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Fusión Procompetitiva y Economías de escala en el Mercado de AFPs

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Abstract

Este trabajo cumple con dos objetivos principales. En primer lugar, se estima la función de costos de las administradoras de fondos de pensiones en Chile usando datos de panel desde 2000 a 2007. Se encuentran importantes economías de escala en la provisión de los servicios financieros, resultado que es consistente con otros estudios para este mismo mercado. En segundo lugar, basado en la evidencia econométrica y tomando como antecedente una fusión específica en este mercado, se muestra que la fusión de dos firmas medianas que conforman una de gran tamaño podría mejorar el bienestar social por la vía de incrementar la competencia en el mercado. Este último resultado depende de dos fuerzas que operan en sentido antagónico: menos firmas reducen la competencia en la industria, pero una firma más grande se comporta más agresivamente y así incrementa la competencia.

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Bibliographic Info

Paper provided by Ilades-Georgetown University, Universidad Alberto Hurtado/School of Economics and Bussines in its series ILADES-Georgetown University Working Papers with number inv238.

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Length: 53 pages
Date of creation: Dec 2009
Date of revision:
Handle: RePEc:ila:ilades:inv238

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Keywords: Fusiones; Economías de Escala; Bienestar Social; Fondos de Pensiones;

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Cited by:
  1. Claudio Agostini & Eduardo Saavedra & Manuel Willington, 2012. "Economies of Scale and Merger Efficiencies: Empirical Evidence from the Chilean Pension Funds Market," ILADES-Georgetown University Working Papers inv285, Ilades-Georgetown University, Universidad Alberto Hurtado/School of Economics and Bussines.

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