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The paper uses a simulation model to quantify the impact on income distribution of the substilution of a progressive social security program that redistributes towards the poor, but isfinanced with the PAYC method, by a neutral social security program thal is funded. We find that if the original ...


Valdés-Prieto, Salvador[Distributive Concerns When Substituting a Pay-As-You-Go a Fully Funded Pension System]Distributive Concerns When Substituting a Pay-As-You-Go a Fully Funded Pension System

Most of the policy assertions in the paper by Srinivas and Yermo (1999), published in Revista de Análisis Económico, are not backed by the empirical evidence. Their conclusions that "pension funds (in Chile) did not choose an efficient asset allocation or risk return combination", and that "curre...


Valdés-Prieto, Salvador[Do Investment Regulations Compromise Pension Fund Performance? Evidence from Latin America: A Comment]Do Investment Regulations Compromise Pension Fund Performance? Evidence from Latin America: A Comment

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