By Carolin A. Crabbe
The social safeguard equation is worsening world wide with the elderly inhabitants transforming into swifter than the exertions strength. within the final twenty years of the 20 th century, the Latin American and the Caribbean area used to be confronted with what appeared insurmountable problems during this regard. Social protection expenditures had grown with the inflation and upward changes of wages and frequent tax evasion. inside of this framework, numerous nations within the area undertook a profound overhaul in their social defense structures, changing them totally or in part with a privately controlled and invested procedure. those far-reaching reforms have replaced the best way social safety is seen and, thus, policymakers world wide are the adventure of the sector. 1 / 4 Century of Pension Reform in Latin the United States and the Caribbean offers an research of those reforms, what labored good, what didn't, what are the teachings realized and what are the subsequent steps.
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Extra resources for A Quarter Century of Pension Reform in Latin America and the Caribbean: Lessons Learned and Next Steps
It is worth highlighting that the region has had a history of macroeconomic instability, rampant inﬂation, and inappropriate policies that have left its citizenry skeptical. Under this scenario, there is widespread mistrust of government in general, lack of conﬁdence in ﬁnancial institutions, and in particular skepticism about contributing to individual accounts. Moreover, the employment situation has also affected the coverage rates, particularly in Argentina, where informality is now estimated at 70 percent.
A. a. a. a. a. a. a. a. a. a. a. a. a. a. a. a. a. a. a. Not applicable (years before the reform). Source: World Bank 2005; AIOS Statistical Bulletin No. 12, December 2004. 27 Copyright © by the Inter-American Development Bank. All rights reserved. 8 Source: World Bank, World Development Indicators, 2005, and IMF, 2004. capitalization, which measures the overall size of the market, has remained relatively small throughout the region. While the region’s market capitalization in 2003 represented about a third of GDP, it has not kept pace with other regions of the world such as Asia, where it represents over 50 percent of GDP, or the United States and the United Kingdom, where it exceeds GDP.
There are consequences associated with this large exposure to sovereign debt. 9 presents the proportion of investment by category in countries that undertook structural reforms. Pension funds in Chile and Peru have a fairly balanced investment proﬁle, but others are heavily 30 Copyright © by the Inter-American Development Bank. All rights reserved. 0 Government Financial Securities Institutions Corporate Bonds Equities Investment Funds Source: AIOS (2004). invested in government securities. This policy has had a negative impact on pension portfolios in several countries.
A Quarter Century of Pension Reform in Latin America and the Caribbean: Lessons Learned and Next Steps by Carolin A. Crabbe