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Pension Reform, Financial Market Development, and Economic Growth: Preliminary Evidence from Chile


Robert Holzmann


University of Malaya; Institute for the Study of Labor (IZA); CESifo (Center for Economic Studies and Ifo Institute); World Bank

August 1996

IMF Working Paper No. 96/94

Abstract:     
The Chilean pension reform of 1981, in which Chile moved from an unfunded to a funded scheme, is considered to have contributed to this country`s excellent economic performance since the mid-1980s. The paper highlights the theoretical underpinnings of the claimed economic effects and presents empirical data and preliminary econometric testing of the conjectured growth, capital formation, and saving effects. The empirical evidence is consistent with most of the claims. In particular, the direct impact of financial market development on private saving is found to be negative, which underscores the importance of sound fiscal policy and public saving to support the transition.

Number of Pages in PDF File: 52

JEL Classification: G23, O16, O46, O54

working papers series


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Date posted: February 15, 2006  

Suggested Citation

Holzmann, Robert, Pension Reform, Financial Market Development, and Economic Growth: Preliminary Evidence from Chile (August 1996). IMF Working Paper, Vol. , pp. 1-52, 1996. Available at SSRN: http://ssrn.com/abstract=882990

Contact Information

Robert Holzmann (Contact Author)
University of Malaya ( email )
University of Malaya
Kuala Lumpur, Wilayah Persekutuan 50603
Malaysia
Institute for the Study of Labor (IZA)
P.O. Box 7240
Bonn, D-53072
Germany
CESifo (Center for Economic Studies and Ifo Institute)
Poschinger Str. 5
Munich, DE-81679
Germany
World Bank ( email )
1818 H Street, NW
Washington, DC 20433
United States
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