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To a large extent the expectations generated by the creation of private pension funds in Latin America have not been met. Fiscal costs related to the reform of the pension system are a heavy burden on governments, and capital markets have not developed significantly.The Latin American Shadow Financial Regulatory Committee (LASFRC) believes that critical changes in the rules regarding the investment portfolio of private pension funds can go a long way in fostering a more dynamic role for these financial intermediaries. Thus, the LASFRC will propose innovative classes of instruments for pension funds’ investments that could widen and deepen local capital markets. These proposals will also strengthen banking systems.
Members at the event included: Roque Fernandez - Former Minister of Finance, Argentina Pablo Guidotti - Former Vice-Minister of Finance, Argentina Ricardo Hausmann - Professor of Economics, Harvard University, Former Chief Economist, Inter-American Development Bank, Former Minister of Planning, Venezuela, Non-Resident Fellow, Center for Global Development Ruth de Krivoy - Former President, Central Bank of Venezuela Liliana Rojas-Suarez - President, LASFRC; Senior Fellow, Center for Global Development; Former Chief Economist, Latin America, Deutsche Bank Roberto Zahler - Former President, Central Bank of Chile