This paper explores how privatizing a pension system can affect sovereign credit risk. For this purpose, it analyzes … the importance that rating agencies give to implicit pension debt (IPD) in their assessments of sovereign creditworthiness …. However, by channeling pension contributions away from the government and creating a deficit of resources to cover the current …

-organized by Gregorio Impavido (gimpavido@imf.org). The article shows that account transfers among pension administrators in Mexico … barely respond to price or return considerations and in general has not improved the consumer's pension balance. Instead of … the power of competition. Thus, an increased number of pension fund managers has not provided a more competitive …

We study the behavior of private pension funds as large depositors in a banking system. Using panel data analysis, we … examine whether, and if so how, pension funds influence market discipline in Argentina in the period 1998-2001. We find … evidence that pension funds exert market discipline and this discipline gets stronger as the share of pension fund deposits in …

substantial expected increase in pension outlays. It compares the current fiscal rule, which targets a (central government … structural) non-oil deficit equal to 4 percent of Government Pension Fund assets, with three alternatives that save a larger …

The paper explores the macroeconomic effects of three public pension reforms, namely an increase in retirement age, a … Monetary and Fiscal model (GIMF), we find that public pension reforms can have a positive effect on growth in both the short … stronger capital accumulation due to higher world savings. An increase in the retirement age reform yields the strongest impact …

This paper evaluates the macroeconomic and welfare effects of extending the averaging period used to calculate pension … those increasing the retirement age under alternative tax policies. The analysis is based on a model in the Auerbach … pressures at the peak of the demographic shock as much as increasing the retirement age in line with life expectancy (4 …

), particularly for the low-income and older individuals. Using simulations of tax and social benefits and public pensions, the paper … shows how the current tax, welfare, and pension systems create disincentives to work among these groups. The paper finds …

In this paper, we describe the changes of (early) retirement programs over time and study the link between trends in … any, between elderly retirement and activity among the young and the prime-age populations. …

important group of investors: U.K. pension funds. The tax-adjusted CAPM suggests that the impact should depend on an average of … dividend tax rates across all investors, and that U.K. pension funds should reduce their holdings of the previously tax …-favored asset: U.K. equities. Given that U.K. pension funds are small relative to the total size of the world capital market, a …