Papers by Hermann von Gersdorff
Social Science Research Network, Jul 1, 1997
Private Participation in Infraestructure: Considerations for Colombia
Revista de Análisis Económico – Economic Analysis Review, 1998
This paper provides an analysis of issues the Colombian government faces with regard to increasin... more This paper provides an analysis of issues the Colombian government faces with regard to increasing private participation in infrastructure. Although Colombia has ambitious plans for private participation in infrastructure and has started to build the legal and regulatory framework to support this objective, thus far progress has been mixed. Colombia in not yet capturing the full benefits of competition in infrastructure services –which are already evident in Colombia’s ports sector- and not yet achieving the private investment levels envisaged in the 1995 Development Plan. Several measures must be taken, therefore, to accelerate private participation in infrastructure. Failure to do this will not only defer realization of benefits from better and expanded infrastructure services but also jeopardize the sustainability of the recent legal and regulatory reforms. As mentioned in a number of CONPES documents, the Colombian government has been moving away from the outright ownership of infrastructure towards an approach that emphasizes private provision and competition. As of now, in pursuit of this new role, the government has created a series of semi-independent regulatory entities and pushed hard in the development of project financing of new infrastructure assets like gas pipelines and power generation plant. Private operators provide cellular telephony service and private companies, through joint ventures, are providing financing and installation for thousands of new phone lines. Private concessions are operating in ports, railways, airports and roads and these are set to grow in number. The main message of this paper is that the government should push harder in three areas: divestiture of existing infrastructure assets, developing the regulatory and competitive environment within which infrastructure services are provided, and ensuring that where the government does play a role in mitigating risks in private infrastructure deals, it does so in a way which minimizes the potential distortion
Complementing Chile’s Pensions with Subsidized Youth Employment and Contributions
El sistema previsional chileno durante los diez últimos años
Estudios De Economia, 1984
El articulo trata acerca de dos elementos de la historia del sistema de pensiones chileno. Una pa... more El articulo trata acerca de dos elementos de la historia del sistema de pensiones chileno. Una parte es fundamentalmente descriptiva, en la que se presentan las caracteristicas del funcionamiento y la situacion del antiguo sistema de pensiones y su reemplazo por un sistema de previsiones de capitalizacion individual. La descripcion del funcionamiento y la evolucion del nuevo sistema provisional completa la parte descriptiva. La segunda parte del articulo analiza las razones que se dieron para utilizar la obvia necesidad de una reforma provisional, para cambiar drasticamente de un sistema de reparto a un sistema provisional de capitalizacion individual. Esta parte argumenta que la razon basica y valedera para la reforma provisional efectuada esta dada por el cambio en la estructura de incentivos que rigen al sistema y no por razones redistributivas o financieras.
БЛАГОДАРНОСТЬ Данный проект доклада был подготовлен Мансурой Рашид (Mansoora Rashid) (TTL), Лоуре... more БЛАГОДАРНОСТЬ Данный проект доклада был подготовлен Мансурой Рашид (Mansoora Rashid) (TTL), Лоуренсом Томпсоном (Lawrence Thompson), Херманном фон Герсдорффом (Hermann Von Gersdorff) и Еленой Зотовой (Elena Zotova). Финансовые прогнозы были сделаны Дмитрием Помазкиным при содействии Жана Ноэля Мартино на основе модели про гнозирования пенсионной системы, разработанной Независимым актуарным информа ционно аналитическим центром. Полное описание модели и выводов приводится в приложении 2. Авторы хотели бы выразить признательность российским специалистам и экспертам Всемирного банка за их замечания по раннему варианту доклада. УДК 368.914 ББК 67.405 Реф 45 Перевод на русский язык выполнен Представительством Всемирного банка в России. Мнения и выводы, содержащиеся в этой работе, принадлежат ее авторам и могут не совпадать с мнениями и выводами Совета директоров Всемирного банка или правительств, которые они представляют. Всемирный банк не несет ответственности за достоверность данных, включенных в эту работу. Границы, цветовые обозначения, названия и другая информация, представленная на любых картах в этой работе, не подразумевает оценки Всемирным банком правого статуса любых территорий либо подтверждения или одобрения их границ. Права и разрешения Все права защищены. Никакая часть настоящего издания не может быть воспроизведена, поме щена на хранение в информационно поисковую систему или передана в любой форме или лю быми средствами, включая электронные, механические, фотокопировальные, магнитные и про чие, без предварительного разрешения Всемирного банка. Всемирный банк поощряет распро странение этой работы и обычно предоставляет разрешение на воспроизведение ее фрагментов. Все запросы относительно прав и лицензий, включая смежные права, направлять по адресу: Office of the Publisher, World Bank,
Social Science Research Network, 1997
A. BACKGROUND On November 29, 1996 the Bolivian Government adopted a pension reform law (Law 1732... more A. BACKGROUND On November 29, 1996 the Bolivian Government adopted a pension reform law (Law 1732) that modified fundamentally the country's pension system. The Bolivian reform changed the defined-benefit publicly-managed pension system into a definedcontribution privately-managed system with individual capitalization accounts. 2 The new system, currently under implementation, has many common features with the reforms undertaken in other Latin American countries but has some important differences, particularly during the transition phase from one system to another. This paper describes the old and the new pension systems, summarizes the particular features of the new system that differentiate it from other reforms, and presents some of the outstanding challenges to successfully complete the reform. 3 Macroeconomic and financial sector effects of the reform are two important issues for further analysis that are not covered in this paper. B. THE OLD PENSION SYSTEM Institutional framework. 4 The old Bolivian pension system was a defined-benefit system created in 1997 and aiming originally at a replacement rate of about 30% of the last wage. To increase the replacement rate unions and professional groups obtained in 1970 changes in the regulations that allowed for complementary pension funds. In 1996, the system consisted of a basic pension system, administered by a public agency
World Bank policy research working paper, Nov 30, 1999
Old Age Income Support in the 21st Century: The World Bank's Perspective on Pension Systems and Reform
World Bank, Washington, DC, 2004
... proposal: Does the reform make sufficient progress toward the goals of a pensionsystem? Wil... more ... proposal: Does the reform make sufficient progress toward the goals of a pensionsystem? Will the reform provide reasonable protections against the risks of poverty in old age by efficiently allocating resources to the elderly? Does ...
This report clarifies and updates the World Bank's perspective on pension reform, incorporating t... more This report clarifies and updates the World Bank's perspective on pension reform, incorporating the lessons learned from recent experience and research that has advanced the understanding of how best to proceed in the future. It has been developed as a policy note, not as a research paper. As such, it is intended to conceptualize and explain current policy thinking within the Bank rather than to present new research results or to announce a new policy approach. This articulation of policies and priorities is intended to assist Bank clients and the broader international public to understand and appreciate the Bank's framework for pension reform and to facilitate its ability to work effectively with clients in meeting the challenges ahead. This report should provide a guide to the criteria and standards that the World Bank will apply in deciding when and where to provide financial and technical support for pension reforms. The report has a comprehensive introduction cum executive summary and two main parts. Part 1 presents the conceptual underpinnings for the Bank's thinking on pension systems and reforms, including the structure of Bank lending in this area. Part 2 highlights key issues of design and implementation, signaling areas of confidence and areas for further research and experience as well as sharing the regional experiences with reform.
II. The Reform of 1980............................................................................................5
pe´nsion n. 1. periodic payment made on retirement or above specified age
Financial Sector Development Department The World Bank THE BOLIVIAN PENSION REFORM Innovative Solutions to Common Problems
The recent pension reform introducing a multi-pillar pension system signals a major shift in pens... more The recent pension reform introducing a multi-pillar pension system signals a major shift in pension provision in Russia, from a defined benefit pension scheme to a defined contribution pension system. The reform intends to address several problems found in the old pension system: (1) very complex and overlapping benefit formulas and generous eligibility conditions, including early retirement for many occupations, (2) mixed distribution/insurance/savings objectives in the benefit formula which, combined with a high tax rate of 28 percent of wages, reduced incentives for individuals to contribute to the system, distorted labor markets, and increased incentives to retire early, and (3) growing financial burden from a declining number of contributors and increasing number of pensioners, a result of increasing layoffs, tax avoidance, growing unemployment, and the aging of the population. The first objective of the reform is to reduce the complexity of the pension system through a simple...
In some respects Bolivia's bold program of pension reform went beyond the Chilean prototype. ... more In some respects Bolivia's bold program of pension reform went beyond the Chilean prototype. Bolivia's bold program of pension reform involved the immediate closing down of the old pay-as-you-go system and its replacement by a defined-contribution system based on individual capitalization accounts and managed by the private sector. The pensions of the old system will be covered by the Bolivian Treasury. Workers will receive compensatory pensions for their contributions to the old system. These will be calculated on the basis of a simple formula that could be improved to reduce the cost of transition. To avoid high marketing costs, Bolivia has entrusted management of the system to two groups selected through international competitive bidding (to minimize fees). Individual accounts have been preallocated to those two groups on a regional basis or, in large cities, on the basis of the birthdays of affiliated workers. Competition for individual accounts will be allowed in the ye...
Proyección de la tasa de desempleo a través de un modelo estocástico
Estudios De Economia, 1984
El trabajo examina la posibilidad de aplicar tecnicas de series de tiempo, como el analisis espec... more El trabajo examina la posibilidad de aplicar tecnicas de series de tiempo, como el analisis espectral y las autocorrelogramas, para identificar un modelo satisfactorio de la tasa de desempleo en una economia como la chilena que solo tiene series estacionarias relativamente cortas. El resultado es que es posible obtener un modelo que haga buenas predicciones y que no es conveniente ampliar la base de datos a costa de incluir datos que correspondan a otro proceso estocastico.
Private Participation in Infraestructure: Considerations for Colombia
This paper provides an analysis of issues the Colombian government faces with regard to increasin... more This paper provides an analysis of issues the Colombian government faces with regard to increasing private participation in infrastructure. Although Colombia has ambitious plans for private participation in infrastructure and has started to build the legal and regulatory framework to support this objective, thus far progress has been mixed. Colombia in not yet capturing the full benefits of competition in infrastructure services –which are already evident in Colombia’s ports sector- and not yet achieving the private investment levels envisaged in the 1995 Development Plan. Several measures must be taken, therefore, to accelerate private participation in infrastructure. Failure to do this will not only defer realization of benefits from better and expanded infrastructure services but also jeopardize the sustainability of the recent legal and regulatory reforms. As mentioned in a number of CONPES documents, the Colombian government has been moving away from the outright ownership of i...
This report concerns Europe and Central Asia, a World Bank region that comprises 28 countries, of... more This report concerns Europe and Central Asia, a World Bank region that comprises 28 countries, of which 27 are transition countries, and which also includes Turkey. These countries are grappling with a unique set of issues brought on by their transition from state planning to market economies, and social transformations leading to democracy and new public institutions with new mandates for the market-oriented democratic societies. The issue provides an overview of how social protection has evolved in this diverse and challenging region, which includes both post-conflict countries and some middle- and higher-middle income countries. New developments for the region are pension reform, conditional cash transfers, and multisectoral or programmatic reform programs in which social protection is key. This issue also highlights lessons learned from the first 10 years of transition, the changing agenda as some issues are resolved while others come to the fore, and focuses on the challenge of...
El sistema previsional chileno durante los diez últimos años
El articulo trata acerca de dos elementos de la historia del sistema de pensiones chileno. Una pa... more El articulo trata acerca de dos elementos de la historia del sistema de pensiones chileno. Una parte es fundamentalmente descriptiva, en la que se presentan las caracteristicas del funcionamiento y la situacion del antiguo sistema de pensiones y su reemplazo por un sistema de previsiones de capitalizacion individual. La descripcion del funcionamiento y la evolucion del nuevo sistema provisional completa la parte descriptiva. La segunda parte del articulo analiza las razones que se dieron para utilizar la obvia necesidad de una reforma provisional, para cambiar drasticamente de un sistema de reparto a un sistema provisional de capitalizacion individual. Esta parte argumenta que la razon basica y valedera para la reforma provisional efectuada esta dada por el cambio en la estructura de incentivos que rigen al sistema y no por razones redistributivas o financieras.
A. BACKGROUND On November 29, 1996 the Bolivian Government adopted a pension reform law (Law 1732... more A. BACKGROUND On November 29, 1996 the Bolivian Government adopted a pension reform law (Law 1732) that modified fundamentally the country's pension system. The Bolivian reform changed the defined-benefit publicly-managed pension system into a definedcontribution privately-managed system with individual capitalization accounts. 2 The new system, currently under implementation, has many common features with the reforms undertaken in other Latin American countries but has some important differences, particularly during the transition phase from one system to another. This paper describes the old and the new pension systems, summarizes the particular features of the new system that differentiate it from other reforms, and presents some of the outstanding challenges to successfully complete the reform. 3 Macroeconomic and financial sector effects of the reform are two important issues for further analysis that are not covered in this paper. B. THE OLD PENSION SYSTEM Institutional framework. 4 The old Bolivian pension system was a defined-benefit system created in 1997 and aiming originally at a replacement rate of about 30% of the last wage. To increase the replacement rate unions and professional groups obtained in 1970 changes in the regulations that allowed for complementary pension funds. In 1996, the system consisted of a basic pension system, administered by a public agency
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Papers by Hermann von Gersdorff