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Brookings Insitution

Putting Pension Funds to Work in Latin America

The Latin America Shadow Financial Regulatory Committee (LASFRC) presented their report "Putting Pension Funds to Work in Latin America: Proposals for New Financial Instruments to Help Deepening Financial Markets" after two days of meetings at the Center for Global Development.

To a large extent the expectations generated by the creation of private pension funds in Latin America have not been met. Fiscal costs related to the reform of the pension system are a heavy burden on governments, and capital markets have not developed significantly.The Latin American Shadow Financial Regulatory Committee (LASFRC) believes that critical changes in the rules regarding the investment portfolio of private pension funds can go a long way in fostering a more dynamic role for these financial intermediaries. Thus, the LASFRC will propose innovative classes of instruments for pension funds’ investments that could widen and deepen local capital markets. These proposals will also strengthen banking systems.

Members at the event included:
Roque Fernandez - Former Minister of Finance, Argentina
Pablo Guidotti - Former Vice-Minister of Finance, Argentina
Ricardo Hausmann - Professor of Economics, Harvard University, Former Chief Economist, Inter-American Development Bank, Former Minister of Planning, Venezuela, Non-Resident Fellow, Center for Global Development 
Ruth de Krivoy - Former President, Central Bank of Venezuela
Liliana Rojas-Suarez - President, LASFRC; Senior Fellow, Center for Global Development; Former Chief Economist, Latin America, Deutsche Bank
Roberto Zahler - Former President, Central Bank of Chile

Access the statement
Putting Pension Funds to Work in Latin America: New Financial Instruments to Help Deepen Financial Markets
Read the full text transcript

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