Abstract
Starting in 1981 with Chile, to the end of 2000, 10 countries in Latin America implemented structural pension reforms, totally or partially “privatizing” their former public systems. The Latin American models have shaped similar reforms in Eastern Europe and influenced changes in Western Europe and the current debate in the United States. In 1999 the then Chief Economist of the World Bank, Nobel laureate Joseph Stiglitz, coauthored with Peter Orszag a provocative paper examining the myths of the narrowly interpreted reform model sponsored by the Bank, but without using crucial data from Latin America. This article contrasts 12 myths of structural pension reforms in that region with data collected from eight countries in the last seven to 20 years, confirming and expanding several of Orszag and Stiglitz's conclusions.
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