By Indermit S. Gill, Truman G. Packard, Juan Yermo

ISBN-10: 0804751811

ISBN-13: 9780804751810

ISBN-10: 0804752389

ISBN-13: 9780804752381

ISBN-10: 0821358170

ISBN-13: 9780821358177

Empirical research of 2 a long time of pioneering pension and social defense reform in Latin the US and the Caribbean indicates that a lot has been completed, yet that severe demanding situations stay. In tackling the incomplete schedule, very much could be discovered from the reform adventure of nations within the quarter. maintaining the Promise, produced via the manager economist’s place of work within the Latin the US and Caribbean zone on the global financial institution, evaluates coverage reforms in twelve international locations, issues to successes and shortcomings, and proposes priorities and ideas for destiny reform. The authors argue that poverty in previous age should be avoided by way of relentless efforts to increase assurance to broader segments of society, and by way of encouraging own discounts.

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A Summary of the Main Findings This volume approaches the problem of old-age income security principally from the viewpoint of individuals, rather than that of governments RETHINKING SOCIAL SECURITY PRIORITIES 11 alone. Although previous analyses have certainly not ignored the individual’s perspective, an explicit focus on the individual has been employed too infrequently in the literature in our view. Consistent with the advice of Barr (2001), who pointed out that analysis of pensions requires an understanding of macroeconomics, microeconomics, financial economics, and the theory of social insurance, this book examines pensions in Latin America using all four of these lenses.

The main proposals stem from well-accepted principles in the economics of insurance that argue for saving as the mainstay of a comprehensive insurance strategy against a frequent loss—of being without earning capacity while living—and pooling as an auxiliary instrument for a risk that is now smaller—that of poverty in old age. Chapter 7 continues to address the issue using this relatively simple analytical framework. It examines how well the mandatory and voluntary savings components have done from the individual worker/contributor’s perspective.

As part I (chapters 2 through 5) of this book shows, the reforms have led to lower fiscal burdens, a slower rate of growth of pensionrelated public liabilities, financial deepening and less regressive pension expenditures, although there is still much to do in these areas. As we reason in part II (chapters 6 through 8), the shift from defined benefit to defined contribution schemes as the mainstay of old-age income security accords well with the basic principles of the economics of insurance. But it may also be reasonable to question the effectiveness of the currrent multipillar systems in creating an attractive instrument for retirement savings.

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Keeping the Promise of Social Security in Latin America (Latin American Development Forum) by Indermit S. Gill, Truman G. Packard, Juan Yermo

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