In principle, the sovereign credit rating industry could help mitigate the congestion externalities common to world capital markets that arise from the failure of market participants to internalise the social cost of external borrowings. This would require that modifications in ratings on...

The Chilean Electronic Market for Annuities was created in 2004 in order to correct several malfunctions of the market for annuities. The Chilean Pension System is composed of two phases. On the accumulation phase, savings are collected and managed by asset managers. The payout phase consists in...

A diferencia de un sistema de reparto donde se evalúa permanentemente la sustentabilidad financiera de éste, en un sistema de capitalización la atención está centrada en su capacidad de pagar beneficios adecuados. Este artículo presenta proyecciones de pensiones para el caso de Chile y un...

In principle, the sovereign credit rating industry could help mitigate the congestion externalities common to world capital markets that arise from the failure of market participants to internalise the social cost of external borrowings. This would require that modifications in ratings on...

As opposed to defined benefit pension schemes, which are showing sustainability problems around the world, individual capitalization systems are seen as financially solvent. However, there has been some controversy during the last years with respect to this system´s ability to provide adequate...

L'analyse des effets de la privatisation porte généralement sur des aspects microéconomiques. Néanmoins, lorsque la privatisation est massive, l'évaluation de l'impact macroéconomique présente un grand intérêt. Dans un environnment de crise économique chronique, la privatisation peut...