Cover IMF Working Papers
Pension Reform and Macroeconomic Stability in Latin America
Author:
Mr. Jorge Roldos
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Series:
IMF Working Papers
Volume/Issue:
Volume 2007: Issue 108
Language:
English
Publication Date:
01 May 2007
DOI:
https://doi.org/10.5089/9781451866728.001
ISBN:
9781451866728
ISSN:
1018-5941
Pages:
32
Keywords:
WP; investment; market; deficit; Chile; GDP
Legal-disclaimer:
IMF Working Papers describe research in progress by the author(s) and are published to elicit comments and to encourage debate. The views expressed in IMF Working Papers are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management.
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This paper reviews macroeconomic aspects of pension reforms in Latin America, focusing on financial market stability and fiscal sustainability. Concentration of pension fund portfolios in government bonds remains high, and the lack of new investment alternatives has distorted asset prices. Countries have gradually liberalized investments abroad, but remain wary of the impact on foreign currency markets. The fiscal costs of the transition to funded systems have been higher than expected, and have contributed to high debt levels. The paper highlights the importance of coordinating changes in portfolio limits with debt management policies and measures to develop securities markets.
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Cover IMF Working Papers
IMF Working Papers
ISSN:
1018-5941
Publisher:
International Monetary Fund
Volume 2007: Issue 108