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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 losportafolios de los Fondos de Pensiones Obligatorios (FPO), para esto revisa la literaturarelacionada con la eficiencia del Sistema dadas sus actuales restricciones. Se concluyeque el marco regulatorio de las inversiones de los FPO restringen el retorno esperado yhace que los administradores de portafolios no accedan a niveles superiores de retornopor unidad de riesgo con mayores beneficios de diversificación. Así mismo se limita lacapacidad del administrador de construir portafolios que reflejen el perfil de riesgo delafiliado. Se muestra que la fórmula de rentabilidad mínima genera incentivos perversospara que las AFP´s no incurran en riesgo llevando a los Administradores a estrategiasque sincronicen los retornos de los portafolios para minimizar el impacto de laincertidumbre generado por la fórmula de rentabilidad mínima. Las propuestas van en elsentido de flexibilizar las inversiones y adecuarlas de acuerdo al perfil de riesgo de loscotizantes utilizando el esquema de Multifondos implementando en otros países de laregión

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Bibliographic Info

Paper provided by BANCO DE LA REPÚBLICA in its series BORRADORES DE ECONOMIA with number 004599.

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Length: 28
Date of creation: 06 Apr 2008
Date of revision:
Handle: RePEc:col:000094:004599

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Related research

Keywords: Regulación de los Fondos de Pensiones Obligatorios; Fronteraseficientes; Multifondos; Portafolio de referencia.;

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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 1029, BBVA Bank, Economic Research Department.

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