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Modelo de la regulación de las AFP en Colombia y su impacto en el portafolio de los fondos de pensiones

  • Diego Jara

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    Es natural pensar que el futuro pensionado prefiere que su ahorro sea invertido eficientemente; es decir, sin tomar riesgos que no generen retornos adicionales; sin embargo, no es claro que las AFP estén incentivadas para invertir en portafolios eficientes. En el caso colombiano, elementoscomo la estructura de comisiones y la rentabilidad mínima, dadas en la regulación, pueden desalinear las preferencias del principal y el agente. En este trabajo se presenta unmodelo donde las AFP son agentes que maximizan su utilidad esperada, y se demuestra numéricamente que la regulación, y en particular la rentabilidad mínima, causan que las AFP prefieran invertir en portafolios ineficientes; entonces, es posible que esta regulación no proteja óptimamente los ahorros de los afiliados al sistema de pensiones obligatorias.

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    File URL: http://www.banrep.gov.co/sites/default/files/publicaciones/archivos/espe_052-4.pdf
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    Article provided by BANCO DE LA REPÚBLICA - ESPE in its journal ENSAYOS SOBRE POLÍTICA ECONÓMICA.

    Volume (Year): (2006)
    Issue (Month): ()
    Pages:

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    Handle: RePEc:col:000107:004268
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    1. Ulpiano Ayala & Olga Lucía Acosta, 2002. "Políticas para promover una ampliación de la cobertura del sistema de pensiones en Colombia," DOCUMENTOS DE INVESTIGACION 003352, CEPAL NACIONES UNIDAS.
    2. Luis Eduardo Arango & Luis Fernando Melo, 2006. "Determinantes De La Elección De Administradora De Pensiones: Primeras Estimaciones A Partir De Agregados," BORRADORES DE ECONOMIA 002315, BANCO DE LA REPÚBLICA.
    3. Srinivas, P.S. & Whitehouse, Edward & Yermo, Juan, 2000. "Regulating private pension funds'structure, performance, and investments : cross-country evidence," Social Protection Discussion Papers 23302, The World Bank.
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