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FJP: Entre los aportantes y la inversión real

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  • Ricardo Schefer

Abstract

Este artículo intenta responder a tres preguntas: ¿fueron las administradoras buenas agentes de los aportantes? ¿cuánto es realmente la proporción invertida en el sector público? ¿cómo incentivar la financiación de la inversión real? Durante el período septiembre 1994 a julio de 2001 la performance de los FJP corregida por efectos contables superó a los índices testigo de las inversiones locales. A agosto de 2001 el 66% de los FJP se concentraba en deuda del sector público, y solo un 14% en títulos del sector privado doméstico no financiero. Esto no puede ser explicado solo por los compromisos asumidos en el "blindaje", y se atribuye a incentivos regulatorios. El devengamiento de una rentabilidad contable sin volatilidad de títulos públicos en cuenta de inversión alentó su tenencia. Dadas las penalizaciones a las administradoras con menor rentabilidad relativa , se desincentivó la tenencia de títulos privados de escasa negociación por su contabilización a precios que no reflejan los cambios de su riesgo sistémico.

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Bibliographic Info

Paper provided by Universidad del CEMA in its series CEMA Working Papers: Serie Documentos de Trabajo. with number 199.

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Date of creation: Sep 2001
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Handle: RePEc:cem:doctra:199

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