01810cas a2200277 a 4500 AALejournalIMF001806 230101c9999 xx r poo 0 0eng d 5.00 USD 9781451874990 1018-5941 BD-DhAAL BD-DhAAL Gerson, Philip. Pension Reform and the Fiscal Policy Stance / Philip Gerson, George Mackenzie, Peter Heller, Alfredo Cuevas. Washington, D.C. : International Monetary Fund, 2001. 1 online resource (16 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 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. Mode of access: Internet Cuevas, Alfredo. Heller, Peter. Mackenzie, George. IMF Working Papers; Working Paper ; No. 2001/214 Full text available on IMF http://elibrary.imf.org/view/journals/001/2001/214/001.2001.issue-214-en.xml IMF e-Library