Building an environment for pension reform in developing countries

Fiscal problems are prompting many developing nations to amend and sometimes restructure their national old-age programs. As they do, these countries seek guidance on how to design market and regulatory structures to enhance their chances of success. This paper investigates the types of risks facing participants in retirement systems, and examines which financial, regulatory, and labor market institutions appear most supportive of retirement system reforms, and most urgently needed, in developing countries.