Fajnzylber, EduardoRofman, RafaelHerrera, German2014-09-172014-09-172008-05https://hdl.handle.net/10986/20200This paper describes the recent reforms of pension policies adopted by Argentina and Chile. The structural reforms in the 1980s and 90s were targeted on improving the long term fiscal sustainability of the system and their institutional design, while transferring part of the economic and social risks from the State to participants. However, in recent year s authorities in both countries coincided on identifying insufficient coverage among the elderly and adequacy of benefits as the most critical problems. As a result of differences in political economy and institutional constraints, responses were different. In Chile, a long and participatory process resulted in a large reform that focuses on impacts on the medium term, through a carefully calibrated adjustment. In Argentina, instead, reforms were adopted through a large number of successive normative corrections, with little public debate about their implications, and immediate impacts on coverage and fiscal demands.en-USCC BY 3.0 IGO401K PLANSANNUITIESANNUITYANNUITY PROVIDERSAVERAGE BENEFITAVERAGE BENEFITSBASIC PENSIONBENEFICIARIESBENEFIT LEVELBENEFIT LEVELSBIDDING PROCESSBONDBOND OBLIGATIONSBONDSCAPITAL MARKETSCENTRAL BANKCOMPENSATIONCOMPETITIVE BIDDINGCONFLICTS OF INTERESTCONTRIBUTION PAYMENTCONTRIBUTION RATECONTRIBUTION RATESCONTRIBUTION RECORDSCOURTCUSTOMER SERVICEDEBTDEBTSDEFICITSDEFINED BENEFITDEFINED BENEFITSDEFINED CONTRIBUTION SYSTEMSDEMOCRACYDEMOGRAPHICDEPENDENCY RATIODEPOSITDEPOSITSDEVALUATIONDISABILITYDIVORCEEARLY RETIREMENTEARLY RETIREMENT PROGRAMECONOMIC CONDITIONSECONOMIC DEVELOPMENTECONOMIC PERFORMANCEELDERLYEQUITY ISSUESEXCHANGE RATEEXPENDITUREEXPENDITURESFAMILIESFINANCE MINISTRIESFINANCIAL DEVELOPMENTFINANCIAL FLOWSFINANCIAL INSTITUTIONSFINANCIAL INSTRUMENTSFINANCIAL PRODUCTSFINANCIAL RISKSFISCAL DEFICITSFISCAL POLICYFOREIGN INVESTMENTFORMAL PENSIONFORMAL PENSION SYSTEMFUND MANAGERSFUNDED SCHEMEFUNDED SCHEMESFUTURE INCOMEGENDERGENDER EQUALITYGENDER EQUITYGENDER INEQUALITYHEADS OF HOUSEHOLDSHEALTH SYSTEMINCOME INEQUALITYINCOME SECURITYINCOME TAXINCOME TAXESINDIVIDUAL ACCOUNTINDIVIDUAL ACCOUNTSINDIVIDUAL BENEFITSINFLATIONINFORMAL SECTORSINFRASTRUCTURE PROJECTSINNOVATIONSINSTITUTIONAL CONSTRAINTSINSTRUMENTINSURANCEINSURANCE COMPANIESINSURANCE COMPANYINSURANCE PREMIUMINTEREST INCOMEINVESTMENT POLICIESINVESTMENT PORTFOLIOSINVESTMENT REGIMEINVESTMENT REGIMESJUDGEJURISDICTIONSLABOR FORCELABOR FORCE PARTICIPATIONLABOR MARKETLABOR MARKETSLAWSLEGAL FRAMEWORKLEGAL SYSTEMLEGISLATIONLIFE EXPECTANCYLIFE INSURANCELOCAL CAPITAL MARKETSMARKET CAPITALIZATIONMARKET PERFORMANCEMINIMUM BENEFITMINIMUM BENEFITSMINIMUM WAGEMINIMUM WAGESMOTIVATIONMUTUAL FUNDSNATIONAL PENSIONNATIONAL SAVINGSOCCUPATIONAL SCHEMESOUTSOURCINGPENSIONPENSION BENEFITPENSION BENEFITSPENSION COSTPENSION COVERAGEPENSION EARNINGSPENSION EDUCATIONPENSION ENTITLEMENTSPENSION EXPENDITURESPENSION FUNDPENSION FUND ADMINISTRATORSPENSION FUND ASSETSPENSION FUND INVESTMENTPENSION FUND MANAGERSPENSION FUNDSPENSION POLICIESPENSION POLICYPENSION REFORMPENSION REFORMSPENSION SAVINGSPENSION SAVINGS PLANPENSION SCHEMEPENSION SCHEMESPENSION SPENDINGPENSION SYSTEMPENSION SYSTEMSPENSIONERSPENSIONSPOLITICAL ECONOMYPOLITICAL PROCESSPRICE COMPETITIONPRIVATE MANAGEMENTPUBLIC PENSIONSPUBLIC SYSTEMPURCHASING POWERRAPID GROWTHRATE OF RETURNREGULATORY FRAMEWORKREPLACEMENT RATEREPLACEMENT RATESRESERVERESERVESRESIDENCERETIREESRETIREMENTRETIREMENT AGERETIREMENT BENEFITSRETIREMENT INCOMERETIRING WORKERSRETURNRETURNSRISK MEASUREMENTSAFETYSAFETY NETSAVINGS ACCOUNTSSAVINGS SCHEMESSCHEDULED WITHDRAWALSSELF EMPLOYEDSELF EMPLOYED WORKERSSERVANTSSOCIAL DEVELOPMENTSOCIAL POLICYSOCIAL PROTECTIONSOCIAL RISKSSOCIAL SAFETY NETSOCIAL SECURITYSOCIAL SECURITY AGENCYSOCIAL SECURITY SYSTEMSTATE GUARANTEESURVIVORS INSURANCETAXTAX EXEMPTIONSTAX INCENTIVESTAX RATESTRANSFER OF FUNDSTRANSPARENCYUNEMPLOYEDUNEMPLOYMENTVICTIMSVOLUNTARY PENSIONWAGESWIDOWWILLWITHDRAWALWOMANYOUNG WORKERS10.1596/20200