Stephen J Kay
Biographic Data
| ID | 810716 |
|---|---|
| NAME | Stephen J Kay |
| GIVEN NAMES | Stephen J |
| FAMILY NAME | Kay |
| SIGNATURE | KAY S J |
| AFFILIATIONS | Federal Reserve Bank of Atlanta United States of America |
| VERIFIED | No |
| TOTAL WORKS | 13 |
| TOTAL CITATIONS | 83 |
| AUTHOR COUNT | 13 |
| EDITOR COUNT | 0 |
| FIRST PUBLICATION YEAR | 1999 |
| LATEST PUBLICATION YEAR | 2022 |
| H-INDEX | 4 |
The financial sustainability of public pensions in Cuba: The impact of ageing, structural reforms and the economic crisis
This article analyses Cuba’s pension system from 2006–2021 with respect to its financial and actuarial sustainability and impact on the population. It includes discussion of the ageing population; the sharp cut in social expenditures since 2009; the deficit in pension financing and the impact of the 2008 parametric reform; the devaluation of pensions; structural reforms and the expansion of poverty and the curtailing of social assistance; the imp…
Can defined contribution pensions survive the pandemic? The Chilean case
The impact of the COVID‐19 pandemic threatens the viability of Chile’s defined contribution (DC) pension system, undermining its financial foundation and exposing its vulnerability to political risk. The COVID‐19 crisis led to the approval of three rounds of emergency withdrawals of 10 per cent of pension savings (as of April 2021). Utilizing pension funds during an economic crisis is neither new nor uncommon – during the Great Recession, several…
Understanding the B razilian social policy model: Myths, milestones and D ynamic S ocial S ecurity
Since B razil's re‐democratization in 1985, the country's system of social protection has become more focused on the neediest population groups while at the same time emphasizing universal access. In a context of severe inequality, the sub‐national units of government have played a greater role in reaching the broader population. Yet B razil's social protection model favours cash transfers over social services, and reduces inequalities in the con…
The B razilian pension model: The pending agenda
To achieve national goals defined by the 1988 B razilian Federal C onstitution, cash benefits alone are insufficient in the absence of more robust social services to reduce inequalities and improve social cohesion. The C onstitution, albeit of national importance and international significance, has not addressed many institutional and administrative weaknesses in the design of the national pension system. Although coverage has been increased and …
La nouvelle génération de réformes des systèmes de comptes individuels de retraite en Amérique latine
L'Amérique latine a joué un rôle précurseur dans l'instauration de systèmes de comptes individuels de retraite destinés à compléter ou à remplacer les régimes publics de retraite à prestations définies, financés par répartition. Après la mise en place du premier de ces systèmes au Chili, en 1981, plusieurs autres pays d'Amérique latine intégrèrent des comptes individuels gérés par le secteur privé à leur système de retraite à partir des années 19…
Postretrenchment Politics: Policy Feedback in Chile's Health and Pension Reforms
Through a comparison of three periods of health and pension reform in Chile, this article develops an explanation for the incremental form of social policy change that some Latin American nations have witnessed in recent years, despite the dramatic rise of left governments. It describes "postretrenchment politics," which constitutes a realignment in the way politics plays out in countries that have undergone social policy retrenchment. In postret…
Political risk and pension privatization: The case of Argentina (1994‐2008)
Proponents of pension privatization in Latin America argued that systems of private fully pre‐funded defined‐contribution individual accounts would be better insulated from politics than was the case with public pay‐as‐you‐go pension systems. However as the Argentinean case demonstrates, most recently with the 2008 nationalization of its private individual accounts system, transferring pension management and investment to the private sector does …
Social Security at The Crossroads: Toward Effective Pension Reform in Latin America
Individual pension savings accounts in Latin America promised to improve compliance and raise benefits in a cost-effective manner, while at the same time raising savings rates, which would in turn promote economic growth. A review of the evolution of pension reform in Latin America shows results to have been mixed. Analyses of the recent reforms generally fail to consider the extent to which the success or failure of pension systems is driven by …
Vital Connections: Politics, Social Security, and Inequality in Chile
Vital Connections is the first book-length treatment in English of the evolution of social security in Chile and its privatization under the Pinochet regime. Borzutzky's study contains a dynamic history of Chilean politics, a sophisticated discussion of social inequalities, and an in-depth analysis of social security policies in Chile from 1924 to the present. Her work focuses on three critical historical periods: the mid-1920s, the late 1960s, a…
Recent changes in Latin American welfare states: Is there social dumping
The article evaluates the degree to which the recent wave of pension reform in Latin America can be considered social dumping. While competitive pressures did create incentives for reform, the region's pension systems were already becoming financially unsustainable, consuming greater percentages of GDP throughout the 1980s and 1990s. To the extent that the transition costs of privatization crowd out other – more redistributive – forms of social s…
Retiring in Style
Privatizing Pensions: Prospects for the Latin American Reforms
An abstract is not available for this content so a preview has been provided. Please use the Get access link above for information on how to access this content
Unexpected Privatizations: Politics and Social Security Reform in the Southern Cone
Throughout the world governments are faced with the politically hazardous task of containing rising social security expenditures.' Private, individually capitalized investment accounts are currently being touted as the financial solution to social security crises in developing and industrialized countries alike. Latin America is the first region where social security privatization has become politically viable.2 In this comparative study of Argen…
Unexpected Privatizations: Politics and Social Security Reform in the Southern Cone
Throughout the world governments are faced with the politically hazardous task of containing rising social security expenditures.' Private, individually capitalized investment accounts are currently being touted as the financial solution to social security crises in developing and industrialized countries alike. Latin America is the first region where social security privatization has become politically viable.2 In this comparative study of Argen…
Postretrenchment Politics: Policy Feedback in Chile's Health and Pension Reforms
Through a comparison of three periods of health and pension reform in Chile, this article develops an explanation for the incremental form of social policy change that some Latin American nations have witnessed in recent years, despite the dramatic rise of left governments. It describes "postretrenchment politics," which constitutes a realignment in the way politics plays out in countries that have undergone social policy retrenchment. In postret…
Social Security at The Crossroads: Toward Effective Pension Reform in Latin America
Individual pension savings accounts in Latin America promised to improve compliance and raise benefits in a cost-effective manner, while at the same time raising savings rates, which would in turn promote economic growth. A review of the evolution of pension reform in Latin America shows results to have been mixed. Analyses of the recent reforms generally fail to consider the extent to which the success or failure of pension systems is driven by …
Political risk and pension privatization: The case of Argentina (1994‐2008)
Proponents of pension privatization in Latin America argued that systems of private fully pre‐funded defined‐contribution individual accounts would be better insulated from politics than was the case with public pay‐as‐you‐go pension systems. However as the Argentinean case demonstrates, most recently with the 2008 nationalization of its private individual accounts system, transferring pension management and investment to the private sector does …
Can defined contribution pensions survive the pandemic? The Chilean case
The impact of the COVID‐19 pandemic threatens the viability of Chile’s defined contribution (DC) pension system, undermining its financial foundation and exposing its vulnerability to political risk. The COVID‐19 crisis led to the approval of three rounds of emergency withdrawals of 10 per cent of pension savings (as of April 2021). Utilizing pension funds during an economic crisis is neither new nor uncommon – during the Great Recession, several…
The B razilian pension model: The pending agenda
To achieve national goals defined by the 1988 B razilian Federal C onstitution, cash benefits alone are insufficient in the absence of more robust social services to reduce inequalities and improve social cohesion. The C onstitution, albeit of national importance and international significance, has not addressed many institutional and administrative weaknesses in the design of the national pension system. Although coverage has been increased and …
Recent changes in Latin American welfare states: Is there social dumping
The article evaluates the degree to which the recent wave of pension reform in Latin America can be considered social dumping. While competitive pressures did create incentives for reform, the region's pension systems were already becoming financially unsustainable, consuming greater percentages of GDP throughout the 1980s and 1990s. To the extent that the transition costs of privatization crowd out other – more redistributive – forms of social s…
The financial sustainability of public pensions in Cuba: The impact of ageing, structural reforms and the economic crisis
This article analyses Cuba’s pension system from 2006–2021 with respect to its financial and actuarial sustainability and impact on the population. It includes discussion of the ageing population; the sharp cut in social expenditures since 2009; the deficit in pension financing and the impact of the 2008 parametric reform; the devaluation of pensions; structural reforms and the expansion of poverty and the curtailing of social assistance; the imp…
La nouvelle génération de réformes des systèmes de comptes individuels de retraite en Amérique latine
L'Amérique latine a joué un rôle précurseur dans l'instauration de systèmes de comptes individuels de retraite destinés à compléter ou à remplacer les régimes publics de retraite à prestations définies, financés par répartition. Après la mise en place du premier de ces systèmes au Chili, en 1981, plusieurs autres pays d'Amérique latine intégrèrent des comptes individuels gérés par le secteur privé à leur système de retraite à partir des années 19…
Unexpected Privatizations: Politics and Social Security Reform in the Southern Cone
Throughout the world governments are faced with the politically hazardous task of containing rising social security expenditures.' Private, individually capitalized investment accounts are currently being touted as the financial solution to social security crises in developing and industrialized countries alike. Latin America is the first region where social security privatization has become politically viable.2 In this comparative study of Argen…
Recent changes in Latin American welfare states: Is there social dumping
The article evaluates the degree to which the recent wave of pension reform in Latin America can be considered social dumping. While competitive pressures did create incentives for reform, the region's pension systems were already becoming financially unsustainable, consuming greater percentages of GDP throughout the 1980s and 1990s. To the extent that the transition costs of privatization crowd out other – more redistributive – forms of social s…
Retiring in Style
Privatizing Pensions: Prospects for the Latin American Reforms
An abstract is not available for this content so a preview has been provided. Please use the Get access link above for information on how to access this content
Vital Connections: Politics, Social Security, and Inequality in Chile
Vital Connections is the first book-length treatment in English of the evolution of social security in Chile and its privatization under the Pinochet regime. Borzutzky's study contains a dynamic history of Chilean politics, a sophisticated discussion of social inequalities, and an in-depth analysis of social security policies in Chile from 1924 to the present. Her work focuses on three critical historical periods: the mid-1920s, the late 1960s, a…
Social Security at The Crossroads: Toward Effective Pension Reform in Latin America
Individual pension savings accounts in Latin America promised to improve compliance and raise benefits in a cost-effective manner, while at the same time raising savings rates, which would in turn promote economic growth. A review of the evolution of pension reform in Latin America shows results to have been mixed. Analyses of the recent reforms generally fail to consider the extent to which the success or failure of pension systems is driven by …
Political risk and pension privatization: The case of Argentina (1994‐2008)
Proponents of pension privatization in Latin America argued that systems of private fully pre‐funded defined‐contribution individual accounts would be better insulated from politics than was the case with public pay‐as‐you‐go pension systems. However as the Argentinean case demonstrates, most recently with the 2008 nationalization of its private individual accounts system, transferring pension management and investment to the private sector does …
Postretrenchment Politics: Policy Feedback in Chile's Health and Pension Reforms
Through a comparison of three periods of health and pension reform in Chile, this article develops an explanation for the incremental form of social policy change that some Latin American nations have witnessed in recent years, despite the dramatic rise of left governments. It describes "postretrenchment politics," which constitutes a realignment in the way politics plays out in countries that have undergone social policy retrenchment. In postret…
Understanding the B razilian social policy model: Myths, milestones and D ynamic S ocial S ecurity
Since B razil's re‐democratization in 1985, the country's system of social protection has become more focused on the neediest population groups while at the same time emphasizing universal access. In a context of severe inequality, the sub‐national units of government have played a greater role in reaching the broader population. Yet B razil's social protection model favours cash transfers over social services, and reduces inequalities in the con…
The B razilian pension model: The pending agenda
To achieve national goals defined by the 1988 B razilian Federal C onstitution, cash benefits alone are insufficient in the absence of more robust social services to reduce inequalities and improve social cohesion. The C onstitution, albeit of national importance and international significance, has not addressed many institutional and administrative weaknesses in the design of the national pension system. Although coverage has been increased and …
La nouvelle génération de réformes des systèmes de comptes individuels de retraite en Amérique latine
L'Amérique latine a joué un rôle précurseur dans l'instauration de systèmes de comptes individuels de retraite destinés à compléter ou à remplacer les régimes publics de retraite à prestations définies, financés par répartition. Après la mise en place du premier de ces systèmes au Chili, en 1981, plusieurs autres pays d'Amérique latine intégrèrent des comptes individuels gérés par le secteur privé à leur système de retraite à partir des années 19…
The financial sustainability of public pensions in Cuba: The impact of ageing, structural reforms and the economic crisis
This article analyses Cuba’s pension system from 2006–2021 with respect to its financial and actuarial sustainability and impact on the population. It includes discussion of the ageing population; the sharp cut in social expenditures since 2009; the deficit in pension financing and the impact of the 2008 parametric reform; the devaluation of pensions; structural reforms and the expansion of poverty and the curtailing of social assistance; the imp…
Can defined contribution pensions survive the pandemic? The Chilean case
The impact of the COVID‐19 pandemic threatens the viability of Chile’s defined contribution (DC) pension system, undermining its financial foundation and exposing its vulnerability to political risk. The COVID‐19 crisis led to the approval of three rounds of emergency withdrawals of 10 per cent of pension savings (as of April 2021). Utilizing pension funds during an economic crisis is neither new nor uncommon – during the Great Recession, several…
Political science (11 works) · Economics (10 works) · Financial Literacy, Pension, Retirement Analysis (7 works) · Pension (7 works) · Development economics (6 works) · Economic policy (6 works) · Finance (6 works) · Finance (6 works) · Latin Americans (6 works) · Politics (6 works)