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In 1994 Colombia started replacing its state-run and pay-as-you-go (PAYG) pension system by a privately-run and fully … Colombia's old and new pension system, puts them into the broader international context, and looks at the reform transition … transition deficits that are high relative to other countries, considering that Colombia's old pension system was characterized …
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Whether pension reforms lead to an improvement in macroeconomic performance is a controversial question. Some countries, which have implemented reforms, claim better economic performance while in others a positive result has yet to be seen. This paper explores two aspects of this issue further:...
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