"Privatisation Modèles économétriques." . . "Fonds monétaire international. Western Hemisphere Department." . . . . "Electronic books." . . "Electronic books" . "Risque pays Modèles économétriques." . . "Country risk Econometric models." . . "Country risk Econometric models" . "Privatisierung." . . "Länderrisiko." . . "Pensions Modèles économétriques." . . "Dettes publiques Modèles économétriques." . . "Debts, Public Econometric models." . . "Debts, Public Econometric models" . "Gonzalez, Maria" . . . . . . . . . . . "Livres électroniques" . "Pension privatization and country rsk" . . . . . . . . . . "Electronic resource" . . . . . . . . . . . . . . . "Electronic books" . . . "This paper explores how privatizing a pension system can affect sovereign credit risk. For this purpose, it analyzes the importance that rating agencies give to 'implicit' pension debt (IDP) in their assessments of sovereign creditworthiness. We find that rating agencies generally do not seem to give much weight to IPD, focusing instead on 'explicit' public debt. However, by channeling pension contributions away from the government and creating a deficit of resources to cover the current pension liabilities during the reform's transition period, a pension privatization reform may transform IPD into explicit public debt, adversely affecting a sovereign's perceived creditworthiness, thus increasing its risk premium. In this light, accompanying pension reform with efforts to offset its transition costs through fiscal adjustment would help preserve a country's credit rating."@en . . . . . "Pension privatization and country risk"@en . "Pension privatization and country risk" . . . "Pension Privatization and Country Risk" . . . "Pensions Econometric models." . . "Pensions Econometric models" . "Rentenreform." . . "Privatization Econometric models." . . "Privatization Econometric models" .