Impacto Macroeconómico de la Reforma de Pensiones en México

In this paper we estimate the macroeconomic impact of the 1997 Mexican pension reform, which substituted a pay-as-you-go for a fully- funded system with individual accounts. To analyze the impact of the reform on GDP growth, three main channels are considered: national savings and domestic investment; labor markets; and the development of capital markets. Our estimations suggest that the reform has contributed between 0.18 and 0.52 percentage points of the average GDP growth rate, which has been 2.4% in the last 15 years.