Impacto Macroeconómico de la Reforma de Pensiones en México

Alejandro Villagomez and Arturo Antón-Sarabia

No DTE 560, Working Papers from CIDE, División de Economía

Abstract: In this paper we estimate the macroeconomic impact of the 1997 Mexican pension reform, which substituted a pay-as-you-go for a fully- funded system with individual accounts. To analyze the impact of the reform on GDP growth, three main channels are considered: national savings and domestic investment; labor markets; and the development of capital markets. Our estimations suggest that the reform has contributed between 0.18 and 0.52 percentage points of the average GDP growth rate, which has been 2.4% in the last 15 years.

Keywords: Mexican pension reform; fully-funded system. (search for similar items in EconPapers)
JEL-codes: H55 I38 J26 O40 (search for similar items in EconPapers)
Pages: 65 pages
Date: 2013-10
New Economics Papers: this item is included in nep-age
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