Social Security and Private Transfers in Developing Countries: The Case of Peru |
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| Authors: | Cox Donald; Jimenez Emmanuel |
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| Institution: | Donald Cox is on the faculty of the Department of Economics at Boston College and a consultant to the World Bank. Emmanuel Jimenez is with the Population and Human Resources Department of the World Bank. The work on this article was supported in part by RPO 674–49, granted to the Public Economics Division by the World Bank's Research Support Budget. The authors wish to thank the government of Peru and the Bank's Welfare and Human Resources Division for providing access to data and the three anonymous referees and participants at a World Bank seminar for comments on an earlier draft. Jorge Castillo, Kalpana Mehra, and Reza Firuzabadi were invaluable in setting up workable data files. Fiona Mackintosh provided editorial assistance. |
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| Abstract: | Do social security systems "crowd out" private transfers fromyounger to older generations? This question has generated muchtheoretical discussion, but little empirical work exists toconfirm or refute this crowding-out hypothesis. We investigatethe connection between social security and private transfersin Peru, using the Peruvian Living Standards Survey, and findthat private transfers from young to old would have been nearly20 percent higher without social security benefits. This indicatesthat the Peruvian social security system is less effective atdelivering benefits to the elderly than a simple assignmentof government expenditures would suggest. Social security'sdisplacement of private transfers, while significant, is lessthan that predicted by models with widespread altruistic transfers. |
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