Patching Up the Pension Fund Folly

Patching Up the Pension Fund Folly

Chile

Privatizing state pension systems is a remarkable Latin American innovation. The idea of turning over billions of dollars in retirement savings to professional managers has profoundly affected the debate on pension reform, a critical policy issue in every major economy around the world. Privatization was meant to achieve several objectives at a single stroke: a fully-funded pension system would no longer be a burden on the public finances, it would reduce dependence on imported capital by increasing domestic savings and it would revitalize the capital markets by channeling resources to the private sector. Although the concept of pension reform

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