One of the biggest criticisms leveled at defined contribution individual account (IA) components of social security systems is that they are too expensive. This paper investigates the cost-effectiveness of three options for constructing funded social security pillars: 1) IA's invested in the...

Pension systems may have a different impact on gender because women are less likely than men to work in formal labor markets and earn lower wages when they do. Recent multipillar pension reforms tighten the link between payroll contributions and benefits, leading critics to argue that they will...

If China implements a partially funded multipillar pension system, that reform must go hand-in-hand with reform of the financial sector and restructured investment procedures that emphasize the right mix of competition, diversification, and regulation. Otherwise, pension reform will ultimately...

The pension reforms being undertaken in Latin America seem to be improving efficiency and growth, but they should also be designed to improve equity. It is possible for pension reform to improve both equity and efficiency - producing a win-win situation rather than a tradeoff.In the past decade,...

Does greater access to education come at the expense of educational quality? What public policies can diminish the decline in quality of education when public funds are limited and enrollments are expanding?Developing countries have been quite successful at expanding school enrollment,...