TY - BOOK ID - 84550498 TI - IMF Staff papers : Volume 44 No. 2. AU - International Monetary Fund. AU - International Monetary Fund PY - 1997 SN - 145529764X 1455264334 PB - Washington, D.C. : International Monetary Fund, DB - UniCat KW - Deflation KW - Expenditure KW - Expenditures, Public KW - Finance KW - Finance: General KW - Fiscal consolidation KW - Fiscal Policy KW - Fiscal policy KW - Income economics KW - Inflation KW - Labor KW - Labour KW - Macroeconomics KW - National Government Expenditures and Related Policies: General KW - Pension reform KW - Pension spending KW - Pensions KW - Price Level KW - Prices KW - Public finance & taxation KW - Public Finance KW - Social Security and Public Pensions KW - Unemployment rate KW - Unemployment KW - Unemployment: Models, Duration, Incidence, and Job Search KW - United States UR - https://www.unicat.be/uniCat?func=search&query=sysid:84550498 AB - The Chilean pension reform of 1981, a shift from cm unfunded to a funded scheme, is considered to have contributed to this country’s excellent economic performance. Positive growth effects allow, in principle, a Pareto-improving shift in pension financing. This paper highlights the theoretical underpinnings of the reform and presents empirical data and preliminary econometric testing of the conjectured reform effects on financial market developments, as well as the impact on total factor productivity. capital formation, and private saving. The empirical evidence is consistent with most but not all claims. In particular, the direct impact of the reform on saving was low, and initially even negative. ER -