Credibility and transparency are at the core of the current debate about exchange rate regimes. The steady growth in the magnitude and variability of international capital flows has complicated the question of whether to use floating, fixed, or intermediate exchange rate regimes. Emerging market...

A growing number of countries have introduced mandatory defined contribution schemes. As these schemes mature, their success will increasingly depend on how well they translate accumulated funds into a stream of retirement income. Successful reforms will rely on a well regulated, and competitive...

In the context of a serious financial, and legal crisis, Argentina reformed its pension system in 1994, when a multi-pillar model with a funded scheme was introduced, and first pillar parameters, as minimum age and vesting requirements were tightened. The new system has a significant first...

Collecting social security contributions is an important operational issue in all types of pension systems. Many regimes are plagued by poor compliance and weak, inefficient administration. Some countries have tried to introduce an automatic incentive to contribute by moving systems closer...

The regulation and supervision of pension funds is a critical part of building public confidence in a funded-pension system. This report argues that confidence is best bolstered by an independent, autonomous, and transparent supervision agency, particularly when previous systems have failed. The...

By the early 1960s, Colombia was one of the fastest growing countries in the world. With a total fertility rate of seven children per woman and a rapidly declining mortality, its population was growing at a rate that would double in size every 22 years. But from the years 1973 - 1985 the...