Pension Reform and Macroeconomic Stability in Latin America

  title={Pension Reform and Macroeconomic Stability in Latin America},
  author={Jorge Roldos},
  journal={Capital Markets: Asset Pricing & Valuation},
  • Jorge Roldos
  • Published 2007
  • Business
  • Capital Markets: Asset Pricing & Valuation
  • This paper reviews macroeconomic aspects of pension reforms in Latin America, focusing on financial market stability and fiscal sustainability. Concentration of pension fund portfolios in government bonds remains high, and the lack of new investment alternatives has distorted asset prices. Countries have gradually liberalized investments abroad, but remain wary of the impact on foreign currency markets. The fiscal costs of the transition to funded systems have been higher than expected, and… CONTINUE READING


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