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Multifondos en el sistema de pensiones en Chile

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  • Soledad Hormazabal
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    Abstract

    El presente trabajo describe la evolucion del esquema de multifondos en Chile, asi como sus principales caracteristicas y resultados. Se realizan ejercicios de simulacion con el objeto de modelar la dinamica de retornos y volatilidades de los distintos tipos de fondos de pensiones chilenos para un horizonte de 50 años. Se encuentra que la tendencia de los rendimientos es creciente y que la rentabilidad promedio esperada de los fondos de pensiones es superior conforme se incrementa el porcentaje invertido en renta variable, sin embargo la volatilidad de esta tambien es superior. El considerable premio por riesgo asociado a la inversion accionaria justificaria la adopcion de un riesgo superior cuando el horizonte de inversion es largo, lo cual no significa que el riesgo se acota con el tiempo, sino que la volatilidad de los activos de renta variable haria presuponer que se presentaran periodos de salida materializando rentabilidades interesantes.

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    File URL: http://www.bbvaresearch.com/wp-content/uploads/migrados/WP_1027_tcm346-237401.pdf
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    Bibliographic Info

    Paper provided by BBVA Bank, Economic Research Department in its series Working Papers with number 1027.

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    Length: 32 pages
    Date of creation: Oct 2010
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    Handle: RePEc:bbv:wpaper:1027

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