10 pages. Excerpt: Care must be exercised when extrapolating from the Chilean experience to other countries. At the time of the reforms, Chile met a singular set of conditions: the Chilean markets were incipient; the pension system was chaotic and increasingly unfair; and the non-pension part of the Chilean government ran surpluses. Other particularities of the Chilean case include the size of its informal economy, and the apparent acceptance of government-funded welfare programs.

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