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...

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Bibliographic Details
Call Number:Libro Electrónico
Main Author: Cuevas, Alfredo (Author)
Corporate Author: International Monetary Fund. Western Hemisphere Department
Format: Electronic eBook
Language:Inglés
Published: Washington, D.C. : International Monetary Fund, ©2008.
©2008
Series:IMF working paper ; WP/08/195.
Subjects:
Pensions > Econometric models.
Privatization > Econometric models.
Debts, Public > Econometric models.
Country risk > Econometric models.
Pensions > Modèles économétriques.
Privatisation > Modèles économétriques.
Dettes publiques > Modèles économétriques.
Risque pays > Modèles économétriques.
Country risk > Econometric models
Debts, Public > Econometric models
Pensions > Econometric models
Privatization > Econometric models
Rentenreform.
Privatisierung.
Länderrisiko.
Online Access:Texto completo
Table of 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

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