Source: http://www.worldbank.org.
This paper starts by summarizing the major findings and recommendations in Averting the Old Age Crisis, regarding problems of traditional pension systems and proposals for reform. It then proceeds to describe how these reforms are now being implemented in many countries and examines empirical evidence on the growth impact of pension reform. Studies that have been done thus far on the basis of limited available data, most of them from Chile, indicate that the impact on national saving and financial market development, and through these on economic growth, has been positive and possibly large.