03345nam 2200673 450 991046360880332120170816134556.01-4623-7193-01-4527-6623-11-4518-7053-197866128414601-282-84146-7(CKB)3170000000055097(EBL)1608000(SSID)ssj0000943007(PQKBManifestationID)11558963(PQKBTitleCode)TC0000943007(PQKBWorkID)10974705(PQKB)10045201(OCoLC)762340647(MiAaPQ)EBC1608000(EXLCZ)99317000000005509720140226h20082008 uy 0engur|n|---|||||txtccrPension privatization and country risk /Alfredo Cuevas [and three others][Washington, District of Columbia] :International Monetary Fund,2008.©20081 online resource (27 p.)IMF Working PapersIMF working paper ;WP/08/195Description based upon print version of record.1-4519-1506-3 Includes bibliographical references.Contents; I. Introduction; II. Country Risk, Credit Ratings and Implicit Pension Debt (IPD); Figures; 1. Standard and Poor's Creidt Ratings and Government Debt; 2. Risk Premia and International Investor Ratings; III. Econometric Analysis; Tables; 1. Institutional Investor Ratings (IIR), IPD and Debt; 2. IIR and Pension Reform: Static Panel Estimation with Fixed Effects; 3. IIR and Pension Reform: Dynamic Panel (2SLS) Estimation Results; IV. A Counterfactual Study: Mexico's Pension Reform; A. Pension Privation in Mexico; B. Risk Assessment3. Mexico: Counterfactual Explicit Debt and Primary Balance4. Estimated Impact of Pension Reform on IIR; 4. Mexico: Counterfactual IIR; V. Conclusion; VI. Annexes; ReferencesThis 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 intIMF Working PapersPensionsEconometric modelsPrivatizationEconometric modelsDebts, PublicEconometric modelsCountry riskEconometric modelsElectronic books.PensionsEconometric models.PrivatizationEconometric models.Debts, PublicEconometric models.Country riskEconometric models.331.252Cuevas Alfredo894040MiAaPQMiAaPQMiAaPQBOOK9910463608803321Pension privatization and country risk1997105UNINA