... World Crisis Effects on Social Security in Latin America and the Caribbean: Lessons and Policies Carmela Mesa-Lago ãããã ã ãã : INSTITUTE FOR THE STUDY OF THE ãã AMERICAS ... 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 ... one exception. 4 SOCIAL SECURITY IN LATIN AMERICA addressed to the state, social security institutions, the private sector and international and regional organisations. The effects of...