01721cas a2200241 a 4500 AALejournalIMF004886 230101c9999 xx r poo 0 0eng d 5.00 USD 9781451866728 1018-5941 BD-DhAAL BD-DhAAL Roldos, Jorge. Pension Reform and Macroeconomic Stability in Latin America / Jorge Roldos. Washington, D.C. : International Monetary Fund, 2007. 1 online resource (32 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 This paper reviews macroeconomic aspects of pension reforms in Latin America, focusing on financial market stability and fiscal sustainability. Concentration of pension fund portfolios in government bonds remains high, and the lack of new investment alternatives has distorted asset prices. Countries have gradually liberalized investments abroad, but remain wary of the impact on foreign currency markets. The fiscal costs of the transition to funded systems have been higher than expected, and have contributed to high debt levels. The paper highlights the importance of coordinating changes in portfolio limits with debt management policies and measures to develop securities markets. Mode of access: Internet IMF Working Papers; Working Paper ; No. 2007/108 Full text available on IMF http://elibrary.imf.org/view/journals/001/2007/108/001.2007.issue-108-en.xml IMF e-Library