Penzijní reforma v Chile: aktuální vývoj plně fondového DC systému a analýza dopadů

Chilean Pension System: Current Development of Fully Funded DC System and Its Impacts

Petr Brabec and Karina Kubelková

Politická ekonomie, 2015, vol. 2015, issue 4, 517-533

Abstract: General elections in Chile in the autumn of 2013 have unleashed a discussion about the shortcomings of the Chilean pension system and the necessary changes. Radical solutions contains various forms of return of the PAYG system. The paper deals with the preparation and the main implication of the pension reform in 1981 which led to the transition from the PAYG system to the capital system. Thanks to the reconstruction of the time series from the 70s and 80s of the 20th century using the latest data from 2013 and own calculations the article confirmed that the transition meant a noticeable increase in pensions for everybody included in the system. This outcome is driven mainly by the lower tax burden, generated savings and positive impact, particularly on the country's GDP and government budget. The paper also summarize the available knowledge about the pension reform in Chile in the Czech language.

Keywords: PAYG; pension reform; Chile; capital system; 1981; AFP (search for similar items in EconPapers)
JEL-codes: G23 H55 J32 P11 (search for similar items in EconPapers)
Date: 2015
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DOI: 10.18267/j.polek.1033

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