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This is a comparative political economy interpretation of policy reform applied to pensions in eight bold reformer countries of Latin America and Eastern Europe. The author shows what a multi-faceted, sometimes elusive undertaking reform is, involving many different actors with often conflicting goals. Considered within the specific policy and economic contexts, the analysis confronts pension system reforms in countries that have been going through important or deep systemic transformation,and that have used pension system reform also to pursue broader and deeper changes and macroeconomic stabilization.