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Los Determinantes de la Elección de AFP en Chile: Nueva Evidencia a Partir de Datos Individuales

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Author Info

  • Solange Berstein
  • Carolina Cabrita

    ()
    (Studies Division, Chilean Pension Supervisor)

Abstract

La reforma al sistema chileno de pensiones de 1981, junto con traspasar la administración del nuevo esquema de cuentas individuales a las Administradoras de Fondos de Pensiones (AFP), supone la presencia de compendia entre estas como elemento disciplinador de mercado. Para que este diseño funcione correctamente, es fundamental que los consumidores reaccionen ante cambios a las variables relevantes en este mercado, como precio, rentabilidad y calidad de servicio. Estudios anteriores basados en datos agregados sugieren que la demanda por AFP en Chile es poco sensible a estas variables, y que los traspasos entre administradoras han estado directamente relacionados a la envergadura de las fuerzas de venta (Berstein y Micco (2002), Berstein y Ruiz (2004), Cerda (2006), Marinovic y Valdés (2005)). El presente artículo es el primero en utilizar datos individuales para analizar la demanda por AFP en Chile. El estudio emplea técnicas de datos de panel que permiten estimar la probabilidad de salida de una AFP. Los resultados obtenidos confirman el rol preponderante de las fuerzas de venta. A su vez, se muestra que si bien la sensibilidad de la demanda en relación a precios y rentabilidad es relativamente baja, ésta se incrementa notablemente cuando se asocia a la participación de un vendedor. .

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File URL: http://www.spensiones.cl/redirect/files/doctrab/DT00019.pdf
File Function: Revised version, 2007
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Bibliographic Info

Paper provided by Superintendencia de Pensiones in its series Working Papers with number 19.

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Date of creation: Dec 2006
Date of revision: Jul 2007
Handle: RePEc:sdp:sdpwps:19

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Web page: http://www.spensiones.cl/
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Related research

Keywords: sistema previsional; sensibilidad de la demanda; traspasos; datos individuales;

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References

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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.
  2. Arellano, M. & Honore, B., 2000. "Panel Data Models: Some Recent Developments," Papers 0016, Centro de Estudios Monetarios Y Financieros-.
  3. 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..
  4. Solange Berstein & José Luis Ruiz V, 2005. "Sensibilidad de la Demanda con Consumidores Desinformados: El Caso de las AFP en Chile," Working Papers 4, Superintendencia de Pensiones, revised Apr 2005.
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Cited by:
  1. Rudolph, Heinz P. & Holtzer, Peter, 2010. "Challenges of the mandatory funded pension system in the Russian Federation," Policy Research Working Paper Series 5514, The World Bank.
  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. Reyes, Gonzalo, 2010. "Market design for the provision of social insurance: the case of disability and survivors insurance in Chile," Journal of Pension Economics and Finance, Cambridge University Press, vol. 9(03), pages 421-444, July.
  4. Gonzalo Reyes & Rubén Castro, 2008. "Medidas Pro-Competencia de la Reforma Previsional," Working Papers 29, Superintendencia de Pensiones, revised Dec 2008.
  5. Castaneda, Pablo & Rudolph, Heinz P., 2011. "Upgrading investment regulations in second pillar pension systems : a proposal for Colombia," Policy Research Working Paper Series 5775, The World Bank.

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