... in Latin America, 200 7-9 57 Effects of the crisis on contributions in private pension systems in Latin America, 200 7-9 72 Effects of the crisis on pension funds values and capital returns in ... World Crisis Effects on Social Security in Latin America and the Caribbean: Lessons and Policies Carmela Mesa-Lago •••• •• : •• • • • a • • INSTITUTE FOR THE STUDY OF THE AMERICAS UNIVERSITY ... 1) V-shaped: -1 .9% in 2009, 1.1% in 2010 and 3.9% in 2011, recovering pre -crisis level in 2011, and 2) L-shaped: -2 .1% in 2009, -1 .8% in 2010 and 0.3% in 2011, recovering pre -crisis levels in...