Pension Reform and Macroeconomic Stability in Latin America

34 Pages Posted: 8 May 2007

See all articles by Jorge E. Roldos

Jorge E. Roldos

International Monetary Fund (IMF)

Date Written: May 2007


This paper reviews macroeconomic aspects of pension reforms in Latin America, focusing on financial market stability and fiscal sustainability. Concentration of pension fund portfolios in government bonds remains high, and the lack of new investment alternatives has distorted asset prices. Countries have gradually liberalized investments abroad, but remain wary of the impact on foreign currency markets. The fiscal costs of the transition to funded systems have been higher than expected, and have contributed to high debt levels. The paper highlights the importance of coordinating changes in portfolio limits with debt management policies and measures to develop securities markets.

Suggested Citation

Roldos, Jorge E., Pension Reform and Macroeconomic Stability in Latin America (May 2007). IMF Working Paper No. 07/108, Available at SSRN:

Jorge E. Roldos (Contact Author)

International Monetary Fund (IMF) ( email )

700 19th Street NW
Washington, DC 20431
United States

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