Regulación de las Modalidades de Pensión en los Sistemas de Capitalización de América Latina

Ana Lejárraga García, Carlos Vidal Meliá, José E. Devesa Carpi


In this paper we analyze the different types of pension plans available in those Latin American countries which have pension systems based on individual capitalization accounts with defined contributions. Based on ideas first put forward by Yaari (1965) and developed by Kotlikoff and Spivak (1981) and Brown (1999), we set out an optimization model to determine the expected utility of each type of pension plan according to the different preferences and perceptions of the individual. We also carry out an analysis of individual welfare based on the concept of equivalent wealth. Finally, other characteristics are gradually incorporated into the basic model in order to answer whether the types of pension plans available should be limited exclusively to lifetime annuities, as is the case in most countries with pay-as-you-go systems and in some coun-tries with capitalization systems, or whether the individual should have some degree of freedom to choose according to his personal circum-stances and preferences.

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