Влияние мирового финансово-экономического кризиса на пенсионную систему Чили

Abstract

The world financial crisis of 2008 was a tough challenge for the pension systems with individual capitalization. The unprecedented negative returns of the pension funds was viewed by many observers as an indication of general flaw of the system. Yet the view in retrospect on the impact of the crisis on the Chilean pension system (which has been in existence for some 30 years) leads us to the other conclusion. The management of the assets of pension funds should have a very long term view and some short-term shocks don’t lead to drastic consequences neither to the pension savings nor to the current payments. The Chilean experience demonstrates that with the strict governmental regulation of the work of the pension funds the system of individual capitalization is not just theoretically viable, but can also stand a harsh real-life test.