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Christoph Freudenberg and Mr. Frederik G Toscani
Past reforms have put the Peruvian pension system on a largely fiscally sustainable path, but the system faces important challenges in providing adequate pension levels for a large share of the population. Using administrative microdata at the affiliate level, we project replacement rates in the defined benefit (DB) and defined contribution (DC) pillars over the next 30 years and simulate the impact of various reform scenarios on the average level and distribution of pensions. In the DB pillar, the regressive minimum contribution period should be re-thought, while in the DC pillar a broadening of the contribution base and/or an increase in contribution rates would help increase replacement rates relative to the baseline forecast of 25-33 percent. A higher net real rate of return than assumed in the baseline would also have a significant positive impact. In the medium-term, labor market reform to tackle informality, and a broad pension reform to restructure the system and avoid competition between the DB and DC pillars should be a priority. Given low pension coverage, having a strong non-contributory pillar will remain important for the foreseeable future.
Christoph Freudenberg and Mr. Frederik G Toscani

.29 El Salvador 2 Mexico 1.02 Panama 0.305 Peru (mixed fee affiliates) 0.65 1.22 Peru (flow fee affiliates) 1.61 Dominican Republic 0.5 Uruguay 1.23 0.13 Source: Asociación International de Organismos de Supervisión de Fondos de Pensiones (AIOS). Table 5b: Income from Commissions/Net Contributions Collected (In percent) Country 2012 2013 2014 2015 2016 2017 Chile 10.4 10.2 9.9 9.6 9.6 9.1 Colombia 12.3 12.7 12

International Monetary Fund

, foreign currency in the form of cash, deposits abroad, and Paraguay’s net cash balance within the Latin America Trade Clearing System (ALADI); and exclude participation in international financial institutions (including Corporación Andina de Fomento (CAF), IADB, IBRD, Asociacion International de Fomento , and Bancos de Desarollo del Caribe ), the holdings of nonconvertible currencies, and holdings of precious metals other than gold. Gross reserve liabilities of the BCP include all foreign currency-denominated liabilities of the BCP with original maturity of one year

International Monetary Fund
Adverse terms-of-trade developments and an unfavorable external environment have contributed to Paraguay's lackluster economic performance. Executive Directors observed the fiscal slippages, weaknesses in national accounts calculations, the statistical coverage of public enterprise operations and external tariffs, and stressed the need to tighten monetary and fiscal stances, and accelerate structural reforms. They welcomed the new strategy under the staff-monitored program, the improvement in the balance of payments, money, the central government's finances, and the country's progress toward meeting the General Data Dissemination Standard.
International Monetary Fund

in the IMF, and foreign currency in the form of cash, deposits abroad, and Paraguay’s net cash balance within the Latin America Trade Clearing System (ALADI). Excluded from gross foreign assets are participations in international financial institutions (including Corporatión Andina de Fomento (CAF), IDB, IBRD, Asociación International de Fomento , and Banco de Desarrollo del Caribe) , the holdings of nonconvertible currencies, and holdings of precious metals other than gold. Gross foreign liabilities are all foreign currency denominated BCP liabilities of

International Monetary Fund. Monetary and Capital Markets Department

.0 0.0 0.0 El Salvador 0.0 0.0 0.0 Mexico 3.8 5.9 5.1 Peru 41.2 25.3 26.3 Uruguay 0.1 0.2 0.2 Bulgaria 28.3 14.5 12.7 Croatia 18.0 13.3 11.4 Estonia … … … Hungary 2 32.8 39.1 41.7 Sources: Asociación International de Organismos de Supervisión de Fondos de Pensiones (AIOS); and IMF staff calculations on supervisory data. 1 In 2008, Argentinean second pillar pension schemes were nationalized. 2 Equities and mutual funds. System performance

International Monetary Fund

). Excluded from gross foreign assets are participations in international financial institutions (including Corporación Andina de Fomento (CAF), IDB, IBRD, Asociación International de Fomento, and Banco de Desarrollo del Caribe), the holdings of nonconvertible currencies, and holdings of precious metals other than gold. Gross foreign liabilities are all foreign currency denominated BCP liabilities of contracted maturity up to and including one year plus the use of Fund credit. Non-U.S. dollar denominated foreign assets and liabilities will be converted into U

International Monetary Fund
The Paraguayan authorities have prepared an economic program to stabilize their macroeconomic situation and begin a process of structural reform. Fiscal adjustment and structural reforms should pave the way for more rapid growth over the medium term. Despite these expected improvements in economic policies and performance, Paraguay remains vulnerable to external shocks. The fiscal situation has deteriorated sharply in recent years. Severe financing constraints have produced sizable public sector payments arrears. On the revenue side, the government's fiscal strategy is to raise revenues while minimizing increases in tax rates.
International Monetary Fund. External Relations Dept.
Para estar al corriente del pensamiento actual sobre el sistema financiero internacional, la política monetaria, el desarrollo económico, la reducción de la pobreza y otros temas cruciales, suscríbase a Finanzas y Desarrollo. Esta amena revista trimestral ofrece análisis profundos del personal técnico del FMI y destacados expertos internacionales sobre estas y otras cuestiones. Los artículos están dirigidos a un público no especializado que desea comprender mejor el funcionamiento de la economía mundial y las políticas y actividades del FMI.
International Monetary Fund. Research Dept.
Stock and bond issues and capital markets in less developed countries (LDCs) have recently received increasing attention from policymakers, and this preliminary study provides a cross-country survey of the actual experience of LDCs in this respect. Capital markets in LDCs are markedly underdeveloped, reflecting a combination of historical circumstances, current level of economic and financial development, and government policy—including inflation and low interest rates on government debt. Through its regulatory powers, the government can do much to reduce uncertainty (and, hence, risk). Supervising capital markets has several dimensions: preventing fraud; improving information; reducing transactions costs; and developing capital market techniques and institutions. Information on the Brazilian experience includes the fact that a strong, self-sustained capital market has not yet been established, despite the gains made. Tax incentives do provide a way of promoting capital market development, but the benefits of initial development must be judged in terms of the cost of tax receipts forgone.