The payout stage in Chile: Who annuitizes and why?

Journal of Pension Economics and Finance

Volumn 5, Issue 2, 2006, Pages 121-154

  James, Estelle ^a   Martinez, Guillermo ^b   Iglesias, Augusto ^b  

^a STONY BROOK UNIVERSITY   (United States)

^b America Consultores Santiago ^*  (Chile)

Author keywords

[No Author keywords available]

Indexed keywords

EID: 57149141101     PISSN: 14747472     EISSN: 14753022     Source Type: Journal    
DOI: 10.1017/S1474747205002404     Document Type: Article

References (23)

1. American Council of Life Insurers (2000) Life Insurers Fact Book 2000. Washington, DC.
2. Arenas de Mesa, Alberto, Jere Behrman, and David Bravo (2004) Characterisitcs of and determinants of the density of contributions in a private social security system. MRRC WP 2004–077, University of Michigan Retirement Research Center.
3. Berstain, Solange, Guillero Larrain, and Francisco Pino (2005) Coverage, density and pensions in Chile: projections for the next 30 years. Draft manuscript, SAFP, Santiago.
4. Brown, Jeffrey, Olivia Mitchell, James Poterba, and Mark Warshawsky (2001) The Role of Annuity Markets in Financing Retirement. Cambridge, MA: MIT Press.
5. Brown, Jeffrey, Olivia Mitchell, and James Poterba (2001) The role of real annuities and indexed bonds in an individual accounts retieerqhnnrement program. In Campbell, J. and Feldstein, M. (eds), Risk Aspects of Investment-Based Social Security Reform. Chicago: University of Chicago Press.
6. Butler, Monica and Federica Teppa (2004) The choice between an annuity and a Louomp Sum: results from Swiss Pension Funds. Working paper.
7. Dus, Ivica, Raimond Maurer, and Olivia Mitchell (2004) Betting on death and capital markets in retirement a shortfall risk analysis of life annuities versus phased withdrawal plans. MRRC Working Paper 2003–2063.
8. Edwards, Alejandra Cox and Estelle James (2005) Do individual accounts postpone retirement?: Evidence from Chile. Draft paper.
9. Finkelstein, Amy and James Poterba (1999) Selection effects in the market for individual annuities: new evidence from the United Kingdom. NBER Working Paper 7168.
10. Hurd, Michael, Lee Lillard, and Constantijn Panis (1998) An analysis of the choice to cash out pension rights at job change or retirement. Rand Discussion Paper DRU-1979-DOL.
11. IMF (2004) Global financial stability report. Washington, DC.
12. James, Estelle and Dimitri Vittas (2001) Annuities markets in comparative perspective: do consumers get their money’s worth? Private Pensions Systems: Administrative Costs and Reforms, Paris: OECD.
13. James, Estelle and Xue Song (2001) Annuities markets around the world: money’s worth and risk intermediation. CeRP Working Paper No. 16/0.
14. James, Estelle, Alejandra Cox Edwards, and Rebeca Wong (2003) The gender impact of pension reform. Journal of Pension Economics and Finance.
15. McCarthy, David and Olivia Mitchell (2003) International adverse selection in life insurance and annuities. NBER working Paper 9975, Cambridge, MA.
16. Mitchell, Olivia, James Poterba, Mark Warshawsky, and Jeffrey Brown (1999) New evidence on the money’s worth of individual annuities. American Economic Review, 89(5): 1299–1318.
17. Murthi, Mamta, J. Michael Orszag and Peter Orszag (1999) The value for money of annuities in the UK: theory, experience and policy. Birkbeck Working Paper.
18. PrimAmerica Consultores (2002) Tasa de Interes Tecnico del Retiro Programado. Diagnostico y Propuesta de Reforma. Processed.
19. Superintendencia de AFP (SAFP) (2003) The Chilean pension system. Santiago, Chile.
20. Superintendencia de Valores y Seguros (SVS) (2002) Annuity Statistics. Santiago, Chile.
21. Walker, Eduardo. (2003) ‘Rentas Vitalicias, Tasas de Mercado y Competencia,’ Discussion paper, Pontificia Universidad Catolica de Chile. Santiago, Chile.
22. Warner, J. and Pletter, S. (2001) The personal discount rate: evidence from military downsizing programs. American Economic Review, 91(1): 33–53.
23. Valdes-Prieto, Salvador (1998) Risks in pensions and annuities: efficient designs. Social Protection Discussion Paper 9804, World Bank, Washington, DC.