Table 1: Portfolio Allocations Across Latin American AFPs in 2000, 2009, and 2014 Country Corporate Securities Public Sector Debt Foreign Investments
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1 Table 1: Portfolio Allocations Across Latin American AFPs in 2000, 2009, and 2014 Country Corporate Securities Public Sector Debt Foreign Investments Financial Sector Debt Argentina Bolivia* Chile Colombia Costa Rica Dominican Republic El Salvador Mexico Peru Uruguay Source: ASOCIACIÓN INTERNACIONAL DE ORGANISMOS DE SUPERVISIÓN DE FONDOS DE PENSIONES *2009 and 2014 Bolivian data from Federacion Internacional de Adminstradoras de Fondos de Pensioniones (FIAP).
2 Model # coef./se coef./se coef./se coef./se coef./se coef./se coef./se coef./se coef./se FDC contributor income 0.034*** 0.033*** 0.029*** 0.032*** 0.034*** 0.034*** 0.029*** 0.032*** 0.034*** public sector employee * ** *** *** * ** *** *** * private sector employee private sector employer * ** * informal sector worker volunteer 0.387*** 0.335** 0.289* ** 0.326** 0.294* ** rural single education * 0.009*** ** male * age *** ** ** ** *** ** * *** 0.00 inflation * * unemployment rate * GDP per capita growth (Log) GDP per capita public debt allocation 0.006*** 0.006*** foreign investment allocation 0.007* FDC contribution rate *** *** corporate security allocation *** 0.007** FDC contributor x corporate securities allocation Table 2: Effect of Pension Participation on Individuals' Attitudes Toward Neo-Liberalism (LAPOP Data) Constant *** * *** *** *** * *** *** *** Country FE N N N Y N N N Y N r N
3 Table 3: Effect of Pension Participation, Pension Returns on Individuals' Attitudes Toward Neo- Liberalism (LAPOP Data) Model # coef./se coef./se coef./se coef./se FDC contributor ** *** ** ** Pension Returns FDC contributor x Pension Returns 0.008* 1*** 0.009*** 1** Income 0.035*** 0.033*** 0.031*** 0.032*** Public sector employee * ** *** *** private sector employee Private sector employer * Informal sector worker Volunteer 0.385** 0.334** 0.282* Rural Single Education * Male Age *** ** * Inflation Unemployment Rate * 0.02 GDP per capita growth (Log) GDP per capita Public debt allocation 0.005* 0.00 Foreign investment allocation 0.008* 0.00 FDC contribution rate *** 0.60 Constant *** *** *** Country FE N N N Y r N
4 Table 4: Effect of Pension Participation on Individuals' Attitudes Toward Neo-Liberalism, by country and arranged by 2009 pension returns (LAPOP data) Country El Salvador Dominican Costa Rica Mexico Chile Colombia Peru Uruguay Republic 2009 Pension Return coef./se coef./se coef./se coef./se coef./se coef./se coef./se coef./se FDC contributor * * Income * *** 0.040** 0.035* 0.040*** Public sector employee * ** ** Private sector employee * ** Private sector employer *** Informal sector worker * Volunteer * Rural *** *** Single ** Education * 0.021** 4* *** Male Age 0.003* *** ** * Constant *** *** *** *** *** *** *** *** r N
5 Table 5: Effect of Pension Participation, Pension Returns on Individually Held Attitudes Toward Neo-Liberalism, Robustness Checks (LAPOP Data) coef./se coef./se coef./se coef./se coef./se coef./se FDC contributor *** ** *** ** Pension Returns ** *** FDC contributor x pension returns 0.009*** 0.009*** 0** 1** Unemployment Rate *** FDC contributor x unemployment 5** Inflation 0.059*** 0.02 FDC contributor x inflation GDP per capita growth FDC contributor x GDP per capita growth Mandatory Participation ** FDC contributor x Mandatory Participation 2 two year average return -8** FDC contributor x two year average return 0.025*** three year average return FDC contributor x three year average return 0.023* income 0.029*** 0.031*** 0.031*** 0.033*** 0.028*** 0.029*** public sector employee *** *** *** *** *** ***
6 private sector employee private sector employer 0.185* * informal sector worker volunteer 0.268* 0.272* 0.283* 0.292* 0.281* 0.292* rural single education ** 0* 0** * 0.00 male age * * ** ** public debt allocation *** *** 0.003* 0.006*** foreign investment allocation *** *** ** FDC contribution rate *** *** *** *** *** ** Constant *** *** *** *** *** *** r N
7 Table 6: Effect of Pension Participation, Pension Returns on Individuals' Attitudes Toward Neo-Liberalism (LAPOP Data) Model # DV The State should take a greater role in pensions healthcare wellbeing firm ownership jobs inequality coef./se coef./se coef./se coef./se coef./se coef./se FDC contributor ** * *** Pension Returns ** FDC contributor X real pension returns 0** 0* 2** 2** Income 0.029*** 6** 0.031*** 0.042*** 0.066*** 0.041*** Public sector employee ** *** * * *** *** Private sector employee Private sector employer *** 0.213* Informal sector worker Volunteer 0.405*** * ** Rural * 0.103* Single * Education *** 0.023** Male ** Age *** *** Public sector debt allocation *** 0.006*** Foreign investment allocation *** *** FDC contribution rate *** ** *** *** *** *** Constant *** *** *** *** *** *** r N
8 Table7: Effect of Pension Participation Rates, Pension Returns on Belief in Markets as "Being Best For Country" coef./se coef./se coef./se coef./se coef./se coef./se coef./se coef./se coef./se coef./se coef./se coef./se FDC contribution rate * GDP per capita growth Unemployment Inflation (Log) GDP per capita Foreign investment allocation ** -2** -2*** public debt allocation * Mandatory participation corporate securites allocation FDC contribution rate x corporate securites allocation Pension returns -0** -0** * ** FDC contribution rate x pension returns *** 0.049*** 0.068*** 0.060** Constant ** * * Country Fixed Effects N N N Y N N N Y N N N Y r N
9 Table 8: Effect of Pension Participation Rates, Pension Returns on National Popularity of Markets, Robustness Checks coef./se coef./se coef./se coef./se coef./se coef./se FDC contribution rate * 0.531*** * 1.298** Pension returns * ** * FDC contribution rate x pension returns 0.061*** 0.058** 0.046** 0.063*** Foreign investment allocation -0*** -2** -0*** -0** * Public debt allocation ** Mandatory Participation Unemployment FDC contribution rate x unemployment Inflation FDC contribution rate x inflation GDP per capita growth FDC contribution rate x GDP pre capita growth rate FDC contribution rate x Mandatory Participation Two year average return FDC contribution rate x two year average return Three year average return FDC contribution rate x three year average return ** 0.07 Constant * * *** ** r N
10 Appendix Table 1: Rotated Facor Loadings of LAPOP deerived dependent variables The State should take a greater role in factor 1 factor 2 uniqueness pensions healthcare wellbeing firm ownership jobs inequality
11 Figure 1: of Pension Participation on Attitudes Towards Neoliberalism
12 Figure 2: of Pension Participation on Attitude Towards Limiting Government's Role in... pensions healthcare well being corporate ownership providing jobs addressing inequality
13 Fig 3: s of Pension Particpation Rates on Belief That Markets are Best For Country Model numbers refer to Table 7 model 9 model 10 model 11 model Marginal Effect Marginal Effect Marginal Effect Marginal Effect % contributors % contributors % contributors % contributors
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