Download Privatizing Social Security (National Bureau of Economic by Martin Feldstein PDF

By Martin Feldstein

This quantity represents an important paintings up to now on one of many urgent coverage problems with the instant: the privatization of social defense. even supposing social safety is dealing with huge, immense monetary strain within the face of an getting older inhabitants, there was really little released at the basics of crucial reform via privatization. Privatizing Social Security fills this void via learning the tools and difficulties interested by transferring from the present approach to 1 in line with vital saving in person accounts.

"Timely and critical. . . . [Privatizing Social Security] offers a forceful case for a thorough shift from the prevailing unfunded, pay-as-you-go unmarried nationwide application to a compulsory funded application with person discounts debts. . . . an in depth research of ways a privatized plan could paintings within the usa is supplemented with the reports of 5 different international locations that experience privatized plans." —Library Journal

"[A] high-powered selection of essays via most sensible specialists within the field."—Timothy Taylor, Public Interest

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With the privatized funded system, (mandatory) saving is by assumption the same as the employees would otherwise have paid in payroll taxes. Retirees continue to receive transfer funded benefits only in the first period of the transition (at time t ) and then receive the income and principle from their private saving. In 49. Although the initial employees are required to save T, in the mandatory private saving fund, they may reduce (or increase) other saving in response to the income effect of privatization.

These firms had not been nationalized. ” For details, see Edwards and Edwards (1991). See also Larrain and Meller (1991). 36 Sebastian Edwards of banks and firms to the private sector. Some of these companies had been nationalized during the Allende administration, while others had traditionally been under government control. In an effort to sell large number of companies fast, the government made no effort to restructure them before offering them to the public. Many of these firms were in serious financial difficulties, and all of them had major productivity problems.

This one-fund-per-AFP rule, in conjunction with a regulation that establishes a minimum rate of return on the funds, has resulted in a low degree of actual portfolio diversification across AFPs. Workers have the freedom to choose the AFP with which they want to be affiliated and can transfer their funds freely among AFPs. ” The system also has survivors’ benefits (term life insurance) and a disability program funded with an additional insurance premium. A detailed and modern regulatory framework-enforced by an institution especially created for this purpose, the Superintendency of AFPsregulates investment portfolios and ensures free determination of fees and commissions and free entry into the industry.

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