ABSTRACT

We evaluate the effect of the 2008 pension reform in Chile, applying a difference-in-difference estimation method to longitudinal survey data representative of the Chilean population. Our evidence suggests that those who started to receive a basic pension increased their debt more than their assets. We interpret this as an indicator of debt sustainability. The debt ratio increased significantly more for women, who may be particularly exposed to financial crises. The results raise concerns about the potential financial vulnerability of the population targeted by the reform, due to over-indebtedness.

中文翻译：

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2008 年智利养老金改革：家庭财务决策和性别差异

摘要

我们评估了智利 2008 年养老金改革的效果，将差异中的差异估计方法应用于代表智利人口的纵向调查数据。我们的证据表明，那些开始领取基本养老金的人增加的债务超过了他们的资产。我们将此解释为债务可持续性的指标。女性的债务比率显着增加，她们可能特别容易受到金融危机的影响。由于过度负债，结果引发了人们对改革目标人群潜在财务脆弱性的担忧。