The Financial Crisis and Mandatory Pension Systems in Developing Countries : Short-and Medium-Term Responses for Retirement Income Systems
The international financial crisis has severely affected the value of pension fund assets worldwide. The unfolding global recession will also impose pressures on public pension schemes financed on a pay-as-you-go basis, while limiting the capacity...
| Main Authors: | , , |
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| Format: | Brief |
| Language: | English |
| Published: |
World Bank, Washington, DC
2012
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| Subjects: | |
| Online Access: | http://documents.worldbank.org/curated/en/2008/12/10106891/financial-crisis-mandatory-pension-systems-developing-countries-short-and-medium-term-responses-retirement-income-systems http://hdl.handle.net/10986/11130 |
| Summary: | The international financial crisis has
severely affected the value of pension fund assets
worldwide. The unfolding global recession will also impose
pressures on public pension schemes financed on a
pay-as-you-go basis, while limiting the capacity of
governments to mitigate both of theses effects. Governments
are reacting to these events in different ways. Some are
asking whether the balance between funded
defined-contribution and unfunded pension schemes should be
reconsidered. A few have already taken actions to reverse
prior reforms. This note discusses the potential impacts of
the financial crisis on fully funded and pay-as-you-go
retirement-income systems in World Bank client countries,
and identifies key short-and medium-term policy responses. |
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