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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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  • 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 est´en incentivadas a invertir en portafolios eficientes. En el caso colombiano, elementos como la estructura de comisiones y la rentabilidad mínima dadas en la regulaci´on pueden desalinear las preferencias del principal y el agente. Este trabajo presenta un modelo en el que las AFP son agentes que maximizan su utilidad esperada, y se demuestra num´ericamente que la regulación, y en particular la rentabilidad mínima, causan que las AFP prefieran invertir en portafolios ineficientes. Es decir, es posible que esta regulaci´on no proteja ´optimamente los ahorros de los afiliados al sistema de pensiones obligatorias.

Suggested Citation

  • Diego Jara, 2006. "Modelo de la Regulación de las AFP en Colombia y su Impacto en el Portafolio de los Fondos de Pensiones," Borradores de Economia 416, Banco de la Republica de Colombia.
    • Handle: RePEc:bdr:borrec:416
    DOI: 10.32468/be.416
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    References listed on IDEAS

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    1. Srinivas, P.S. & Whitehouse, Edward & Yermo, Juan, 2000. "Regulating private pension funds'structure, performance, and investments : cross-country evidence," Social Protection Discussion Papers and Notes 23302, The World Bank.
    2. Luis Eduardo Arango & Luis Fernando Melo, 2006. "Determinantes De La Elección De Administradora De Pensiones: Primeras Estimaciones A Partir De Agregados," Borradores de Economia 2315, Banco de la Republica.
    3. Diego Jara & Carolina Gómez & Andrés Pardo, 2005. "Análisis de eficiencia de los portafolio pensionales obligatorios en Colombia," Revista ESPE - Ensayos sobre Política Económica, Banco de la Republica de Colombia, vol. 23(49), pages 192-239, December.
    4. Ulpiano Ayala & Olga Lucía Acosta, 2002. "Políticas para promover una ampliación de la cobertura del sistema de pensiones en Colombia," Documentos de Investigación 3352, Cepal Naciones Unidas.
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    More about this item

    Keywords

    portafolio eficiente; función de utilidad; regulación de las AFP.;
    All these keywords.

    JEL classification:

    • D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty
    • G11 - Financial Economics - - General Financial Markets - - - Portfolio Choice; Investment Decisions
    • G23 - Financial Economics - - Financial Institutions and Services - - - Non-bank Financial Institutions; Financial Instruments; Institutional Investors

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