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Modelo de la regulación de las AFP en Colombia y su impacto en el portafolio de los fondos de pensiones

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Author Info
Diego Jara ()
Abstract

Es natural pensar que el futuro pensionado prefiere que su ahorro sea invertido eficientemente; es decir, sin tomar riesgos que no generen retornos adicionales; sin embargo, no es claro que las AFP estén incentivadas para invertir en portafolios eficientes. En el caso colombiano, elementos como la estructura de comisiones y la rentabilidad mínima, dadas en la regulación, pueden desalinear las preferencias del principal y el agente. En este trabajo se presenta un modelo donde las AFP son agentes que maximizan su utilidad esperada, y se demuestra numéricamente que la regulación, y en particular la rentabilidad mínima, causan que las AFP prefieran invertir en portafolios ineficientes; entonces, es posible que esta regulación no proteja óptimamente los ahorros de los afiliados al sistema de pensiones obligatorias.

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Article provided by BANCO DE LA REPÚBLICA - ESPE in its journal ENSAYOS SOBRE POLÍTICA ECONÓMICA.

Volume (Year): (2006)
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Handle: RePEc:col:000107:004268

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  1. Srinivas, P.S. & Whitehouse, Edward & Yermo, Juan, 2000. "Regulating private pension funds’ structure, performance and investments: cross-country evidence," MPRA Paper 14753, University Library of Munich, Germany. [Downloadable!]
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This page was last updated on 2009-12-11.

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