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Pension privatization and country risk /
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 (IDP) in their assessments of sovereign creditworthiness. We find that rating agencies generally do not s...
| Clasificación: | Libro Electrónico |
|---|---|
| Autor principal: | |
| Autor Corporativo: | |
| Formato: | Electrónico eBook |
| Idioma: | Inglés |
| Publicado: |
Washington, D.C. :
International Monetary Fund,
©2008.
©2008 |
| Colección: | IMF working paper ;
WP/08/195. |
| Temas: | |
| Acceso en línea: | Texto completo |
MARC
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| 245 | 0 | 0 | |a Pension privatization and country risk / |c prepared by Alfredo Cuevas [and others]. |
| 260 | |a Washington, D.C. : |b International Monetary Fund, |c ©2008. | ||
| 264 | 4 | |c ©2008 | |
| 300 | |a 1 online resource (25 pages) : |b illustrations | ||
| 336 | |a text |b txt |2 rdacontent | ||
| 337 | |a computer |b c |2 rdamedia | ||
| 338 | |a online resource |b cr |2 rdacarrier | ||
| 500 | |a At head of title: Western Hemisphere Department. | ||
| 500 | |a "August 2008." | ||
| 504 | |a Includes bibliographical references (pages 24-25). | ||
| 520 | |a 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 (IDP) 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 into explicit public debt, adversely affecting a sovereign's perceived creditworthiness, thus increasing its risk premium. In this light, accompanying pension reform with efforts to offset its transition costs through fiscal adjustment would help preserve a country's credit rating. | ||
| 588 | 0 | |a Print version record. | |
| 506 | |3 Use copy |f Restrictions unspecified |2 star |5 MiAaHDL | ||
| 533 | |a Electronic reproduction. |b [Place of publication not identified] : |c HathiTrust Digital Library, |d 2011. |5 MiAaHDL | ||
| 538 | |a Master and use copy. Digital master created according to Benchmark for Faithful Digital Reproductions of Monographs and Serials, Version 1. Digital Library Federation, December 2002. |u http://purl.oclc.org/DLF/benchrepro0212 |5 MiAaHDL | ||
| 583 | 1 | |a digitized |c 2011 |h HathiTrust Digital Library |l committed to preserve |2 pda |5 MiAaHDL | |
| 505 | 0 | |a 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 | |
| 505 | 8 | |a 3. Mexico: Counterfactual Explicit Debt and Primary Balance4. Estimated Impact of Pension Reform on IIR; 4. Mexico: Counterfactual IIR; V. Conclusion; VI. Annexes; References | |
| 590 | |a ProQuest Ebook Central |b Ebook Central Academic Complete | ||
| 650 | 0 | |a Pensions |x Econometric models. | |
| 650 | 0 | |a Privatization |x Econometric models. | |
| 650 | 0 | |a Debts, Public |x Econometric models. | |
| 650 | 0 | |a Country risk |x Econometric models. | |
| 650 | 6 | |a Pensions |x Modèles économétriques. | |
| 650 | 6 | |a Privatisation |x Modèles économétriques. | |
| 650 | 6 | |a Dettes publiques |x Modèles économétriques. | |
| 650 | 6 | |a Risque pays |x Modèles économétriques. | |
| 650 | 7 | |a Country risk |x Econometric models |2 fast | |
| 650 | 7 | |a Debts, Public |x Econometric models |2 fast | |
| 650 | 7 | |a Pensions |x Econometric models |2 fast | |
| 650 | 7 | |a Privatization |x Econometric models |2 fast | |
| 650 | 7 | |a Rentenreform. |2 stw | |
| 650 | 7 | |a Privatisierung. |2 stw | |
| 650 | 7 | |a Länderrisiko. |2 stw | |
| 700 | 1 | |a Cuevas, Alfredo, |e author. | |
| 710 | 2 | |a International Monetary Fund. |b Western Hemisphere Department. | |
| 758 | |i has work: |a Pension privatization and country risk (Text) |1 https://id.oclc.org/worldcat/entity/E39PCGD7CBjq7yvKgDwDXXPXJP |4 https://id.oclc.org/worldcat/ontology/hasWork | ||
| 776 | 0 | 8 | |i Print version: |t Pension privatization and country risk. |d Washington, D.C. : International Monetary Fund, ©2008 |w (OCoLC)314427384 |
| 830 | 0 | |a IMF working paper ; |v WP/08/195. | |
| 856 | 4 | 0 | |u https://ebookcentral.uam.elogim.com/lib/uam-ebooks/detail.action?docID=1608000 |z Texto completo |
| 938 | |a ProQuest Ebook Central |b EBLB |n EBL1608000 | ||
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