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Ten years of inflation targeting worldwide provide valuable lessons. Inflation targeters (ITers) have been very successfulin meeting their inflation targets (ITs). Industrial output sacrifice during inflation stabilization and industrial outputvolatility has frequently been lowered after IT adoption. ITers have consistently reduced inflation forecast errors afterIT adoption. The influence of price and output shocks on the behaviour of inflation and output gaps has changed muchmore strongly among ITers than in non-targeting industrial countries in the course of the 1990s. IT has played a role instrengthening the effect of forward-looking expectations on inflation, hence weakening the weight of past inflationinertia. Central bankers’ aversion to inflation is, on average, not different among ITers in comparison to NITers but hasrisen in emerging-country ITers. ITers have gradually reaped a credibility gain, allowing them to achieve their targetswith smaller changes in interest rates in the late 1990s than the changes that were required in the early 1990

Link to this article: http://journals.cambridge.org/abstract_S1474747212000340How to cite this article: OSCAR M. LANDERRETCHE and CLAUDIA MARTÍNEZ (2013). Voluntary savings, nancial behavior, and pension nance literacy: evidence from Chile. AbstractChileans have limited knowledge of the pension system, its rules, and the consequences involved in their personal decisions within it. Using a variation in the household compositionhaving a pensioner in the household -as an instrument, we show that Chileans with greater knowledge about the pension system are more likely to have additional financial savings, but not within the voluntary pension saving plans offered by the pension system. We find that getting one additional answer right in the pension literacy survey (out of six) generates approximately a 50 % additional chance that the individual will save at least in one of the surveyed periods, and a 25 % additional chance that the individual will save in both surveyed periods. We also test for evidence that pension literacy affects worker choices regarding their pension savings (what we call active financial behavior). We find that more literate workers are more likely to engage in pension fund type switching and that independent workers are more likely to voluntarily enter the pension system as affiliates if they have greater pension finance literacy. Getting one additional answer right in the pension literacy survey (out of six) increases the probability of pension fund type switching by 20 % and the probability of voluntary affiliation to the pension system of self-employed workers by 30 %.