Publication: The Financial Crisis and Mandatory Pension Systems in Developing Countries : Short-and Medium-Term Responses for Retirement Income Systems

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Date
2008-12
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Published
2008-12
Author(s)
Dorfman, Mark
Hinz, Richard
Abstract
The international financial crisis has severely affected the value of pension fund assets worldwide. The unfolding global recession will also impose pressures on public pension schemes financed on a pay-as-you-go basis, while limiting the capacity of governments to mitigate both of theses effects. Governments are reacting to these events in different ways. Some are asking whether the balance between funded defined-contribution and unfunded pension schemes should be reconsidered. A few have already taken actions to reverse prior reforms. This note discusses the potential impacts of the financial crisis on fully funded and pay-as-you-go retirement-income systems in World Bank client countries, and identifies key short-and medium-term policy responses.
Citation
Dorfman, Mark; Hinz, Richard; Robalino, David. 2008. The Financial Crisis and Mandatory Pension Systems in Developing Countries : Short-and Medium-Term Responses for Retirement Income Systems. World Bank Pension Reform Primer Series. © World Bank, Washington, DC. http://openknowledge.worldbank.org/entities/publication/c1de1ce1-d4a2-5897-9838-e08426c71ed2 License: CC BY 3.0 IGO.
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