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Privatizing Social Security
edited by Martin Feldstein
University of Chicago Press, 1998
Cloth: 978-0-226-24101-2 | Paper: 978-0-226-24102-9 | eISBN: 978-0-226-24182-1

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ABOUT THIS BOOK
This volume represents the most important work to date on one of the pressing policy issues of the moment: the privatization of social security. Although social security is facing enormous fiscal pressure in the face of an aging population, there has been relatively little published on the fundamentals of essential reform through privatization. Privatizing Social Security fills this void by studying the methods and problems involved in shifting from the current system to one based on mandatory saving in individual accounts.

"Timely and important. . . . [Privatizing Social Security] presents a forceful case for a radical shift from the existing unfunded, pay-as-you-go single national program to a mandatory funded program with individual savings accounts. . . . An extensive analysis of how a privatized plan would work in the United States is supplemented with the experiences of five other countries that have privatized plans." —Library Journal

"[A] high-powered collection of essays by top experts in the field."—Timothy Taylor, Public Interest
TABLE OF CONTENTS
    Preface
    Introduction by Martin Feldstein
    I. Country Studies
    1. The Chilean Pension Reform: A Pioneering Program
    Sebastian Edwards
    Comment: Stephen P. Zeldes
    Discussion Summary
    2. Australia's Retirement Income System
    Malcolm Edey and John Simon
    Comment: John Piggott
    Discussion Summary
    3. The Roles of the Public and Private Sectors in the U.K. Pension System
    Alan Budd and Nigel Campbell
    Comment: Richard Disney
    Discussion Summary
    4. Pension System Reform: The Mexican Case
    Carlos Sales-Sarrapy, Fernando Solís-Soberón, and Alejandro Villagómez-Amezcua
    Comment: Aaron Tornell
    Discussion Summary
    5. The Shift to a Funded Social Security System: The Case of Argentina
    Joaquín Cottani and Gustavo Demarco
    Comment: Anita M. Schwartz
    Discussion Summary
    II. Privatization Issues for the United States
    6. The Transition Path in Privatizing Social Security
    Martin Feldstein and Andrew Samwick
    Comment: John B. Shoven
    Discussion Summary
    7. Simulating the Privatization of Social Security in General Equilibrium
    Laurence J. Kotlikoff
    Comment: Thomas J. Sargent
    Discussion Summary
    8. Privatizing Social Security: First-Round Effects of a Generic, Voluntary, Privatized U.S. Social Security System
    Alan L. Gustman and Thomas L. Steinmeier
    Comment: David M. Cutler
    Discussion Summary
    9. Individual Financial Decisions in Retirement Saving Plans and the Provision of Resources for Retirement
    James M. Poterba and David A. Wise
    Comment: Jack L. VanDerhei
    Discussion Summary
    10. Administrative Costs in Public and Private Retirement Systems
    Olivia S. Mitchell
    Comment: Sylvester J. Schieber
    Discussion Summary
    Contributors
    Author Index
    Subject Index



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