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Las Administradoras de Fondos de Pensiones y el desarrollo del mercado de capitales en Chile

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  • Roberto J. Santillán Salgado

    ()
    (EGADE-ITESM, Campus Monterrey)

  • David López

    ()

  • Justo Montenegro

    ()

Abstract

The profound structural transformations that took place in the Chilean economy at the beginning of the 1980s established the platform for a robust and relatively constant economic development. One of the most noticeable innovations of the new Chilean economic model was the introduction of a private pensions funds system, known as the “Administradoras de Fondos de Pensiones” (AFP). Imitated in several Latin American countries (Peru, Colombia, Mexico, etc.) the private pension funds contributed significantly to solve the problem of fiscal liabilities of governments with retirees. In parallel to the socioeconomic benefits and the generation of domestic savings in abundant quantities, thanks to which it was possible to finance ambitious infrastructure, building and mining projects. Another dimension of the institutional effects of the start of operations of the AFP was their contribution to the consolidation and growth of the capital markets of that country. In addition, we analyze the behavior of some characteristic variables of the pension funds and their relation with measurements of the capitalization of the Chilean capital markets. The evidence suggests that the role of the AFP in the maturation and consolidation of the Chilean capital market was substantial.

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Bibliographic Info

Article provided by Universidad Autonoma de Nuevo Leon, Facultad de Economia in its journal Ensayos Revista de Economia.

Volume (Year): XXIX (2010)
Issue (Month): 2 (November)
Pages: 53-76

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Handle: RePEc:ere:journl:v:xxix:y:2010:i:2:p:53-76

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Keywords: Chile; capital markets; pensions funds;

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  1. Obstfeld, Maurice, 1992. "Risk-Taking, Global Diversification, and Growth," CEPR Discussion Papers 688, C.E.P.R. Discussion Papers.
  2. Singh, Ajit, 1996. "Pension reform, the stock market, capital formation and economic growth: a critical commentary on the World Bank's proposals," MPRA Paper 54924, University Library of Munich, Germany.
  3. Walker, Eduardo & Lefort, Fernando, 2002. "Pension reform and capital markets : are there any (hard) links?," Social Protection Discussion Papers 24082, The World Bank.
  4. Robert Holzmann, 1996. "Pension Reform, Financial Market Development, and Economic Growth," IMF Working Papers 96/94, International Monetary Fund.
  5. Hansen, Robert S & Pinkerton, John M, 1982. " Direct Equity Financing: A Resolution of a Paradox," Journal of Finance, American Finance Association, vol. 37(3), pages 651-65, June.
  6. Hansen, Robert S & Torregrosa, Paul, 1992. " Underwriter Compensation and Corporate Monitoring," Journal of Finance, American Finance Association, vol. 47(4), pages 1537-55, September.
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