This paper discusses the range of factors that can stimulate the further development of the domestic institutional sector through pension system reform measures. The development of the institutional sector in emerging market economies is compared with the experiences of OECD countries. The focus...

In 1995, the government of Uruguay undertook a first pillar-based reform of the pension system, as opposed to the second pillar-based Chilean-style reform. The paper's first section describes Uruguay's pension system prior to reform. It demonstrates quite clearly that the crisis faced by that...

Latin American experts demonstrate how market-friendly measures in key policy areas can promote greater equity and efficiency. By identifying win-win strategies, the authors challenge the conventional wisdom that there is always a tradeoff between these two objectives. This volume shows how...

The retired population can be expected to make a substantial claim on the economic resources of virtually every nation. This book is geared to helping planners devise workable and efficient pension systems for Caribbean nations. It offers specific discussions of instruments, programs, and...

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...

In 1995, the government of Uruguay undertook a first pillar-based reform of the pension system, as opposed to the second pillar-based Chilean-style reform. The paper's first section describes Uruguay's pension system prior to reform. It demonstrates quite clearly that the crisis faced by that...

This paper surveys the recent literature on the political economy of fiscal policy, in particular the accumulation of government debt. The authors examine three possible determinants of fiscal balances: opportunistic behavior by policymakers, heterogeneous fiscal preferences of either voters or...

Several European countries face challenges reminiscent of those faced by the emerging economies of Latin America. The economic booms in some peripheral Euro-zone countries financed by large capital inflows; the credit and asset price booms and then the busts including Sudden Stops in capital...

Tax policy is among the most common and relevant instruments in the toolkit of policy-makers when thinking about promoting growth, yet there is not compelling evidence regarding its effect in Latin American countries. Using a variety of approaches, we estimate the effects on growth of the most...

The recent financial crisis has initiated pressures for not only policy reform but also fundamental institutional fiscal reforms. This paper explores the connection between economic crises and fiscal institutional reforms in a region that has experienced plenty of both in recent years, namely...