01763cas a2200241 a 4500 AALejournalIMF000166 230101c9999 xx r poo 0 0eng d 5.00 USD 9781451950755 1018-5941 BD-DhAAL BD-DhAAL Holzmann, Robert. Pension Reform, Financial Market Development, and Economic Growth : Preliminary Evidence From Chile / Robert Holzmann. Washington, D.C. : International Monetary Fund, 1996. 1 online resource (52 pages) IMF Working Papers <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required Electronic access restricted to authorized BRAC University faculty, staff and students The Chilean pension reform of 1981, in which Chile moved from an unfunded to a funded scheme, is considered to have contributed to this country's excellent economic performance since the mid-1980s. The paper highlights the theoretical underpinnings of the claimed economic effects and presents empirical data and preliminary econometric testing of the conjectured growth, capital formation, and saving effects. The empirical evidence is consistent with most of the claims. In particular, the direct impact of financial market development on private saving is found to be negative, which underscores the importance of sound fiscal policy and public saving to support the transition. Mode of access: Internet IMF Working Papers; Working Paper ; No. 1996/094 Full text available on IMF http://elibrary.imf.org/view/journals/001/1996/094/001.1996.issue-094-en.xml IMF e-Library