By Mark Hyde, Silvia Borzutzky
This ebook argues that the implementation of obligatory, hugely regulated, privately administered, outlined contribution pensions enables rent-seeking behaviour at the a part of the pension fund directors and undermines the retirees’ source of revenue and wellbeing and fitness. whereas the publication focuses totally on Chile, its research and conclusions are acceptable to numerous Latin American and japanese ecu international locations the place privately administered pension platforms were applied. Chapters review the scholarly literature and empirical proof round 3 features of the pension fund undefined: constitution, pricing and function. The authors finish that country legislation has facilitated the buildup of capital within the arms of the pension fund directors. additionally they show that those platforms owe extra to the values and rules of conservative philosophy than to neoliberalism in supplying replacement options to the rent-seeking method of retirement.
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Extra info for Rent-Seeking in Private Pensions: Concentration, Pricing and Performance
Salvaj, E. (2010). Directors with political ties to the government: Who has them? Do they help? Evidence from Chile. Paper presented at the Seventh Annual JIBS Paper Development Workshop, Rio de Janeiro, Brazil, June 26, Saturday. A. (2007). Studies in mutualist political economy. New York: Booksurge. A. (2008). Organization theory: A libertarian perspective. New York, NY: Booksurge. Clark, G. , & Knox-Hayes, J. (2012). Saving for retirement: Intention, context and behaviour. Oxford: Oxford University Press.
Lewiston, NY: Edwin Mellen Press. Siavelis, P. (2000). The president and congress in post-authoritarian Chile: Institutional constraints to democratic consolidation. University Park, PA: Penn State University Press. , & Yermo, J. (1997). Do investment regulations compromise pension fund performance? Evidence from Latin America. Revista de Analísis Económico, 14(1), 67–120. Sumaria, S. (2010). Social insecurity: The financialisation of healthcare and pensions in developing countries. London: Bretton Woods Project.
A review of retirement with regard to distributive justice suggests that the possibility of ‘over-grazing’ in the fiscal commons can be addressed by the imposition of an appropriate intergenerational risksharing mechanism, such as the ‘Musgrave rule’, which requires an invariant ratio of worker to retiree income (Schokkaert and Van Parijs 2003). This would curtail redistribution rent-seeking by preventing policy decision makers from arbitrarily deploying fiscal resources on behalf of preferred constituents in order to generate electoral advantage.