Language:
English
Pages:
1 Online-Ressource
Series Statement:
Financial Sector Assessment Program
Keywords:
Competition
;
Economic Growth
;
Fiscal and Monetary Policy
;
Macroeconomics and Economic Growth
;
Pension Reform
;
Pensions and Retirement Systems
;
Social Protections and Labor
Abstract:
This paper analyzes the performance and development of the Mexican pension annuity market in Mexico that stemmed from the 1997 pension reform. The Mexican experience displays interesting characteristics that provide lessons for other countries that still need to design the decumulation phase of their newly established second pillars. At the same, time it raises some technical and policy concerns that need addressing as they could hamper, in the future, the healthy development of the market. This paper benefited from interviews with officials in the Insurance Supervisory Authority (CNSF), the Ministry of Finance (SHCP), the Pension Supervisory Authority (CONSAR), and the Social Security Institute (IMSS) as well as with management of specialized annuity companies. The paper is structured as follows: section one gives introduction; section two briefly summarizes the 1992 and 1997 pension reforms from which the pension annuity market derives; section three analyzes the evolution of the industrial organization, annuity product design and competition, the evolution of assets and liabilities and investment, as well as the regulatory framework for the aforementioned items, and the performance of the market; section four analyzes the development prospects of the market in light of the more recent 2001 and 2002 reforms of the 1997 social security law; and section five gives conclusions and policy recommendations
URL:
Deutschlandweit zugänglich
URL:
Deutschlandweit zugänglich
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