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Un balance de la inversion de los fondos de pensiones en infraestructura: la experiencia en Latinoamerica

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Author Info

  • Javier Alonso
  • David Tuesta
  • Jasmina Bjeletic
  • Carlos Herrera
  • Soledad Hormazabal
  • Ivonne Ordonez
  • Carolina Romero

Abstract

El objetivo del presente estudio es realizar un balance detallado de lo que ha significado la experiencia de los fondos de pensiones latinoamericanos en el financiamiento de infraestructuras, con el fin de servir como base para la reflexion sobre potenciales mejoras que permitan optimizar las carteras de los fondos de pensiones y lograr una mayor contribucion de los ahorros previsionales al desarrollo de los paises. Que la participacion de los fondos de pensiones en infraestructuras sea una estrategia recomendada para las carteras administradas, parte del criterio de que es una inversion atractiva a favor de las futuras pensiones, y que por tanto, contribuye a alcanzar un equilibrio adecuado entre rentabilidad y riesgo. Asimismo, dada la importancia que la infraestructura tiene sobre el desarrollo vemos que la mayor participacion de los fondos de pensiones tambien se constituye en una meta deseable porque implica no solo mayores beneficios privados para los duenos de los ahorros para la vejez (los afiliados), sino tambien para la sociedad en su conjunto. A fin de lograr un analisis completo, se revisa la evolucion y la forma tradicional como se ha venido participando en el financiamiento de infraestructura buscando detectar ventajas y debilidades a corregir. Se describe tambien los procesos existentes que han coadyuvado a una mayor o menor participacion del sector privado a traves de las leyes de concesiones de los paises. Finalmente se discuten las diferentes herramientas con que cuentan los sistemas actuales para permitir la participacion de los fondos de pensiones, como estos procesos se han llevado acabo hasta el momento, y las oportunidades que se avizoran.

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Bibliographic Info

Paper provided by BBVA Bank, Economic Research Department in its series Working Papers with number 0920.

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Length: 247 pages
Date of creation: Dec 2009
Date of revision:
Handle: RePEc:bbv:wpaper:0920

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Cited by:
  1. Maximo Camacho & Jaime Martíinez-Martin, 2012. "Real-time forecasting US GDP from small-scale factor models," Working Papers 1210, BBVA Bank, Economic Research Department.
  2. Maximo Camacho & Agustin Garcia-Serrador, 2011. "The Euro-Sting revisited: PMI versus ESI to obtain euro area GDP forecasts," Working Papers 1120, BBVA Bank, Economic Research Department.
  3. Javier Alonso & Rafael Domenech & David Tuesta, 2011. "Public Pension Systems and the Fiscal Crisis in the Euro Zone. Lessons for Latin America," Working Papers 1124, BBVA Bank, Economic Research Department.
  4. Angel de la Fuente & José E. Boscá, 2011. "Gasto educativo por regiones y niveles en 2005," UFAE and IAE Working Papers 873.11, Unitat de Fonaments de l'Anàlisi Econòmica (UAB) and Institut d'Anàlisi Econòmica (CSIC).

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