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Fiscal And Macroeconomic Effects Of Colombias Pension Reform
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Book Synopsis Colombia's Pension Reform by : Klaus Schmidt-Hebbel
Download or read book Colombia's Pension Reform written by Klaus Schmidt-Hebbel and published by World Bank Publications. This book was released on 1995 with total page 92 pages. Available in PDF, EPUB and Kindle. Book excerpt: IFC Lessons of Experience No. 1F. This report reviews the experience of the International Finance Corporation (IFC) in its role as advisor and investor in privatization transactions during the past decade. In pursuit of its mandate to further economic development by encouraging the growth of productive private enterprise in developing countries, the IFC has naturally and increasingly been involved in supporting this movement. The premise of the report is that privatization will always be partly based on political considerations, including expected redistribution of wealth and the resulting winners and losers. It discusses the IFC's experience from two perspectives: as an advisor involved before the sale, which illustrates how the IFC assists in the trade-off between political and economic goals to conclude a deal; and after privatization, which discusses the resulting economic benefits. The IFC asserts that its role in privatization is defined by the evolving frontiers of political commitment. Within those frontiers, it can help expand privatization possibilities by performing advisory assignments, providing necessary investments, and developing capital market institutions. The IFC demonstrates that privatization strategies can assume many forms with few set prescriptions. Other language editions: English (ISBN 0-8213-3447-6) Stock No. 13447 Russian -out of print-(ISBN 0-8213-3545-6) Stock No. 13545 Spanish -out of print-(ISBN 0-8213-3451-4) Stock No. 13451.
Book Synopsis Fiscal and Macroeconomic Effects of Colombia's Pension Reform by : Klaus Schmidt-Hebbel
Download or read book Fiscal and Macroeconomic Effects of Colombia's Pension Reform written by Klaus Schmidt-Hebbel and published by . This book was released on 2017 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: In 1994 Colombia started replacing its state-run and pay-as-you-go (PAYG) pension system by a privately-run and fully-funded scheme. This study analyzes prospective fiscal and macroeconomic implications of this reform. It compares the features of Colombia's old and new pension system, puts them into the broader international context, and looks at the reform transition. Numerical simulations for the government's reform transition reveal implicit PAYG debt levels and corresponding reform transition deficits that are high relative to other countries, considering that Colombia's old pension system was characterized by low coverage, low system maturity, and a young population. Simulation results show that output could increase by 10% due to higher future saving caused by financing the pension deficit by a fiscal contraction -- but this would occur only in the very long term. Sooner and possibly larger gains could be reaped from higher employment and production in formal sectors, and the development of capital markets spurred by the reform. In addition, Colombia's new pension system -- that includes a redistributive pillar targeted at the poor -- is potentially more equitable than the old scheme. To reap these efficiency and equity benefits, however, the Colombian government would have to adopt complementary reforms. They include giving the private fully-funded pension pillar a commanding role, supporting the development of capital markets, and bolstering formal-sector employment by the reduction of deadweight tax burden of non-pension programs that are currently financed by payroll taxes on labor.
Book Synopsis Pension Reform in Colombia by : Sergio Clavijo
Download or read book Pension Reform in Colombia written by Sergio Clavijo and published by . This book was released on 1998 with total page 78 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Fiscal Effects of the 1993 Colombian Pension Reform by : Sergio Clavijo
Download or read book Fiscal Effects of the 1993 Colombian Pension Reform written by Sergio Clavijo and published by International Monetary Fund. This book was released on 1998-11-01 with total page 24 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study examines the fiscal impact of the pension reform adopted in Colombia in 1993, which established a fully funded, privately administered pension system alongside the existing pay-as-you-go state scheme. The reform increased the contribution rate and reduced the benefits of the state scheme. However, the fiscal cost of the reform was high, estimated at 1.5 to 2.3 percent of GDP annually over the next three decades. This reflects concessions made to special groups of public servants, the delay in making effective the new retirement conditions, and the minimum pension guarantee. A new generation of pension reforms needs to be adopted.
Book Synopsis Pension Reform in Colombia by : Sergio Clavijo Vergara
Download or read book Pension Reform in Colombia written by Sergio Clavijo Vergara and published by . This book was released on 1998 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Social Security Reforms in Colombia: Striking Demographic and Fiscal Balances by : Sergio Clavijo
Download or read book Social Security Reforms in Colombia: Striking Demographic and Fiscal Balances written by Sergio Clavijo and published by INTERNATIONAL MONETARY FUND. This book was released on 2009-03-01 with total page 31 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper analyzes the economic rationale for adopting parametric pension reforms and reforms broadening the coverage of public health care in Colombia during 1993-2008. Parametric pension reforms have focused on increasing the retirement age and moderating replacement rates. The health system reforms aimed at reaching universal coverage by 2012, while providing a more homogenous level of services. Our results indicate that the Net Present Value of the debt of the social security system in Colombia is roughly 160 percent of GDP for pensions and about 97 percent of GDP for the health system.
Book Synopsis Fiscal Effects of the 1993 Colombian Pension Reform by : Sergio Clavijo Vergara
Download or read book Fiscal Effects of the 1993 Colombian Pension Reform written by Sergio Clavijo Vergara and published by . This book was released on 1998 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Assessing Chile's Pension System: Challenges and Reform Options by : Samuel Pienknagura
Download or read book Assessing Chile's Pension System: Challenges and Reform Options written by Samuel Pienknagura and published by International Monetary Fund. This book was released on 2021-09-10 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt: Chile’s pension system came under close scrutiny in recent years. This paper takes stock of the adequacy of the system and highlights its challenges. Chile’s defined contribution system was quite influential when introduced, and was taken as an example by other countries. However, it is now delivering low replacement rates relative to OECD peers, as its parameters did not adapt over time to changing demographics and global returns, while informality persists in the labor market. In the absence of reforms, the system’s inability to deliver adequate outcomes for a large share of participants will continue to magnify, as demographic trends and low global interest rates will continue to reduce replacement rates. In addition, recent legislation allowing for pension savings withdrawals to counter the effects from the COVID-19 pandemic, is projected to further reduce replacement rates and increase fiscal costs. A substantial improvement in replacement rates is feasible, via a reform that raises contribution rates and the retirement age, coupled with policies that increases workers’ contribution density.
Book Synopsis Pension Reform, Financial Market Development, and Economic Growth by : Mr.Robert Holzmann
Download or read book Pension Reform, Financial Market Development, and Economic Growth written by Mr.Robert Holzmann and published by International Monetary Fund. This book was released on 1996-08-01 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Chilean pension reform of 1981, in which Chile moved from an unfunded to a funded scheme, is considered to have contributed to this country’s excellent economic performance since the mid-1980s. The paper highlights the theoretical underpinnings of the claimed economic effects and presents empirical data and preliminary econometric testing of the conjectured growth, capital formation, and saving effects. The empirical evidence is consistent with most of the claims. In particular, the direct impact of financial market development on private saving is found to be negative, which underscores the importance of sound fiscal policy and public saving to support the transition.
Book Synopsis Privatizing Social Security by : Martin Feldstein
Download or read book Privatizing Social Security written by Martin Feldstein and published by University of Chicago Press. This book was released on 2008-04-15 with total page 484 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume represents the most important work to date on one of the pressing policy issues of the moment: the privatization of social security. Although social security is facing enormous fiscal pressure in the face of an aging population, there has been relatively little published on the fundamentals of essential reform through privatization. Privatizing Social Security fills this void by studying the methods and problems involved in shifting from the current system to one based on mandatory saving in individual accounts. "Timely and important. . . . [Privatizing Social Security] presents a forceful case for a radical shift from the existing unfunded, pay-as-you-go single national program to a mandatory funded program with individual savings accounts. . . . An extensive analysis of how a privatized plan would work in the United States is supplemented with the experiences of five other countries that have privatized plans." —Library Journal "[A] high-powered collection of essays by top experts in the field."—Timothy Taylor, Public Interest
Book Synopsis Pension Reform in Six Countries by : Axel H. Börsch-Supan
Download or read book Pension Reform in Six Countries written by Axel H. Börsch-Supan and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 222 pages. Available in PDF, EPUB and Kindle. Book excerpt: AxeI Borsch-Supan and Meinhard Miegel The provision of retirement income is a dynamic system that needs to be adapted constantly to the ever changing economic and societal environment. Sometimes, incremental adaptations suffice; sometimes, however, larger reform steps are necessary. We see this evolutionary process both through history and across countries. Over and again societies are confronted with new challenges, not the least with respect to old age social security. At this juncture of history, almost all industrialized countries face rapid population aging and need. to adapt their pension systems to this historically unprecedented demographic change. The six countries in this study (Chile, Germany, Great Britain, the Netherlands, Switzerland, and the United States) have responded very differently to this new challenge. This is the point of departure for this book. Why did the countries respond so differently? What can we learn from each other? It is not the point of this book to provide a universally optimal solution to the pension problems caused by population aging. The six countries are simply too different in terms of their demographic and cultural, and in particular in terms of their historical and economic backgrounds. However, since national discussions tend to be surprisingly narrowly focussed even in times of globalization, there is much to learn by looking over the neighbor' s fence. And since some countries have reformed earlier than others, we even have the benefit of quite a few trials and errors in one country from which all other countries can learn.
Author :International Monetary Fund Publisher :International Monetary Fund ISBN 13 :1451808739 Total Pages :133 pages Book Rating :4.4/5 (518 download)
Book Synopsis Colombia by : International Monetary Fund
Download or read book Colombia written by International Monetary Fund and published by International Monetary Fund. This book was released on 1999-03-01 with total page 133 pages. Available in PDF, EPUB and Kindle. Book excerpt: This Selected Issues paper and Statistical Appendix analyzes economic developments in Colombia during 1996–99. Output growth slowed sharply in 1996 and early 1997, but subsequently rebounded owing to stronger exports, a temporary boom in world coffee prices, and an easing of credit policy. Despite efforts at addressing the fiscal imbalances, the nonfinancial public sector deficit widened further to more than 4 percent of GDP in 1997. Monetary policy during 1996 and most of 1997 was geared toward stimulating domestic demand.
Book Synopsis The Challenge of Public Pension Reform in Advanced and Emerging Economies by : Mr.Benedict J. Clements
Download or read book The Challenge of Public Pension Reform in Advanced and Emerging Economies written by Mr.Benedict J. Clements and published by International Monetary Fund. This book was released on 2013-01-25 with total page 86 pages. Available in PDF, EPUB and Kindle. Book excerpt: Pension reform is high on the policy agenda of many advanced and emerging market economies. In advanced economies the challenge is generally to contain future increases in public pension spending as the population ages. In emerging market economies, the challenges are often different. Where pension coverage is extensive, the issues are similar to those in advanced economies. Where pension coverage is low, the key challenge will be to expand coverage in a fiscally sustainable manner. This volume examines the outlook for public pension spending over the coming decades and the options for reform in 52 advanced and emerging market economies.
Book Synopsis The Economics of Banking and Finance in Africa by : Joshua Yindenaba Abor
Download or read book The Economics of Banking and Finance in Africa written by Joshua Yindenaba Abor and published by Springer Nature. This book was released on 2022-09-17 with total page 1093 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book evaluates the characteristics and developments in Africa’s financial systems, including monetary policy, structured finance, sustainable finance and banking, FinTech, RegTech, SupTech, inclusive finance, the role of regulation in dealing with banking crises, the impact of the COVID-19 pandemic on Africa’s financial systems and how to reform the post-COVID-19 financial systems. It is made up of contributions from scholars in finance and economics as well as financial market practitioners. Banking and the financial markets play a significant role in the growth of various economies. Although a number of handbooks on banking and finance exist, they mainly focus on Europe, America and Asia. Banks and financial markets in Africa are confronted with different challenges and therefore present a unique case to understand Africa’s financial systems. A number of African countries have experienced banking crises and it is important to examine these issues as well as the regulatory regimes required to address them. This edited book contributes to the limited texts in the area by providing a comprehensive resource on banking and finance for students, scholars, researchers, policymakers, and financial market practitioners. It contains various theoretical and empirical chapters on banking and finance in Africa.
Download or read book A Guide to the World Bank written by and published by World Bank Publications. This book was released on 2003 with total page 270 pages. Available in PDF, EPUB and Kindle. Book excerpt: The World Bank Group works in more than 100 developing economies and is one of the world's largest sources of development assistance. In 2002, the institution provided US $19.5 billion in loans to its client countries. This guide reviews the organisation's history, objectives and operations, and looks at the five institutions that make up the World Bank Group: the International Bank for Reconstruction and Development (IBRD), the International Development Association (IDA), the International Finance Corporation (IFC), the Multilateral Investment Guarantee Agency (MIGA), and the International Centre for Settlement of Investment Disputes (ICSID).
Book Synopsis OECD Reviews of Pension Systems: Ireland by : OECD
Download or read book OECD Reviews of Pension Systems: Ireland written by OECD and published by OECD Publishing. This book was released on 2014-04-07 with total page 150 pages. Available in PDF, EPUB and Kindle. Book excerpt: This report provides an international perspective on Ireland’s retirement income provision for a focused review on the viability and long-term impact of proposed changes in pension policy, taking into account the impact of the economic downturn.
Book Synopsis Development Centre Studies The Second-Generation Pension Reforms in Latin America by : Queisser Monika
Download or read book Development Centre Studies The Second-Generation Pension Reforms in Latin America written by Queisser Monika and published by OECD Publishing. This book was released on 1998-09-30 with total page 145 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study provides a detailed description of all second-generation pension reforms in Latin America to date, evaluates the first years of operations of the new systems and outlines the problems and challenges which the systems are still facing.
