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Ahorro para el retiro en Colombia: patrones y determinantes


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  • Guataqui, Juan Carlos


  • García-Suaza, Andrés Felipe


  • Rodríguez-Acosta, Mauricio



La decisión de los individuos acerca del ahorro para el retiro ha sido abordada teóricamente bajo la hipótesis de que el sistema de seguridad social se comporta como un sustituto de otros mecanismos de ahorro. Este documento presenta evidencia de los determinantes y patrones de ahorro para el retiro en Colombia a partir de la Gran Encuesta Integrada de Hogares de 2007. Los resultados muestran que el 63% de los ocupados declaran no ahorrar para su vejez. A partir de modelos de selección discreta se encuentra que individuos jóvenes, de sexo masculino, con menor nivel educativo, que residen en zonas rurales o trabajan como cuenta propia, presentan menores probabilidades de ahorrar para el retiro; además las características socioeconómicas resultan significativas en la determinación del mecanismo de ahorro utilizado.Individual´s decisions regarding their retirement savings has usually been theoretically approached under the hypothesis that the Social Security System works as a substitute to other savings mechanisms. This document presents empirical evidence of the determinants and patterns of savings for retirement using information from the Integrated Household Survey (GEIH 2007). Our results show that 63% of employed individuals actually declare that they are not using any saving mechanism towards their retirements. By using discrete selection models we find that those employed individuals who show lower probabilities of making retirement savings are young ones, with male gender, who live in rural areas, and are self-employed.

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Bibliographic Info

Paper provided by UNIVERSIDAD DEL ROSARIO in its series DOCUMENTOS DE TRABAJO with number 005792.

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Length: 19
Date of creation: 11 Sep 2009
Date of revision:
Handle: RePEc:col:000092:005792

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Related research

Keywords: ahorro; pensiones; seguridad social; ciclo de vida; modelos de selección discreta; Colombia; savings; retirement funds; social security; life cycle; discrete selection models;

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  1. Galasso, Vincenzo & Gatti, Roberta & Profeta, Paola, 2008. "Investing for the old age : pensions, children and savings," Social Protection Discussion Papers 47101, The World Bank.
  2. Meier, Volker & Wrede, Matthias, 2010. "Pensions, fertility, and education," Journal of Pension Economics and Finance, Cambridge University Press, vol. 9(01), pages 75-93, January.
  3. Ligia Melo B. & Héctor Zárate S. & Juana Tellez C., . "El Ahorro De Los Hogares En Colombia," Borradores de Economia 428, Banco de la Republica de Colombia.
  4. Sinn, Hans-Werner, 2004. "The pay-as-you-go pension system as fertility insurance and an enforcement device," Journal of Public Economics, Elsevier, vol. 88(7-8), pages 1335-1357, July.
  5. Swan, Trevor W, 2002. "Economic Growth," The Economic Record, The Economic Society of Australia, vol. 78(243), pages 375-80, December.
  6. Lakshmi K Raut, 1997. "Learning to Perfect Manipulation: Implications for Fertility, Savings, and Old-Age Social Security," Working Papers 199704, University of Hawaii at Manoa, Department of Economics.
  7. Barro, Robert J., 1990. "Human capital and growth: Theory and evidence : A comment," Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 32(1), pages 287-291, January.
  8. Martha Misas & Carlos Esteban Posada, . "Determinantes de la Tasa de Ahorro: Una Perspectiva Internacional," Borradores de Economia 068, Banco de la Republica de Colombia.
  9. Hans-Werner Sinn, 1998. "The Pay-As-You-Go Pension System as a Fertility Insurance and Enforcement Device," NBER Working Papers 6610, National Bureau of Economic Research, Inc.
  10. Browning, Edgar K, 1975. "Why the Social Insurance Budget Is Too Large in a Democracy," Economic Inquiry, Western Economic Association International, vol. 13(3), pages 373-88, September.
  11. T. W. Swan, 1956. "ECONOMIC GROWTH and CAPITAL ACCUMULATION," The Economic Record, The Economic Society of Australia, vol. 32(2), pages 334-361, November.
  12. Juan Carlos Echeverry, . "The Fall in Colombian Savings During the 1990s. Theory and Evidence," Borradores de Economia 061, Banco de la Republica de Colombia.
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Cited by:
  1. María Angélica Arbeláez & Jorge Humberto Botero & Alejandra González & Camila Salamanca, 2011. "Sostenibilidad del seguro previsional en Colombia," WORKING PAPERS SERIES. DOCUMENTOS DE TRABAJO 009066, FEDESARROLLO.


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