¹ Peter J. Ferrara, John C. Goodman and Merrill Matthews Jr., "Private Alternatives to Social Security in Other Countries," National Center for Policy Analysis, NCPA Policy Report No. 200, October 1995.

² Although policymakers decided that AFPs were the best approach for administering the individual accounts in Chile, insurance companies or financial institutions already engaged in similar areas of business might be valid options for another country, depending on conditions in the country.

³ Mergers reduced the number of AFPs from 13 to nine in the last year.

⁴ Dimitri Vittas, "Designing Mandatory Pension Schemes: Some Lessons from Argentina, Chile, Malaysia and Singapore," Public Policy for the Private Sector, Note No. 72, February 1996, World Bank.

⁵ Much of this section is based on "How Did Chile Pay Off Its Social Security Debt?" in Averting the Old Age Crisis: Policies to Protect the Old and Promote Growth (New York: Oxford University Press for the World Bank, 1994), pp. 267-68.

⁶ Patricio Arrau, "El Nuevo Regimen Previsional Chilena y su Financimiento Durante la Transicion," Coleccion Estudios CIEPLAN 32: 5-44, cited in Averting the Old Age Crisis: Policies to Protect the Old and Promote Growth, p. 267.

⁷ Private Pension Funds in Latin America, 1997 Update, Salomon Smith Barney, December 1997, p. 112.

⁸ Stephen J. Kay, "The Chile Con: Privatizing Social Security in South America," American Prospect, No. 33, July-August 1997, pp. 48-52.

⁹ Averting the Old Age Crisis: Policies to Protect the Old and Promote Growth, pp. 224-25.

¹⁰ Private Pension Funds in Latin America, 1997 Update, pp. 99-100.

¹¹ Averting the Old Age Crisis: Policies to Protect the Old and Promote Growth, p. 220.

¹² The primary index-linked monetary unit in Chile, called unidad de fomento or UF, is adjusted daily to reflect changes in the cost of living

¹³ Private Pension Funds in Latin America, 1997 Update, p. 96.

¹⁴ AFP Association, based on Quarterly Statistical Report of Superintendence of AFP and information from Superintendence of Social Security.

¹⁵ Estelle James, "Pension Reform: Is There an Efficiency-Equity Trade-Off?" paper for the Conference on Inequality Reducing Growth in Latin America's Market Economies, Inter-American Development Bank, January 1997, p.11.

¹⁶ Private Pension Funds in Latin America, 1997 Update, p. 185.

¹⁷ Ibid., p. 188.

¹⁸ Averting the Old Age Crisis: Policies to Protect the Old and Promote Growth, p. 276.

¹⁹ James, "Pension Reform: Is There an Efficiency-Equity Trade-Off?" pp. 2, 3.

²⁰ Private Pension Funds in Latin America, 1997 Update, p. 67.

²¹ Ibid., p. 152.