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Las Administradoras de Fondos de Pensiones y el desarrollo del mercado de capitales en Chile

Author

Listed:
  • Roberto J. Santillán Salgado
  • David López
  • Justo Montenegro

Abstract

Los profundos cambios estructurales que se realizaron en la economía chilena durante los primeros años de 1980, sentaron las bases para un desarrollo económico robusto y más o menos constante, hasta este momento. Una de las innovaciones más notables del nuevo modelo económico chileno fue la introducción del sistema de pensiones privado conocido como Administradoras de Fondos de Pensiones (AFP). Habiendo sido imitado en numerosos países latinoamericanos como Perú, Colombia y México, entre otros, el sistema de pensiones privado ha contribuido significativamente a resolver el problema del pasivo fiscal que tienen los gobiernos de la región con los jubilados. A la par de los beneficios socioeconómicos y la generación de ahorro doméstico en cantidades abundantes, gracias a los cuales fue posible financiar ambiciosos proyectos de infraestructura, construcción, minería, etc., otra dimensión importante de los efectos institucionales de la entrada en operación de las AFP fue su contribución a la consolidación y crecimiento del mercado de capitales de ese país. También, en este trabajo, se analiza el comportamiento de algunas variables características de los fondos de pensiones y su relación con mediciones de capitalización del mercado de capitales chileno. La evidencia sugiere que, el papel de las AFP en la maduración y consolidación del mercado de capitales chileno fue sustantivo. Clasificación JEL: O5, O54.

Suggested Citation

  • Roberto J. Santillán Salgado & David López & Justo Montenegro, 2010. "Las Administradoras de Fondos de Pensiones y el desarrollo del mercado de capitales en Chile," Ensayos Revista de Economía, Universidad Autónoma de Nuevo León, vol. 29(2), pages 53-76, November.
    • Handle: RePEc:ere:journl:v:29:y:2010:i:2:id:82
    DOI: 10.29105/ensayos29.2-2
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    References listed on IDEAS

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    2. Hansen, Robert S & Pinkerton, John M, 1982. "Direct Equity Financing: A Resolution of a Paradox," Journal of Finance, American Finance Association, vol. 37(3), pages 651-665, June.
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    Keywords

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    JEL classification:

    • O5 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies
    • O54 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Latin America; Caribbean

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