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Pension privatization and country risk

Author: Alfredo Cuevas; International Monetary Fund. Western Hemisphere Department.
Publisher: Washington, D.C. : International Monetary Fund, ©2008.
Series: IMF working paper, WP/08/195.
Edition/Format:   eBook : Document : International government publication : EnglishView all editions and formats
Summary:
This paper explores how privatizing a pension system can affect sovereign credit risk. For this purpose, it analyzes the importance that rating agencies give to 'implicit' pension debt (IDP) in their assessments of sovereign creditworthiness. We find that rating agencies generally do not seem to give much weight to IPD, focusing instead on 'explicit' public debt. However, by channeling pension contributions away  Read more...
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Additional Physical Format: Print version:
Pension privatization and country risk.
Washington, D.C. : International Monetary Fund, ©2008
(OCoLC)314427384
Material Type: Document, Government publication, International government publication, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Alfredo Cuevas; International Monetary Fund. Western Hemisphere Department.
OCLC Number: 762340647
Notes: At head of title: Western Hemisphere Department.
"August 2008."
Reproduction Notes: Electronic reproduction. [S.l.] : HathiTrust Digital Library, 2011. MiAaHDL
Description: 1 online resource (25 pages) : illustrations
Details: Master and use copy. Digital master created according to Benchmark for Faithful Digital Reproductions of Monographs and Serials, Version 1. Digital Library Federation, December 2002.
Series Title: IMF working paper, WP/08/195.
Responsibility: prepared by Alfredo Cuevas [and others].

Abstract:

This paper explores how privatizing a pension system can affect sovereign credit risk. For this purpose, it analyzes the importance that rating agencies give to 'implicit' pension debt (IDP) in their assessments of sovereign creditworthiness. We find that rating agencies generally do not seem to give much weight to IPD, focusing instead on 'explicit' public debt. However, by channeling pension contributions away from the government and creating a deficit of resources to cover the current pension liabilities during the reform's transition period, a pension privatization reform may transform IPD into explicit public debt, adversely affecting a sovereign's perceived creditworthiness, thus increasing its risk premium. In this light, accompanying pension reform with efforts to offset its transition costs through fiscal adjustment would help preserve a country's credit rating.

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