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Rise and Fall of the Privatized Pension System in Chile: An International Perspective [Kõva köide]

  • Formaat: Hardback, 122 pages, kõrgus x laius x paksus: 229x153x26 mm, kaal: 454 g
  • Ilmumisaeg: 18-Feb-2021
  • Kirjastus: Anthem Press
  • ISBN-10: 1785273566
  • ISBN-13: 9781785273568
Teised raamatud teemal:
Rise and Fall of the Privatized Pension System in Chile: An International PerspectiveSuurem pilt
  • Formaat: Hardback, 122 pages, kõrgus x laius x paksus: 229x153x26 mm, kaal: 454 g
  • Ilmumisaeg: 18-Feb-2021
  • Kirjastus: Anthem Press
  • ISBN-10: 1785273566
  • ISBN-13: 9781785273568
Teised raamatud teemal:
Püsilink: https://www.kriso.ee/db/9781785273568.html
Märksõnad:

‘The Rise and Fall of the Privatized Pension System in Chile’ analyses the Chilean experience with a privatised pension system and examines its impact on pension levels for the ageing population, differences in benefits across different groups, impact on local capital markets, savings redistribution to big corporations and foreign countries, and high profit rates for pension fund managing companies.



‘The Rise and Fall of the Privatized Pension System in Chile’ focuses on the Chilean experience with a privatised pension system since the early 1980 when launched by the Pinochet regime. It explores economic, financial and political economy dimensions of a private pension system based on individual savings capacity implemented in a highly unequal country. The book also highlights the role played by the pension system as a mechanism of savings redistribution from wage earners and the self-employed to the funding of big corporations at home and abroad, in a process intermediated by profit-making pension fund management companies. The book compares the resilience of Chile’s private pension system with the reversals of the privatised pension system in recent years in countries of Latin America and Central-Eastern Europe. It outlines a program of structural pension reform towards a more progressive, public-based system.

Arvustused

Using his deep knowledge of Chile and of economics, Andres Solimano has provided a careful and highly informed analysis of that system and of its shortcomings, a system that became increasingly unfair with the passage of time. This is a must read for anyone interested in pension reforms. Vito Tanzi, Former Director of the Department of Fiscal Affairs, IMF





In this book, some historical developments of the Chilean pension program can be found, starting from the decades before the privatization of the pension system in the 1980s and the period afterward up to the calls for the de-privatization of pension funds. This is a story that obviously needs to be told as the risks of selling the Chilean model as a solution to collapsing economies remain in Latin America where authorities are still tempted to privatize public services Luciano Bottini Filho Lecturer, Sheffield Hallam University and Ph.D. candidate, University of Bristol; Journal of Social Security Law; 2022, 29(2), 155-156.

Muu info

An analysis of Chiles experience with privatised pension system
Acknowledgments vii
1 Introduction
1(12)
2 An Overview of Social Security: Purposes, Modalities and Historical Evolution
13(18)
2.1 Purposes and Modalities
13(8)
2.1.1 Pension systems as a social contract: The pay-as-you-go modality
16(1)
2.1.2 Demographic challenges
17(1)
2.1.3 Defined contributions and defined benefits
18(1)
2.1.4 Wage-labor, the self-employed and social security
19(1)
2.1.5 Volatility in financial markets
20(1)
2.2 Historical Origins of Social Security and Pension Systems
21(8)
2.2.1 Core Capitalist economies
21(3)
2.2.2 Containment of social security benefits in the 1980s
24(1)
2.2.3 Further cuts in pension benefits during the 1990s and 2000s
25(4)
2.3 Brief Historical Background of Social Security in Latin America
29(2)
3 The Rise and Fall of Pension Privatization in Latin America and Central and Eastern Europe
31(20)
3.1 Introduction
31(1)
3.2 Privatization within Worldwide Dominance of Public Pension Systems
32(1)
3.3 The Cycle of Pension System Privatization and De-privatization
33(6)
3.3.1 The privatization phase: Objectives, assumptions and reality)
34(5)
3.3.2 The de-privatization phase: Reversals
39(1)
3.4 The Pension Privatization/De-privatization Cycle in Argentina (1994--2008), Hungary (1998--2011) and Poland (1999--2014)
39(12)
3.4.1 The case of Argentina
40(2)
3.4.2 The case of Hungary
42(3)
3.4.3 The case of Poland
45(3)
3.4.4 Lessons of comparative international experience in de-privatization
48(3)
4 The Evolution of Social Protection and Pension Systems in Chile from the 19th Century until Its Privatization in the 1980s
51(26)
4.1 Introduction
51(1)
4.2 Development of Social Security and Labor Legislation from the 19th Century
52(8)
4.2.1 The Rush of Labor Legislation in the 1920s
54(2)
4.2.2 The Reforms of 1952--53
56(1)
4.2.3 Reform Efforts by the Frei-Montalva and Allende Governments
57(3)
4.3 The Pinochet Regime: From Eclectic Corporatism (Draft Pension Law of 1975) to a Privatized Pension System (DL 3,500 of 1980)
60(5)
4.3.1 Corporatists and Neoliberals
61(4)
4.4 The Military Entertains Doubts on the Privatization Scheme and Remain in Their Old State-Funded System
65(2)
4.5 Concluding Remarks
67(10)
5 Empirical Elements for Evaluating the Privatized Chilean Pension System
77(20)
5.1 Introduction
77(1)
5.2 Average Old Age Pensions Paid by Private and Public Contributory Pillars
78(2)
5.3 Frequency Distribution for Old age Pensions Paid by the AFP System
80(1)
5.4 Pension Levels for Members of the Armed Forces and National Police
80(2)
5.5 Incidence of Public Expenditure in the Pension System
82(4)
5.6 Effects on Savings, Inequality and Level of Pensions
86(2)
5.7 How Pension Funds Are Invested?
88(4)
5.8 Other Shortcomings
92(1)
5.9 Political Economy and Forced Savings
93(4)
6 Synthesis and Conclusions: Reform Paralysis and the Road to De-privatization
97(8)
6.1 Introduction
97(1)
6.2 The 2008 Reforms under Bachelet I: Creation of a Basic Pension Pillar
98(1)
6.3 Reform Proposals under Bachelet II and Pinera II
99(1)
6.4 De-privatizing the Chilean Pension System
100(5)
References 105(4)
Index 109
Andrés Solimano holds a PhD in economics from MIT and is founder and president of the International Center for Globalisation and Development.