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Pension Reform, Private Saving, and the Current Account in a Small Open Economy

Autor: Schimmelpfennig, Axel
Año: 2000
Resumen: The macroeconomic implications of a pension reform that substitutes a high-return fullyfunded system for a low-return pay-as-you-go system are discussed in an overlapping generations, neoclassical growth model. With forward-looking individuals, a debt-financed reform worsens the current account, while a tax-financed reform leaves the current account unchanged. With myopic individuals, a debt-financed reform leaves the current account unchanged, while a tax-financed reform improves the current account. Hence, tax-financing, which is equivalent to pre-funding, should be the preferred reform strategy in a small open economy with a weak current account position.

Fuente: Fondo Monetario Internacional (FMI)
Clasificación: Reformas de Pensiones
Tipo de Publicación: Documentos de Trabajo
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Pension Reform and Capital Market Development : "Feasibility" and "Impact" Preconditions

Autor: Vittas, Dimitri.
Año: 2000
Resumen: The link between pension reform, and capital market development, has become a perennial question, raised every time the potential benefits, and pre-conditions of pension reform are discussed. The author asks two questions. First, what are the basic "feasibility" pre-conditions for the successful launch of a pension reform program? And second, what are the necessary "impact" pre-conditions for the realization of the potential benefits of funded pension plans for capital market development? His main conclusion is that the feasibility pre-conditions, are not as demanding as is sometimes assumed. In contrast, the impact pre-conditions are more onerous. The most import feasibility pre-condition is a strong, and lasting commitment of the authorities to maintaining macroeconomic, and financial stability, fostering a small core of solvent, and efficient banks, and insurance companies, and creating an effective regulatory, and supervisory agency. Opening the domestic banking, and insurance markets to foreign participation, can easily fulfill the second requirement. The main impact pre-conditions include the attainment of critical mass; the adoption of conducive regulations, especially on pension fund investments; the pursuit of optimizing policies by the pension funds; and, a prevalence of pluralistic structures. The author argues that pension funds are neither necessary, nor sufficient for capital market development. Other forces, such as advances in technology, deregulation, privatization, foreign direct investment, and especially regional, and global economic integration, may be equally important. But pension funds are critical players in "symbiotic" finance, the simultaneous and mutually reinforcing presence of many important elements of modern financial systems. They can support the development of factoring, leasing, and venture capital companies, all of which specialize in financing new, and expanding small firms.

Fuente: Banco Mundial
Clasificación: Fondos de Inversión
Tipo de Publicación: Documentos de Trabajo
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Public Management

Autor: Banco Mundial
Año: 2000
Resumen: This Note on public management of pension funds concludes that publicly-managed pension reserves are often used to finance non-pension policy. Public pension fund managers tend to invest based on objectives unrelated to pension provision. These include social and economically target investments such as housing. Often governments look to pension reserves as a convenient and cheap way to finance deficits. One result is that public management produces poor returns relative to what could potentially be earned. Any pre-funding of long term pension obligations requires some minimal level of good governance. Although good governments perform better, public management produces inferior returns across all countries. As a result members of the scheme have to pay higher contributions or receive lower benefits. The evidence suggests that public management of pension reserves should generally be avoided.

Fuente: Banco Mundial
Clasificación: Seguridad Social y Sistemas de Pensiones
Tipo de Publicación: Notas de Pensiones
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Collection: Transferring Contributions to Individual Pension Accounts

Autor: Banco Mundial
Año: 2000
Resumen: Collecting contributions is more complicated in a decentralized pension system, based on individual accounts, than in a public system. Many public plans provide a defined benefit pension based on only a few years' earnings, which limits the need for keeping records of people's earnings and contributions in every year of their working life. And there is usually a choice of pension fund manager with individual accounts. Collection, record-keeping and transferring contributions to individual accounts has often proved problematic. Some reforms have been delayed or abandoned because of collection problems. Using a series of case studies of Latin American and European countries, this briefing highlights policy choices in operating individual accounts systems.

Fuente: Banco Mundial
Clasificación: Reformas de Pensiones
Tipo de Publicación: Informes
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Retirement : Can Pension Reform Reverse the Trend to Earlier Retirement?

Autor: Banco Mundial
Año: 2000
Resumen: This edition of the Pension Reform Primer examines the global trend in early retirement among rich and poorer countries, the reasons for people retiring early, the burden of early retirement on the pension system, recent policy initiatives to promote employment of older workers, and people's responses to incentives. The paper notes there is a clear relationship between early retirement and incentives in the pension system, a result confirmed by other international studies and by more detailed econometric analysis of individual countries' systems. It finds that retirement depends on many other factors, such as individual health or the level of unemployment. But financial incentives in the tax and pension system have important effects on the retirement deciosion.

Fuente: Banco Mundial
Clasificación: Reformas de Pensiones
Tipo de Publicación: Documentos de Trabajo
Idioma:

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