Pension reform, the stock market, capital formation and economic growth: a critical commentary on the World Bank's proposals

Ajit Singh

MPRA Paper from University Library of Munich, Germany

Abstract: 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: Pensions; World Bank; private; mandatory; economic development; savings (search for similar items in EconPapers)
JEL-codes: E2 G1 I10 (search for similar items in EconPapers)
Date: 1996-04-29
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Citations: View citations in EconPapers (20)

Published in International Social Security Review 3.49(1996): pp. 21-44

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