Abstract
In October 2008, the government of Argentina announced that the citizens’ privately owned retirement savings accounts (RSAs) would be nationalised. This article shows that contrary to the Kirchner government's assertions, the private savings system had great potential. Its performance may not have fully lived up to its initial expectations, but that was largely due to the adverse effects of underdeveloped securities markets, large informal sectors impeding widespread participation, intrusive investment regulation and poor implementation. Within its tight constraints, the private system worked better than the public PAYGO system.
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