Lessons from Pension Reform in the Americas

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Lessons from Pension Reform in the Americas

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Up to date analysis of pension reform in all the major countries in the Americas, including successes and failures
Looks at countries where privitization has and has not been instituted
Includes chapters on neglected, but critical, reforms such as those in Brazil, Costa Rica, Peru, and Uruguay
Country analyses are provided by the specialists of those countries
Analysis of pressing policy issues like role of gender and default choices

Latin American experiments with pension reform began when Chile converted its public pay-as-you-go system to a system of private individual accounts in the early 1980s. Several other Latin American countries then followed suit, inspired both by Chile's reforms and by World Bank recommendations stressing compulsory government-mandated individual saving accounts. Individual accounts were subsequently introduced in a number of countries in Europe and Asia. Many are now re-evaluating these privatisations in an effort to 'reform the reform' to make these systems more efficient and equitable. This volume is the first to assess pension reforms in this new 'post-privatization' era.

After a discussion on demographic trends in the foreword by Nobel laureate Robert W. Fogel, Section 1 of the book includes chapters on the role of pension system default options, the impact of gender, and a discussion of the World Bank's policies on pension reform. The chapter on the evidence from Chile's new social protection survey points to key lessons from the world's first privatization. Section 2 offers in-depth analysis of several significant reform initiatives in the hemisphere, and includes chapters on the United States, Canada, Mexico, Costa Rica, Brazil, Peru, Uruguay and Argentina.

The volume provides an unparalleled account of the lessons from pension reform in the Americas, addressing the most pressing policy issues and highlighting a broad range of country experiences.

Readership: Academics, researchers, and advanced students of Pension Management, Finance, Economics, Business Studies, Political Science, or Latin American Studies

Robert W. Fogel: Foreword: Toward an Era of Longevity and Wealth
1: Stephen J. Kay and Tapen Sinha: Overview: Lessons from Pension Reform in the Americas
Part I: System Design and Policy Implications
2: Alberto Arenas de Mesa, David Bravo, Jere R. Behrman, Olivia S. Mitchell, and Petra E. Todd: The Chilean Pension Reform Turns 25: Lessons from the Social Protection Survey
3: John Beshears, James J. Choi, David Laibson, and Brigitte C. Madrian: The Importance of Default Options for Retirement Saving Outcomes: Evidence from the United States
4: Estelle James, Alejandra Cox Edwards, and Rebeca Wong: The Gender Impact of Social Security Reform in Latin America
5: Michelle Dion: Understanding the Gendered Dimensions of Pension Reform
6: Robert Holzmann, Estelle James, and Truman Packard: Reflections on Pension Reform in the Americas: From "Averting the Old-Age Crisis" to "Keeping the Promise of Old-Age Security" and Beyond
7: Kurt Weyland: Bounded Rationality in Latin American Pension Reform
Part II: Country Studies
8: John F. Cogan and Olivia S. Mitchell: Perspectives from the President's Commission on Social Security Reform
9: Robert Brown: Reforms to Canadian Social Security, 1996/97
10: Tapen Sinha and Maria De Los Angeles Yañez: A Decade of Government Mandated Privately Run Pensions in Mexico: What Have We Learned?
11: Milko Matijascic and Stephen J. Kay: Pensions in Brazil: Reaching the Limits of Parametric Reform in Latin America
12: Juliana Martínez Franzoni: Costa Rica's Pension Reform: A Decade of Negotiated Incremental Change
13: Eduardo Morón and Eliana Carranza: The Peruvian Pension Reform: Ailing or Failing?
14: Rodolfo Saldain: Uruguay: A Mixed Reform
15: Rafael Rofman: The Pension System in Argentina
16: Olivia Mitchell: Epilogue: The Future of Retirement Systems in the Americas

Edited by Stephen J. Kay, Americas Center Coordinator, Research Department, Federal Reserve Bank of Atlanta, and Tapen Sinha, Director, International Center for Pension Research and ING Chair Professor, ITAM, Mexico and Special Professor, School of Business, University of Nottingham, UK

Contributors:
Maria De Los Angeles Yañez, Professor, Department of Actuarial Studies, Instituto Tecnologico Autonomo de Mexico,
Jere R. Behrman, W. R. Kenan, Jr. Professor of Economics, University of Pennsylvania,
John Beshears, Department of Economics, Harvard University,
David Bravo, Assistant Professor, Department of Economics, University of Chile,
Robert Brown, Professor, University of Statistics and Actuarial Science, University of Waterloo,
Eliana Carranza, Universidad del Pacífico,
James J. Choi, Assistant Professor of Finance, Yale School of Management,
John F. Cogan, Leonard and Shirley Ely Senior Fellow, Hoover Institution, and Professor, Public Policy Program, Stanford University,
Alejandra Cox Edwards, Professor of Economics, California State University, Long Beach,
Michelle Dion, Assistant Professor at the Sam Nunn School of International Affairs, Georgia Institute of Technology,
Robert W. Fogel, Charles R. Walgreen Distinguished Service Professor of American Institutions, and director of the Center for Population Economics, Graduate School of Business, University of Chicago,
Robert Holzmann, Director of the Social Protection Department of the World Bank,
Estelle James, consultant to the World Bank and USAID,
Stephen J. Kay, coordinator of Latin American analysis, Research Department, Federal Reserve Bank of Atlanta,
David Laibson, Professor of Economics at Harvard University and Research Associate, NBER's Programs on Aging, Economic Fluctuations, and Asset Pricing,
Brigitte C. Madrian, Aetna Professor of Public Policy and Corporate Management, John F. Kennedy School of Government, Harvard,
Juliana Martínez Franzoni, researcher, Social Research Institute, University of Costa Rica,
Milko Matijascic, Director of the Salesian Center for Public Policy at the Salesian University in Americana, Brazil,
Alberto Arenas de Mesa, Budget Director, Finance Ministry of Chile ,
Olivia S. Mitchell, International Foundation of Employee Benefit Plans Professor of Insurance and Risk Management, Executive Director of the Pension Research Council, and Director of the Boettner Center on Pensions and Retirement Research, the Wharton School,
Eduardo Morón, Associate Professor, Department of Economics, Universidad del Pacífico, Peru,
Truman Packard, senior Economist, Latin America and Caribbean Regional Office, World Bank,
Rafael Rofman, Senior Economist for Social Protection in the Latin American and the Caribbean region of the World Bank,
Rodolfo Saldain, principal partner of Saldain and Igarzábal,
Tapen Sinha, ING Comercial America Chair Professor, Instituto Tecnologico Autonomo de Mexico (ITAM),
Petra E. Todd, Professor of Economics, University of Pennsylvania,,
Kurt Weyland, Professor of Government, University of Texas, Austin,
Rebeca Wong, Associate Director of the Maryland Population Research Center, University of Maryland.