{
  "title": "Pension Reform and Macroeconomic Stability in Latin America",
  "publication": "IMF Working Papers, May 1, 2007",
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  "summary": "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.",
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    {
      "heading": "Summary and scope",
      "content": "- Reviews macroeconomic aspects of pension reforms in Latin America with focus on financial market stability and fiscal sustainability.\n- Emphasizes coordination between pension portfolio regulations, debt management policies, and development of securities markets."
    },
    {
      "heading": "Key findings",
      "content": "- Concentration of pension fund portfolios in government bonds remains high.\n- The lack of new investment alternatives has distorted asset prices.\n- Countries have gradually liberalized investments abroad, but remain wary of the impact on foreign currency markets.\n- The fiscal costs of the transition to funded systems have been higher than expected, and have contributed to high debt levels."
    },
    {
      "heading": "Policy implications and recommendations",
      "content": "- Coordinate changes in portfolio limits with debt management policies.\n- Implement measures to develop domestic securities markets to broaden investment alternatives for pension funds.\n- Consider the foreign-currency market impact when liberalizing foreign investments.\n\n---\n\n Content in this bundle\n\n- wp07108\n  - wp07108 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - wp07108 (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/wp/issues/2016/12/31/pension-reform-and-macroeconomic-stability-in-latin-america-20663"
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    "Authors: Jorge Roldos",
    "Published: May 1, 2007",
    "Series: IMF Working Papers",
    "DOI: https://doi.org/10.5089/9781451866728.001",
    "Reviews macroeconomic aspects of pension reforms in Latin America with focus on financial market stability and fiscal sustainability.",
    "Emphasizes coordination between pension portfolio regulations, debt management policies, and development of securities markets.",
    "Concentration of pension fund portfolios in government bonds remains high.",
    "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.",
    "Coordinate changes in portfolio limits with debt management policies.",
    "Implement measures to develop domestic securities markets to broaden investment alternatives for pension funds.",
    "Consider the foreign-currency market impact when liberalizing foreign investments.",
    "**_wp07108**"
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