Pension Privatization and Country Risk

Medientyp: E-Book

Titel: Pension Privatization and Country Risk

Beteiligte: Cuevas, Alfredo [Verfasser:in]; López-Marmolejo, Arnoldo [Sonstige Person, Familie und Körperschaft]; Cuevas, Alfredo [Sonstige Person, Familie und Körperschaft]; Lombardo, Davide [Sonstige Person, Familie und Körperschaft]; Gonzalez, Maria [Sonstige Person, Familie und Körperschaft]

Erschienen: Washington, D.C: International Monetary Fund, 2008
Online-Ausg.

Umfang: Online-Ressource (25 p)

Sprache: Englisch

DOI: 10.5089/9781451870534.001

ISBN: 1451870531; 9781451870534

Identifikator:

Schlagwörter: Labor ; Money and Monetary Policy ; Public Finance ; Social Security and Public Pensions ; Nonwage Labor Costs and Benefits ; Private Pensions ; Debt ; Debt Management ; Sovereign Debt ; Monetary Policy, Central Banking, and the Supply of Money and Credit: General ; Pensions ; Public finance & taxation ; Monetary economics ; Pension reform ; Pension spending ; Public debt ; Credit ratings ; Debts, Public ; Mexico

Art der Reproduktion: Online-Ausg.

Entstehung:

Anmerkungen:

Beschreibung: 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 (IPD) 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

Zugangsstatus: Freier Zugang

Nur in Feld suchen:

Zuletzt gesuchte Begriffe: