A model shows its age
CHILE'S radical pension-system reform has become the stuff of textbooks. Since 1981, when the country shifted from a taxpayer-financed retirement system to one in which individual workers must save for their own old age, imitators from Argentina to Hungary looked to Chile as the model for their own pension reforms. But after 16 years, the much-vaunted Chilean model is beginning to show some strains. The textbooks may soon be revised.
This article appeared in the Finance & economics section of the print edition under the headline “A model shows its age”
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