Table 1: Portfolio Allocations Across Latin American AFPs in 2000, 2009, and 2014country Corporate Securities Public Sector Debt Foreign Investments Financial Sector Debt

2000 2009 2014 2000 2009 2014 2000 2009 2014 2000 2009 2014Argentina 15.1 56.0 4.5 24.1

Bolivia* 3.7 11.4 11.2 69.5 63.0 35.3 0.0 0.0 0.0 23.2 22.0 51.4Chile 17.6 25.0 15.7 35.7 9.7 21.4 10.9 43.9 43.6 35.6 18.9 17.0

Colombia 14.5 37.9 23.1 47.4 42.0 36.3 0.0 11.7 25.5 28.5 5.1 8.1Costa Rica 7.7 6.0 59.7 71.8 3.6 4.1 21.8 14.7Dominican

Republic6.0 1.5 40.0 66.4 0.0 0.0 54.0 32.0

El Salvador 3.4 3.5 9.3 71.3 78.9 80.0 0.0 0.0 0.0 25.3 17.2 5.6Mexico 5.6 21.5 21.4 92.6 68.9 49.4 0.0 6.7 16.3 1.7 2.9 3.8

Peru 44.1 42.8 22.7 9.0 19.6 17.5 6.7 21.0 29.4 40.0 8.7 11.0Uruguay 6.8 5.8 9.1 61.4 57.0 66.7 0.0 3.3 10.6 27.1 31.6 3.4

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).

Table 2: Effect of Pension Participation on Individuals' Attitudes Toward Neo-Liberalism (LAPOP Data)

Model # 1 2 3 4 5 6 7 8

coef./SE coef./SE coef./SE coef./SE coef./SE coef./SE coef./SE coef./SE

FDC contributor 0.066 0.061 -0.005 -0.009 0.067 0.100 0.033 0.045

0.07 0.06 0.05 0.03 0.10 0.10 0.09 0.05

income -0.034*** -0.033*** -0.029*** -0.032*** -0.034*** -0.034*** -0.029*** -0.032***

0.01 0.01 0.00 0.01 0.01 0.01 0.00 0.01

public sector employee 0.129* 0.117** 0.155*** 0.150*** 0.121* 0.107** 0.160*** 0.151***

0.08 0.05 0.04 0.04 0.07 0.05 0.04 0.04

private sector employee 0.048 0.010 0.031 0.015 0.046 0.007 0.032 0.016

0.03 0.04 0.03 0.03 0.03 0.04 0.03 0.03

private sector employer -0.147 -0.179* -0.174 -0.175* -0.167 -0.195* -0.167 -0.175*

0.12 0.11 0.11 0.10 0.11 0.11 0.11 0.10

informal sector worker -0.046 -0.028 0.003 0.010 -0.024 -0.007 0.015 0.010

0.03 0.03 0.02 0.03 0.04 0.03 0.02 0.03

volunteer -0.387*** -0.335** -0.289* -0.278 -0.372** -0.326** -0.294* -0.278

0.15 0.14 0.15 0.20 0.15 0.15 0.16 0.20

rural -0.056 0.004 -0.069 -0.038 -0.080 -0.019 -0.083 -0.037

0.08 0.06 0.06 0.03 0.07 0.06 0.06 0.03

single -0.008 0.002 -0.020 -0.024 -0.008 0.004 -0.021 -0.024

0.04 0.03 0.03 0.02 0.04 0.03 0.02 0.02

education -0.007 -0.007 -0.010* -0.009*** -0.005 -0.006 -0.010** -0.009***

0.01 0.01 0.01 0.00 0.01 0.00 0.01 0.00

male 0.005 0.017 0.028 0.037* 0.002 0.015 0.032 0.037*

0.04 0.03 0.02 0.02 0.04 0.03 0.02 0.02

age 0.005*** 0.003** 0.002** 0.002** 0.005*** 0.003** 0.002* 0.002**

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

inflation 0.040* 0.034*

0.02 0.02

unemployment 0.019 0.020*

0.01 0.01

GDP per capita growth 0.597 1.467

1.72 1.04

(Log) GDP per capita 0.279 0.311

0.22 0.21

public debt allocation -0.006*** -0.007***

0.00 0.00

foreign investment allocation -0.008** -0.003

0.00 0.00

FDC contribution rate 2.312*** 1.653***

0.56 0.38

corporate security allocation -0.005 -0.005*** -0.007**

0.00 0.00 0.00

FDC contributor x corporate securities allocation

-0.000 -0.002 -0.003 -0.003

0.00 0.00 0.00 0.00

Constant 5.711*** 3.055* 5.695*** 5.825*** 5.789*** 2.873* 5.965*** 5.824***

0.13 1.73 0.13 0.05 0.17 1.66 0.20 0.05

Country FE N N N Y N N N Y

r2 0.017 0.044 0.054 0.062 0.022 0.049 0.057 0.062

N 10471 10471 10471 10471 10471 10471 10471 10471

Table 3: Effect of Pension Participation, Pension Returns on Individuals' Attitudes Toward Neo-Liberalism (LAPOP Data)

Model # 1 2 3 4coef./SE coef./SE coef./SE coef./SE

FDC contributor 0.222** 0.278*** 0.177*** 0.196***0.09 0.09 0.07 0.06

Pension Returns 0.004 -0.002 0.0050.01 0.00 0.01

FDC contributor x Pension Returns -0.008* -0.011*** -0.009*** -0.011***0.00 0.00 0.00 0.00

income -0.035*** -0.033*** -0.031*** -0.032***0.00 0.00 0.00 0.01

public sector employee 0.125* 0.112** 0.147*** 0.148***0.07 0.05 0.04 0.04

private sector employee 0.046 0.013 0.028 0.0160.04 0.04 0.04 0.03

private sector employer -0.144 -0.184* -0.178 -0.177*0.12 0.11 0.11 0.10

informal sector worker -0.050 -0.021 0.001 0.0110.03 0.03 0.03 0.03

volunteer -0.385** -0.334** -0.282* -0.2760.15 0.14 0.15 0.20

rural -0.043 -0.005 -0.058 -0.0360.09 0.07 0.06 0.03

single -0.009 0.005 -0.021 -0.0240.04 0.03 0.03 0.02

education -0.008 -0.008 -0.010* -0.009***0.01 0.01 0.00 0.00

male 0.006 0.013 0.028 0.0350.04 0.03 0.02 0.02

age 0.004*** 0.003** 0.002* 0.002**0.00 0.00 0.00 0.00

inflation 0.039*0.02

unemployment 0.0200.01

GDP per capita growth 1.5981.76

(Log) GDP per capita 0.3140.21

public debt allocation -0.005*0.00

foreign investment allocation -0.008*0.00

FDC contribution rate 2.427***0.60

Constant 5.662*** 2.766 5.554*** 5.831***0.15 1.70 0.15 0.05

Country FE N N N Yr2 0.018 0.045 0.056 0.064N 10471 10471 10471 10471

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 Republic

Costa Rica Mexico Chile Colombia Peru Uruguay

2009 Pension Return 5.6 7.8 9.2 10.2 22.5 26.8 30 32.9coef./SE coef./SE coef./SE coef./SE coef./SE coef./SE coef./SE coef./SE

FDC contributor 0.129 -0.017 0.114 0.036 0.064 -0.179* -0.13 -0.145*0.09 0.1 0.1 0.12 0.07 0.1 0.12 0.08

income -0.017 -0.018 -0.034* -0.02 -0.039*** -0.040** -0.035* -0.040***0.01 0.01 0.02 0.01 0.01 0.02 0.02 0.01

public sector employee 0.027 0.075 0.255* 0.293** -0.082 0.142 0.145 0.221**0.13 0.11 0.15 0.13 0.12 0.14 0.13 0.09

private sector employee -0.032 -0.036 0.08 0.152* 0.032 -0.091 0.144 -0.141**0.09 0.08 0.11 0.09 0.07 0.08 0.11 0.07

private sector employer -0.363 0.026 -0.291 0.118 -0.164 -0.840*** 0.084 -0.0290.23 0.22 0.23 0.26 0.27 0.24 0.41 0.19

informal sector worker -0.032 0.131* 0.036 0.06 -0.009 -0.071 0.047 -0.0230.07 0.08 0.11 0.08 0.07 0.07 0.08 0.08

volunteer -0.098 -0.813* 0.13 -0.461 -0.337 -0.247 -0.2160.42 0.43 0.42 0.66 0.67 0.48 0.93

rural -0.078 -0.047 -0.045 0.220*** 0.061 -0.223*** 0.0250.06 0.06 0.08 0.07 0.07 0.08 0.09

single -0.002 -0.089 0.103 0.009 -0.034 -0.144** 0.047 -0.080.06 0.07 0.09 0.07 0.06 0.06 0.08 0.07

education -0.007 0.011 -0.018* -0.021** -0.014* 0.001 0.009 -0.040***0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01

male 0.033 0.073 0.029 0.01 -0.076 0.039 0.104 0.0130.05 0.06 0.09 0.06 0.05 0.06 0.07 0.05

age -0.003* 0.006*** 0.007** 0.003 0.00 0.004* -0.001 -0.0010.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

Constant 5.730*** 5.428*** 5.824*** 5.514*** 6.337*** 5.680*** 5.438*** 6.593***0.12 0.13 0.17 0.15 0.14 0.13 0.18 0.12

r2 0.008 0.024 0.025 0.027 0.029 0.04 0.013 0.076N 1436 1231 1078 1296 1591 1241 1311 1287

Table 5: Effect of Pension Participation, Pension Returns on Individually Held Attitudes Toward Neo-Liberalism, Robustness Checks (LAPOP Data)

1 2 3 4 5 6coef./SE coef./SE coef./SE coef./SE coef./SE coef./SE

FDC contributor 0.279*** 0.179 0.177 0.224 0.081** 0.0770.05 0.07*** 0.07*** 0.19 0.04 0.06

Pension Returns 0.007 0.011** 0.004 0.010***

0.00 0.00 0.00 0.00

FDC contributor x pension returns -0.009*** -0.009*** -0.010** -0.011**

0.00 0.00 0.00 0.00

unemployment 0.027**

0.01

FDC contributor x unemployment -0.015**

0.01

inflation -0.059***

0.02

FDC contributor x inflation -0.008

0.01

GDP per capita growth 0.704

1.90

FDC contributor x GDP per capita growth 0.108

2.08

mandatory 0.277**

0.12

FDC contributor x mandatory -0.012

0.14

two year average return 0.018**

0.01

FDC contributor x two year average return -0.025***

0.01

three year average return -0.002

0.02

FDC contributor x three year average return -0.023*

0.01income -0.029*** -0.031*** -0.031*** -0.033*** -0.028*** -0.029***

0.00 0.00 0.00 0.00 0.00 0.00public sector employee 0.151*** 0.152*** 0.147*** 0.140*** 0.155*** 0.156***

0.04 0.04 0.04 0.04 0.04 0.04private sector employee 0.024 0.03 0.028 0.018 0.028 0.032

0.04 0.04 0.04 0.04 0.03 0.03private sector employer -0.185* -0.171 -0.176 -0.173 -0.181* -0.177

0.11 0.11 0.11 0.11 0.11 0.11informal sector worker -0.002 0.01 0.003 0.013 -0.003 0.003

0.03 0.02 0.02 0.02 0.02 0.03volunteer -0.268* -0.273* -0.283* -0.292* -0.281* -0.292*

0.15 0.16 0.15 0.15 0.15 0.15rural -0.027 -0.073 -0.063 -0.058 -0.043 -0.071

0.05 0.06 0.06 0.06 0.06 0.06single -0.024 -0.029 -0.021 -0.018 -0.02 -0.02

0.03 0.03 0.03 0.03 0.03 0.03

education -0.008 -0.010** -0.010* -0.010** -0.008 -0.009*0.01 0 0.01 0.01 0.01 0.01

male 0.029 0.033 0.028 0.032 0.027 0.0270.02 0.02 0.02 0.02 0.02 0.02

age 0.002* 0.002 0.002* 0.002 0.003** 0.002**0.00 0.00 0.00 0.00 0.00 0.00

public debt allocation 0.001 -0.007*** -0.004 -0.006*** -0.004** -0.006***0.00 0.00 0.00 0.00 0.00 0.00

foreign investment allocation -0.002 -0.017*** -0.007 -0.008*** -0.005 -0.008**0.00 0.00 0.01 0.00 0.00 0.00

FDC contribution rate 2.549*** 4.116*** 2.432*** 1.738*** 2.491*** 2.184**0.37 0.67 0.59 0.35 0.45 0.87

Constant 4.936*** 5.559*** 5.518*** 5.478*** 5.443*** 5.756***0.24 0.12 0.16 0.09 0.14 0.24

r2 0.059 0.059 0.056 0.060 0.056 0.054N 10471 10471 10471 10471 10471 10471

Table 6: Effect of Pension Participation, Pension Returns on Individuals' Attitudes Toward Neo-Liberalism (LAPOP Data)Model # 1 2 3 4 5 6

DV The State should take a greater role in …pensions healthcare wellbeing firm

ownershipjobs inequality

coef./SE coef./SE coef./SE coef./SE coef./SE coef./SEFDC contributor 0.260** 0.195* 0.260*** 0.088 0.120 0.124

0.10 0.10 0.09 0.12 0.11 0.08Pension Returns 0.006 -0.000 0.014** 0.004 0.003 0.006

0.01 0.01 0.01 0.01 0.01 0.01FDC contributor X real pension returns -0.010** -0.010* -0.012** -0.012** -0.006 -0.004

0.00 0.01 0.01 0.01 0.01 0.00income -0.029*** -0.016** -0.031*** -0.042*** -0.066*** -0.041***

0.01 0.01 0.01 0.01 0.01 0.01public sector employee 0.066** 0.160*** 0.104* 0.181* 0.150*** 0.159***

0.03 0.04 0.06 0.10 0.06 0.04private sector employee 0.013 0.019 0.029 0.049 0.021 0.007

0.05 0.03 0.03 0.09 0.04 0.06private sector employer -0.213 -0.020 -0.122 -0.552*** -0.213* -0.055

0.14 0.10 0.09 0.18 0.11 0.16informal sector worker 0.024 0.024 -0.002 -0.052 -0.003 -0.011

0.04 0.02 0.02 0.08 0.04 0.03volunteer -0.405*** -0.232 -0.424* -0.249 -0.384** -0.419

0.04 0.18 0.24 0.45 0.17 0.28rural -0.110 -0.091 -0.092 0.085 -0.122* -0.103*

0.08 0.08 0.08 0.07 0.07 0.06single -0.012 -0.056* -0.031 0.036 -0.031 -0.028

0.04 0.03 0.03 0.06 0.03 0.02education -0.002 -0.004 -0.006 -0.041*** -0.023** 0.005

0.01 0.01 0.01 0.01 0.01 0.01male -0.006 0.037 0.078** 0.028 -0.014 0.023

0.02 0.03 0.04 0.05 0.02 0.03age 0.006*** 0.003 0.004*** -0.003 -0.001 0.001

0.00 0.00 0.00 0.00 0.00 0.00

public sector debt allocation -0.001 0.001 -0.005 -0.012*** -0.007*** -0.0020.00 0.00 0.00 0.00 0.00 0.00

foreign investment allocation -0.009 -0.002 -0.017*** -0.001 -0.012*** -0.0060.01 0.00 0.01 0.00 0.00 0.00

FDC contribution rate 2.686*** 1.539** 3.440*** 1.761*** 1.827*** 2.591***0.79 0.74 0.74 0.56 0.62 0.70

Constant 5.486*** 5.886*** 5.267*** 5.248*** 6.578*** 5.632***0.21 0.17 0.17 0.14 0.19 0.22

r2 0.041 0.020 0.044 0.037 0.036 0.030N 10881 10992 10918 10732 10974 10919