Oxford Review of Economic Policy volume 22, issue 1, P149-167 2006 DOI: 10.1093/oxrep/grj010 View full text
A. A. de Mesa

Abstract: Chile pioneered a structural reform in Latin America that privatized its public pension system and influenced similar reforms in another nine countries. Twenty-five years later, this article evaluates the macroeconomic, microeconomic, and social effects of this reform in Chile and the other countries in the region, and extracts lessons from those experiences. Fiscal costs of the reform have been high and prolonged, exceeded capital accumulation, and had a negative impact on national savings, but Chile's reform…

expand abstract