Pension privatization and country risk / / Alfredo Cuevas [and three others]
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| Titolo: |
Pension privatization and country risk / / Alfredo Cuevas [and three others]
|
| Pubblicazione: | [Washington, District of Columbia] : , : International Monetary Fund, , 2008 |
| ©2008 | |
| Descrizione fisica: | 1 online resource (27 p.) |
| Disciplina: | 331.252 |
| Soggetto topico: | Pensions - Econometric models |
| Privatization - Econometric models | |
| Debts, Public - Econometric models | |
| Country risk - Econometric models | |
| Soggetto genere / forma: | Electronic books. |
| Altri autori: |
CuevasAlfredo
|
| Note generali: | Description based upon print version of record. |
| Nota di bibliografia: | Includes bibliographical references. |
| Nota di contenuto: | 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 Assessment |
| 3. Mexico: Counterfactual Explicit Debt and Primary Balance4. Estimated Impact of Pension Reform on IIR; 4. Mexico: Counterfactual IIR; V. Conclusion; VI. Annexes; References | |
| Sommario/riassunto: | This 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 int |
| Titolo autorizzato: | Pension privatization and country risk |
| ISBN: | 1-4623-7193-0 |
| 1-4527-6623-1 | |
| 1-4518-7053-1 | |
| 9786612841460 | |
| 1-282-84146-7 | |
| Formato: | Materiale a stampa  |
| Livello bibliografico | Monografia |
| Lingua di pubblicazione: | Inglese |
| Record Nr.: | 9910463608803321 |
| Lo trovi qui: | Univ. Federico II |
| Opac: | Controlla la disponibilità qui |
Serie:
IMF Working Papers