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February 2019

Bruselas reprende a España por la elevada desigualdad y pobreza

Cinco años de crecimiento han permitido que España recupere e, incluso, supere el PIB previo a la crisis. Pero las cicatrices de la Gran Recesión aún son muy profundas. Un informe que la Comisión Europea presentará el miércoles y a cuyo borrador ha tenido acceso EL PAÍS advierte de los peligros para la cohesión social que entrañan el elevado desempleo, el “uso generalizado de contratos temporales” y la alta proporción de ciudadanos que permanecen “en riesgo de pobreza o...

Pension Funds Investing In Crypto Is A Big Deal!

Bitcoin is back near $4,000, its highest level since early January. The rally in crypto is across the board as BitcoinCash, Ethereum, Litecoin, Monero and XRP are all at or near their 30-day highs. I believe that much of the recent strength is the market reacting to multiple stories about public pension funds starting to make investments in cryptocurrencies (or at least make those investments public). For me, the first story that attracted my attention was that...

Philippines. Revitalizing retirement, pensions and social security

If we evolve our thinking about social security, pension, retirement and voluntary savings, could we deliver better socio-economic outcomes for the Philippines and better financial well-being for millions of Filipinos? SUSTAINABLE ECONOMIC PROSPERITY REQUIRES A MATURE CAPITAL MARKET FUELED BY SAVINGS The Philippines has been experiencing a long period of unprecedented growth and prosperity. At the same time, its young population offers a temporary demographic dividend. However, the capital needed for infrastructure to further spur the country’s economic growth is...

Household Savings in Central Eastern and Southeastern Europe: How Do Poorer Households Save?

By Elisabeth Beckmann (Oesterreichische Nationalbank (OeNB)) Based on a survey of households in 10 Central Eastern European and Western Balkan countries, this paper presents new and unique evidence on which households have savings and how they save. The paper shows that the percentage of savers is low, and savings are frequently informal. Formal savings are dominated by bank savings, and participation in contractual and capital market savings is very low in comparison to high-income countries. Poor households are significantly less...

On the Political Feasibility of Increasing the Legal Retirement Age

By Benjamin Bittschi (ZEW – Leibniz Centre for European Economic Research) & Berthold Ulrich Wigger Within a politico-economic model we first establish three hypotheses: (i) Retirees generally prefer a higher retirement age than workers, whereby just retired individuals prefer the highest retirement age, (ii) in equilibrium the level of the legal retirement age is increasing in longevity and (iii) decreasing in the public pension replacement rate. We then test these hypotheses empirically. Employing micro data for Germany we corroborate the...

Pension Funds with Automatic Enrollment Schemes: Lessons for Emerging Economies

By Heinz P. Rudolph (The World Bank) Since the introduction of the KiwiSaver scheme in New Zealand in 2006, several countries have implemented, or are in the process of implementing, voluntary funded pension systems with automatic enrollment features. Since most of the literature has focused on countries with the common law tradition, including the United Kingdom and the United States, this note analyzes cases of countries with the civil code tradition, including Turkey, Poland, the Russian Federation, Chile, Brazil, and...

Auditoría Superior alerta por bajas pensiones en México

Los trabajadores en México recibirán una pensión promedio de un 24.3 por ciento de su último sueldo, alertó la Auditoría Superior de la Federación (ASF). Esta tasa de reemplazo, es decir, el ingreso mensual que recibirán los jubilados como proporción de su último salario, está ligeramente por debajo de las estimaciones de la Organización para la Cooperación y Desarrollo Económico (OCDE), que de por sí resultan “pesimistas’, de apenas un 26.4 por ciento. El organismo de vigilancia y seguimiento...

Brasil. Las diez claves de la reforma de pensiones presentada por Jair Bolsonaro

El presidente de Brasil, Jair Bolsonaro, presentó este miércoles al Congreso un proyecto para reformar el deficitario sistema de jubilaciones y pensiones del país y que entraña cambios sustanciales frente al actual modelo. Estos son los diez puntos claves de la reforma propuesta por Bolsonaro, en el poder desde el pasado 1 de enero. 1.- Establecimiento de una edad mínima El texto prevé una edad mínima de 62 años para las mujeres y de 65 para los hombres, con un...

Paraguay. Reforma tributaria y pensión se analizan con misión del FMI

La capacidad del país de lograr un mayor espacio fiscal que permita un mejor ambiente para la inversión en infraestructura y los gastos sociales es el desafío que se analiza en el marco de la visita de representantes del Fondo Monetario Internacional (FMI), como parte de la misión de consulta del artículo IV. Diego Duarte, miembro del Directorio del Banco Central del Paraguay (BCP), informó que en la mañana de este jueves se llevó a cabo la primera reunión...

República Dominicana. Mayoría inversión de AFP está en el sector público

La mayoría de las inversiones de las Administradoras de Fondos de Pensiones (AFP) se realiza en el sector público, representando un 62% del total de inversiones en enero del 2019 (RD$6,432 millones), mientras que solo un 16% (RD$1,008 millones) fueron realizadas en el sector privado, según un informe de la firma consultora Analytica RD. Las inversiones en el sector privado presentaron un decrecimiento de un 19% respecto al año anterior. El informe también señala que a inicios del 2019...