European Parliament Library

Pension Reform and Macroeconomic Stability in Latin America, Jorge Roldos

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 have contributed to high debt levels. The paper highlights the importance of coordinating changes in portfolio limits with debt management policies and measures to develop securities markets
Table Of Contents
Contents; I. Introduction; II. Overview of The Impact of Reforms; Tables; 1. Total Estimated Effects of Pension Reform on GDP Growth; Figures; 1. Selected Countries: Pension Fund Assets and Capital Markets; 2. Unfunded Pension Liabilities of Countries with Reformed Pension Systems; 2. Gross Returns of Pension Funds; III. Financial Stability Issues; A. Portfolio Concentration; 3. Selected Latin American Countries: Pension Funds Portfolio Composition, December 2005; 3. Selected Latin American Countries: Pension Funds Portfolio Composition
Literary Form
non fiction
Description based upon print version of record
Physical Description
1 online resource (34 p.)
Specific Material Designation
Form Of Item

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