“A heavyweight analysis of the Latin American pension revolution, which raises important questions about the optimal scale of compulsory saving when redesigning pension systems.”—Paul Wallace,The Economist

“Although it maintains the fundamental principles of Averting the Old Age Crisis, published by the World Bank in 1994, Keeping the Promise takes a fresh look at the outcome of structural pension reforms implemented in 12 Latin American countries during the 1990s, and proposes new, sometimes bold policies. This is an important and controversial book that must be read by experts on pensions, social security, and Latin America.”—Carmelo Mesa-Lago, Distinguished Professor Emeritus of Economics and Latin American Studies, University of Pittsburgh

“Keeping the Promise is not a typical World Bank book on pensions. From a welcome emphasis on the individual and on the primary importance of poverty relief, this volume builds on careful analytics and new empirical evidence to document the successes and failures of pension systems in Latin America. The conclusions are well-argued, clear, and—given their origins—striking.”—Nicholas Barr, Professor of Public Economics, London School of Economics