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"A heavyweight analysis of the Latin American pension revolution,
which raises important questions about the optimal scale of
compulsory saving when redesigning pension systems."--Paul Wallace,
The Economist
"Although it maintains the fundamental principles of Averting the
Old Age Crisis, published by the World Bank in 1994, Keeping the
Promise takes a fresh look at the outcome of structural pension
reforms implemented in 12 Latin American countries during the
1990s, and proposes new, sometimes bold policies. This is an
important and controversial book that must be read by experts on
pensions, social security, and Latin America."--Carmelo Mesa-Lago,
Distinguished Professor Emeritus of Economics and Latin American
Studies, University of Pittsburgh
"A heavyweight analysis of the Latin American pension revolution,
which raises important questions about the optimal scale of
compulsory saving when redesigning pension systems."--Paul Wallace,
The Economist
"Although it maintains the fundamental principles of Averting the
Old Age Crisis, published by the World Bank in 1994, Keeping the
Promise takes a fresh look at the outcome of structural pension
reforms implemented in 12 Latin American countries during the
1990s, and proposes new, sometimes bold policies. This is an
important and controversial book that must be read by experts on
pensions, social security, and Latin America."--Carmelo Mesa-Lago,
Distinguished Professor Emeritus of Economics and Latin American
Studies, University of Pittsburgh
Countries throughout the world are increasingly relying on
individual pension savings accounts to provide income replacement
in old age for their citizens. Although these have now been in
place for several decades, the metrics for the measurement of their
performance has not always meaningful from the perspective the long
term objectives of pension funds. The recent financial crisis has
highlighted the need to establish meaningful performance measures
that consider pension funds in relation to the ability to
effectively provide income replacement at retirement age. The book
discusses the theoretical basis and a number of implementation
issues related to the emerging view that at meaningful evaluation
of the investment performance of pension funds requires the design
of life-cycle benchmarks against which performance can be
evaluated. The composition of these benchmarks would depend on a
number of factors, including the presence of other sources of
retirement income; the age of individuals; the rate of
contributions; the target replacement rate; the expected density of
contributions; the type of retirement income in the payout phase,
and the risk aversion of policymakers and individuals. This book
provides an evaluation of the financial performance of funded
pension systems within the standard mean variance framework. It
then provides a discussion of the limitations inherent to applying
these methods to pension funds and proceeds to review the many
other issues that should be addressed in developing more useful and
meaningful performance measures through the formulation of pension
specific benchmark portfolios. Evaluating the Financial Performance
of Pension Funds concludes with commentary and observations about
the need for and application of this new approach to performance
measurement and the impact of the recent global financial crisis on
the pension funds.
Empirical analysis of two decades of pioneering pension and social
security reform in Latin America and the Caribbean shows that much
has been achieved, but that critical challenges remain. In tackling
this unfinished agenda, a great deal can be learned from the reform
experience of countries in the region. Keeping the Promise,
produced by the chief economist's office in the Latin America and
Caribbean Region at the World Bank, evaluates policy reforms in 12
countries, points to successes and shortcomings, and proposes
priorities and options for future reform. ""Keeping the Promise
provides a timely assessment of two decades of pension reform
experience-with a wealth of new data, and empirical evaluation of
reformed social security systems. Many economists and policymakers
will not be persuaded by some of the main conclusions and
recommendations-such as the supposed failure to increase coverage,
and the call for strengthening a pay-as-you-go defined-benefit
scheme for poverty prevention-but they will welcome the book's
critical appraisal. This is required reading for pension
specialists and policymakers in Latin America and beyond.""-Klaus
Schmidt-Hebbel, Chief of Economic Research, Central Bank of Chile
""A heavyweight analysis of the Latin American pension revolution
which raises important questions about the optimal scale of
compulsory saving when redesigning pension systems. "" -Paul
Wallace, The Economist
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