Olivera, Javier (2010). "Welfare, inequality and financial consequences of a multi-pillar pension system. A reform in Peru" Paper presented at the 7th annual conference of the HDCA, 21-23 September 2010, Amman, Jordan.

The distributional impact of the structural pension reform in Latin American countries has been largely absent in the economic debate. However, this reform may widen inequality in old-age and reduce welfare. In this paper we study the consequences of implementing a multi-pillar system in one of these countries. We take advantage of available administrative records for Peruvian workers to estimate inequality in pensions, pension debt and welfare. Overall, our results show that the pension debt and inequality can be substantially reduced without welfare losses.