Ludwig Ressner

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Chile was one of the first countries to implement pension reform by transiting from a pay-as-you-go system to a fully funded individual accounts system in 1980. When designing the pension system, the Chilean government sought to restrict the downside market risk of pension investment by regulating the investment activities of pension fund management(More)
Chile has one of the oldest individual-account pension systems. When designing the pension system Chilean government sought to restrict the downside of pension investment. In particular, the companies involved with the management of pension funds, AFPs, were required to guarantee non-negative real returns. This requirement resulted in AFPs offering very(More)
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