Browsing by Author "Schmidt-Hebbel, Klaus"

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    Fiscal and Macroeconomic Effects of Colombia`s Pension Reform
    (ILADES; Georgetown University; Universidad Alberto Hurtado. Facultad de Economía y Negocios, 1997) Schmidt-Hebbel, Klaus
    In 1994 Colombia started replacing its state-run and pay-as-you-go (PAYG) pension system by a privately-run and fully-funded scheme. Numerical simulations for the government's reform transition reveal implicit PAYG debt levels and corresponding reform transition deficits that are high relative to other countries, considering that Colombia's old pension system was characterized by low coverage, low system maturity, and a young population. Simulation results show that output could increase by 10% due to higher future saving caused by financing the pension deficit by a fiscal contraction -but this would occur only in the very long term. Sooner and possibly larger gains could be reaped from higher employment and production in formal sectors, and the development of capital markets spurred by the reform. In addition, Colombia's new pension systemthat includes a redistributive pillar targeted at the poor -is potentially more equitable than the old scheme, To reap these efficiency and equity bellefits, however, the Colombian government would have to adopt complementary reforms. They include giving the private fully-funded pension pillar a commanding role, supporting the development of capital markets, and bolstering formal-sector employment by the reduction of deadweight tax burden of non-pension programs that are currently financed by payroll taxes on labor.
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    Lecciones de la experiencia económica chilena
    (Universidad Alberto Hurtado. Facultad de Ciencias Sociales, 1994) Schmidt-Hebbel, Klaus
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    Pension Systems and Reforms: Country Experiences and Research Issues
    (ILADES; Georgetown University; Universidad Alberto Hurtado. Facultad de Economía y Negocios, 1994) Arrau, Patricio; Schmidt-Hebbel, Klaus
    Pension reform is spreading around the globe. ranging from Latin America to OECD countries, with current discussions of major reform projects in many other developing. transition, and OECD economies. This paper surveys current research issues and country experiences related to old-age security arrangements by imroducing the papers selected for this special issue of RAE and the July 1994 Conference on Pension Systems and Reforms sponsored by Fundacao Getulio Vargas. It also poses 15 research and policy design issues not addressed by the literature, ranging from macroeconomic effects to political-economy conditions of pension reform, to old-age poverty and the role of government, and design features of fullyfunded pension systems
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    Sovering debt converson in a dynamic Portfolio Framework
    (ILADES; Georgetown University; Universidad Alberto Hurtado. Facultad de Economía y Negocios, 1989) Morandé, Felipe; Schmidt-Hebbel, Klaus
    Sovering debt converson in a dynamic Portfolio Framework
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    Terms of Trade and the Current Account under Uncertainty
    (ILADES; Georgetown University; Universidad Alberto Hurtado. Facultad de Economía y Negocios, 1987) Schmidt-Hebbel, Klaus
    Terms of Trade and the Current Account under Uncertainty