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Movilidad en la Cartera de Cotizantes por AFP: La Importancia de ser Primero en Rentabilidad

Author

Listed:
  • Rodrigo Cerda

    (Instituto de Economía. Pontificia Universidad Católica de Chile.)

Abstract

Este trabajo reexamina el tema de los movimientos de afiliados entre AFPs poniendo especial énfasis en el impacto del ranking de rentabilidad sobre la tasa de salida de cotizantes por cartera de AFPs. La idea de incluir esta variable es que el manejo de esta información por parte de los afiliados parece ser menos compleja que el manejo de información de la tasas de rentabilidades efectivas, y por lo tanto los afiliados pueden tomar decisiones más fácilmente basados en ella. En el trabajo se utilizan dos medidas de tasa de salida de cotizantes por AFP. La primera de ellas es la definición tradicional (número de cotizantes que abandonan la cartera sobre el número de cotizantes en la cartera), mientras que la segunda mide la tasa de salida normalizada por la tasa de salida en el sistema. Esta última medida permite eliminar efectos de posibles variables omitidas que tengan un alto componente común entre AFPs, como es típicamente el caso de esfuerzos de ventas.

Suggested Citation

  • Rodrigo Cerda, 2006. "Movilidad en la Cartera de Cotizantes por AFP: La Importancia de ser Primero en Rentabilidad," Documentos de Trabajo 309, Instituto de Economia. Pontificia Universidad Católica de Chile..
    • Handle: RePEc:ioe:doctra:309
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    File URL: https://www.economia.uc.cl/docs/doctra/dt-309.pdf
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    References listed on IDEAS

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    1. Solange Berstein & Alejandro Micco, 2002. "Turnover and Regulation: The Chilean Pension Fund Industry," Working Papers Central Bank of Chile 180, Central Bank of Chile.
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    Cited by:

    1. Eduardo Walker, 2008. "Assessing Alternative Institutional Designs For Investment Regulation In Defined Contribution Pension Funds," Abante, Escuela de Administracion. Pontificia Universidad Católica de Chile., vol. 11(2), pages 121-152.
    2. David Bravo Urrutia & Olivia S. Mitchell & Petra Todd, 2007. "Learning from the Chilean Experience: The Determinants of Pension Switching," Working Papers wp266, University of Chile, Department of Economics.
    3. Solange Berstein Jáuregui & Carolina Cabrita Felix, 2007. "Los determinantes de la elección de AFP en Chile: nueva evidencia a partir de datos individuales," Estudios de Economia, University of Chile, Department of Economics, vol. 34(1 Year 20), pages 53-72, June.
    4. Moisés J. Schwartz & Enrique E. Domínguez & Roberto Calderón-Colín, 2008. "Consumer Confusion: The Choice of AFORE," IMF Working Papers 2008/177, International Monetary Fund.

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