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Pension Reform, The Stock Market, Capital Formation and Economic Growth: A Critical Commentary on the World Bank's Proposals

Ajit Singh

No 1996-03, SCEPA working paper series. from Schwartz Center for Economic Policy Analysis (SCEPA), The New School

Abstract: Proposing far-reaching reforms to the pension systems, the World Bank has recently suggested that the existing pay-as-you-go pension systems in many rich as well as poor countries, should be replaced by fully funded, mandatory, preferably private pensions, as the main pillars of the new system. It argues that these reforms will not only benefit the pensioners, but also enhance savings, promote capital formation and economic development. This paper provides a critical examination of the Bank's theses and concludes that it has adopted a one-sided view of the relationships between the key critical variables. The proposed reform may therefore neither protect the old nor achieve faster economic growth.

Keywords: pension system; World Bank; economic growth (search for similar items in EconPapers)
JEL-codes: E2 G1 I10 (search for similar items in EconPapers)
Pages: 35 pages
Date: 1996-04
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http://www.economicpolicyresearch.org/scepa/public ... /10.1.1.199.5062.pdf (application/pdf)

Related works:
Journal Article: Pension Reform, the Stock Market, Capital Formation and Economic Growth: A Critical Commentary on the World Bank’s Proposals (1998) Downloads
Journal Article: Pension reform, the stock market, capital formation and economic growth: A critical commentary on the World Bank's proposals (1996) Downloads
Working Paper: Pension reform, the stock market, capital formation and economic growth: a critical commentary on the World Bank's proposals (1996) Downloads
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