specific recommendations for the future.

Fuente: Banco Mundial
Clasificación: Reformas de Pensiones
Tipo de Publicación: Libros
Idioma:

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Mexico - Technical Note on Industrial Organization and Competition: Pension System in Mexico

Autor: Banco Mundial
Año: 2006
Resumen: Mexico, as many other countries in Latin America, has adopted an individual capitalization pension system. The design of these pension reforms confers the administration of pension funds to private companies. Under these schemes competition plays a key role, keeping prices low, a good quality of service, and an efficient investment allocation. However, the extent of competition in the reformed systems has been a common concern for most of the countries where it has been implemented. Moreover, when competition has been intense, like in Chile between 1994 and 1997, marketing expenses were extremely high. This outcome may not be desirable if it does not benefit future pensioners and is an unnecessary increase in costs of providing the service. The performance of competition in this industry is largely related to the demand characteristics, which is by design highly insensitive to prices, rates of return or quality of service, given that this is a compulsory product with government guarantees. Regulations in this market also significantly affect the way in which competition operates. Aiming to a better degree of competition, the private pension system's regulator in Mexico has introduced innovate rules. These regulations have focus in inducing higher demand elasticity to prices and lowering barriers to entry. This has entailed lower prices, lower profits, and the entrance of new firms. The paper is structured as follows: section A gives pension reform in Mexico; section B gives the role of the government; section C deals with the afore industry; section D is commission structure; section E gives potential barriers to entry; section F focuses on changes in regulation that promote price competition; section G gives comments on policy implications and prospects; and section H gives conclusions and policy recommendations.

Fuente: Banco Mundial
Clasificación: Seguridad Social y Sistemas de Pensiones
Tipo de Publicación: Notas de Pensiones
Idioma:

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Financial Sector Assessment Program Update: Republic of Poland - Competition and Performance in the Polish Second Pillar

Autor: Banco Mundial; Fondo Monetario Internacional (FMI)
Año: 2006
Resumen: In March 1999, Poland implemented a systemic pension reform that involved the introduction of a multi-pillar pension system to replace the defined benefit (DB), pay-as-you-go (PAYG) system that had been operating since 1949. This technical note on the pension sector was elaborated as part of the Poland Financial Sector Assessment Program, or FSAP update that took place in April-May 2006. The note assesses the structure and performance of the second pillar, as well as its regulatory and supervisory framework. The note is structured as follows. Section two provides an overview of the whole pension system after the 1999 reform, including coverage and fiscal policy in the transition to the new system. Section three analyses the structure and performance of the second pillar, including asset growth, portfolio composition, investment returns, and fees. Section four examines the regulatory and supervisory framework for the second pillar. Section five analyzes briefly the status of capital market development and the main obstacles to the further development of financial instruments suitable to pension funds. Finally, section six provides a number of policy recommendations.

Fuente: Banco Mundial
Clasificación: Ahorro Previsional
Tipo de Publicación: Notas de Pensiones
Idioma:

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Civil-service Pension Schemes Around the World

Autor: Palacios, Robert; Whitehouse, Edward
Año: 2006
Resumen: There are separate pension schemes for civil servants in about half of the world s countries, including some of the largest developing economies, such as Brazil, China and India. In the higher-income, OECD countries, spending on pensions for public-sector workers makes up one quarter of total pension spending. In less developed countries, this proportion is usually higher. Yet, very little has been written on the design and reform of civil-service pension plans, especially when compared with the voluminous literature on national pension programs. This paper compares civil service pension schemes across countries in terms of benefit provision and cost. We find that in many developing countries, these expenditures are a greater fiscal burden than in higher income countries where the tax base is larger. The paper also compares schemes within the same country covering private sector workers. Finally, we review key policy issues related to pension schemes covering civil servants as well as other public sector workers. In particular, we find that there is little justification for maintaining parallel schemes in the long run.

Fuente: Banco Mundial
Clasificación: Seguridad Social y Sistemas de Pensiones
Tipo de Publicación: Documentos de Trabajo
Idioma:

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Poverty, Inequality and Policy Affecting Vulnerable Groups in Moldova

Autor: Cornia, Giovanni Andrea
Año: 2006
Resumen: This paper analyzes the changes that have intervened in the field of income poverty and human poverty since the onset of the transition in Moldova. With a biblical contraction of GDP, a fast rise in inequality, a drop in social expenditure and a weakening of civil society, most indicators of income poverty and human poverty deteriorated sharply since 1991. A clear improvement is evident since 2001, but most indicators of wellbeing still have to recover their pre-transition levels. Poverty in Moldova is largely a rural problem affecting agricultural labourers, small farmers and households in declining mono-industry towns. Children living in families with three or more children, in single-parent families or with substitute guardians, as well as pre-school age children living in remote rural areas (where public support systems collapsed) are particularly vulnerable. Social policy has moderated substantially the impact of the crisis in some areas (as in primary and secondary education, child health and poverty among pensioners) but not in other (poverty, adult mortality, kindergarten enrolments, and social marginalisation). In addition, the mass migration that took place to respond to the spread of poverty solved some problems but concurrently created new ones, especially in the field of child socialisation and family stability. There is some scope for social and macroeconomic policy to help reducing the negative inheritance of the first ten years of transition. Macroeconomic policy is rather deflationary, and keeps aggregate growth below what is needed to eradicate poverty quickly while paying little attention to its impact on inequality. There is a room therefore to place greater emphasis on an equitable pro-poor growth characterized by greater investment in agriculture and higher overall employment intensity, as well as a better allocation of migrant remittances and stronger social policies.

Fuente: Organización de las Naciones Unidas (ONU)
Clasificación: Seguridad Social y Sistemas de Pensiones
Tipo de Publicación: Documentos de Trabajo
Idioma:

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