TY  - BOOK
AU  - Gerson,Philip R.
AU  - Cuevas,Alfredo
AU  - Gerson,Philip R.
AU  - Heller,Peter S.
AU  - Mackenzie,George A.
TI  - Pension Reform and the Fiscal Policy Stance
T2  - IMF Working Papers; Working Paper
SN  - 1451874995 :
SN  - 1018-5941
PY  - 2001///
CY  - Washington, D.C.
PB  - International Monetary Fund
KW  - Individual Accounts
KW  - imf
KW  - Old-Age Pension
KW  - Pension Reform
KW  - Pension System
KW  - Pension
KW  - Public Pension
KW  - Bolivia
KW  - United States
N2  - 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
UR  - http://elibrary.imf.org/view/IMF001/05179-9781451874990/05179-9781451874990/05179-9781451874990.xml
UR  - http://www.imfbookstore.org/IMFORG/9781451874990
ER  -