Pension Liabilities and Public Finances in Bolivia: Evidence from a Reforme Country.

 in 1996 Bolivia undertook a radical pension reform, switching from an unfunded to a fully funded privately managed system This paper analyzes the impact of the pension reform and post-reform pension policies (1997-2003) on public finances; it shows initial estimates for the transition cost, analyzes the main facrors that increased the financial burden for the Treasury to unexpected levels, presents some public accounting considerations, and examines post-reform linkages berween the Treasury and the new pension system It concludes that the effect of the pension reform and post-reform sion policies on public finances has been two-fold increasing considerably pension net lablities, and inducing a higher fiscal deficit for the explicit report of the pension debt