I recently gave a talk in Mexico on how to deal with the mix of investments
and with risk in an investment based (or mixed) social security program in
emerging market economies.

The special problem in those countries is that equity markets are much
riskier than in the US.

The key idea is to use local bonds combined with a futures contract on the
US or EAFE market

The full paper is available at
http://www.nber.org/feldstein/SocialSecurityInvestmentLA.pdf

Martin Feldstein

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