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Recomendaciones para la modificación del régimen de pensiones obligatorias de Colombia

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Author Info

  • Alejandro Reveiz

    ()

  • Carlos león

    ()

  • Juan Mario laserna

    ()

  • Ivonne Martínez

    ()

Abstract

Este documento evalúa la regulación vigente relacionada con la administración de los portafolios de los Fondos de Pensiones Obligatorios (FPO), para esto revisa la literatura relacionada con la eficiencia del Sistema dadas sus actuales restricciones. Se concluye que el marco regulatorio de las inversiones de los FPO restringen el retorno esperado y hace que los administradores de portafolios no accedan a niveles superiores de retorno por unidad de riesgo con mayores beneficios de diversificación. Así mismo se limita la capacidad del administrador de construir portafolios que reflejen el perfil de riesgo del afiliado. Se muestra que la fórmula de rentabilidad mínima genera incentivos perversos para que las AFP´s no incurran en riesgo llevando a los Administradores a estrategias que sincronicen los retornos de los portafolios para minimizar el impacto de la incertidumbre generado por la fórmula de rentabilidad mínima. Las propuestas van en el sentido de flexibilizar las inversiones y adecuarlas de acuerdo al perfil de riesgo de los cotizantes utilizando el esquema de Multifondos implementando en otros países de la región.

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Bibliographic Info

Paper provided by Banco de la Republica de Colombia in its series Borradores de Economia with number 507.

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Handle: RePEc:bdr:borrec:507

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Related research

Keywords: Regulación de los Fondos de Pensiones Obligatorios; Fronteras eficientes; Multifondos; Portafolio de referencia. Classification JEL: G18; G11; G23.;

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Cited by:
  1. Alejandro Reveiz & Carlos León, . "Efficient Portfolio Optimization in the Wealth Creation and Maximum Drawdown Space," Borradores de Economia 520, Banco de la Republica de Colombia.
  2. Javier Alonso & Carlos Herrera & Claudia Llanes Valenzuela & David Tuesta, 2010. "Simulations of long-term returns and replacement rates in the Colombian pension system," Working Papers, BBVA Bank, Economic Research Department 1029, BBVA Bank, Economic Research Department.

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