The New Wave of Pension Reforms in Latin America

Carmelo Mesa-Lago and Diego Valero ()
Additional contact information
Carmelo Mesa-Lago: University of Pittsburgh
Diego Valero: University of Barcelona

Chapter Chapter 12 in Economic Challenges of Pension Systems, 2020, pp 255-274 from Springer

Abstract: Abstract In 1980–2005, 11 Latin American countries (out of a total of 20) implemented structural reforms (“privatization”) in their pension systems, totally or partially shifting them from defined benefit, PAYG, and public administration toward defined contribution, fully funded financing, and private management. Initial design flaws and later modifications have required re-reforms ranging from full reversion to PAYG (Argentina and Bolivia) to improve the private system infusing social solidarity (Chile). Several countries that privatized their pensions have introduced parametric reforms (Colombia, Costa Rica, Mexico, and Uruguay), whereas others are discussing re-reforms (Dominican Republic, El Salvador, Panama, and Peru). Such reforms include adopting or expanding non-contributory pillars, increasing coverage, improving competition, and strengthening financial equilibrium, albeit with substantial differences between the countries. In this chapter, we review the implemented re-reforms, as well as those under discussion, and extract useful lesson for the region and the world.

Keywords: Pensions; Latin America; Structural reforms; Re-reforms; Parametric reforms; Privatization; Social security principles (search for similar items in EconPapers)
Date: 2020
References: Add references at CitEc
Citations: View citations in EconPapers (1)

There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-3-030-37912-4_12

Ordering information: This item can be ordered from
http://www.springer.com/9783030379124

DOI: 10.1007/978-3-030-37912-4_12

Access Statistics for this chapter

More chapters in Springer Books from Springer
Bibliographic data for series maintained by Sonal Shukla () and Springer Nature Abstracting and Indexing ().