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Pension Reform and the Fiscal Policy Stance

Author/Editor: Mackenzie, G. A. | Gerson, Philip R. | Cuevas, Alfredo | Heller, Peter S.
Authorized for Distribution: December 1, 2001
Electronic Access: Free Full Text (PDF file size is 882KB)
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Disclaimer: This Working Paper should not be reported as representing the views of the IMF. The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate.

Summary: The increased budget deficit caused by the privatization of a public pension plan does not imply a relaxation of the stance of fiscal policy. The reform's impact on the fiscal stance and national saving depends primarily on its effect on the sum of explicit and implicit public debt and on the post-reform payroll tax and private system contribution rates. However, the precise impact of reform also depends on such influences as the relationship between the rates of interest on implicit and explicit public debt. There may be circumstances in which pension privatization, if not offset by fiscal consolidation, will loosen the fiscal stance.
 
Series: Working Paper No. 01/214
Subject(s): Pensions | Privatization | Aging | Fiscal policy | Social security
Author's keyword(s): Social security | old age pension | pension reform | fiscal balance
 
English  
    Published:   December 1, 2001        
    ISBN/ISSN:   1934-7073   Format:   Paper
    Stock No:   WPIEA2142001   Pages:   16
    Price:   US$15.00 (Academic Rate: US$15.00 )
       
     
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