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

  • Roberto J. Santillán Salgado

    ()

    (EGADE-ITESM, Campus Monterrey)

  • David López

    ()

  • Justo Montenegro

    ()

The profound structural transformations that took place in the Chilean economy at the beginning of the 1980s established the platform for a robust and relatively constant economic development. One of the most noticeable innovations of the new Chilean economic model was the introduction of a private pensions funds system, known as the “Administradoras de Fondos de Pensiones” (AFP). Imitated in several Latin American countries (Peru, Colombia, Mexico, etc.) the private pension funds contributed significantly to solve the problem of fiscal liabilities of governments with retirees. In parallel to the socioeconomic benefits and the generation of domestic savings in abundant quantities, thanks to which it was possible to finance ambitious infrastructure, building and mining projects. Another dimension of the institutional effects of the start of operations of the AFP was their contribution to the consolidation and growth of the capital markets of that country. In addition, we analyze the behavior of some characteristic variables of the pension funds and their relation with measurements of the capitalization of the Chilean capital markets. The evidence suggests that the role of the AFP in the maturation and consolidation of the Chilean capital market was substantial.

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File URL: http://www.economia.uanl.mx/revistaensayos/xxix/2/Santillan-Lopez-Montenegro-Las-administradoras.pdf
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Article provided by Universidad Autonoma de Nuevo Leon, Facultad de Economia in its journal Ensayos Revista de Economia.

Volume (Year): XXIX (2010)
Issue (Month): 2 (November)
Pages: 53-76

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Handle: RePEc:ere:journl:v:xxix:y:2010:i:2:p:53-76
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  1. Robert Holzmann, 1996. "Pension Reform, Financial Market Development, and Economic Growth: Preliminary Evidence From Chile," IMF Working Papers 96/94, International Monetary Fund.
  2. Obstfeld, Maurice, 1992. "Risk-Taking, Global Diversification, and Growth," CEPR Discussion Papers 688, C.E.P.R. Discussion Papers.
  3. Eduardo Walker & Fernando Lefort, 2002. "Pension Reform And Capital Markets: Are There Any (Hard) Links?," Abante, Escuela de Administracion. Pontificia Universidad Católica de Chile., vol. 5(2), pages 77-149.
  4. 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 651-65, June.
  5. Hansen, Robert S & Torregrosa, Paul, 1992. " Underwriter Compensation and Corporate Monitoring," Journal of Finance, American Finance Association, vol. 47(4), pages 1537-55, September.
  6. Ajit Singh, 1996. "Pension Reform, The Stock Market, Capital Formation and Economic Growth: A Critical Commentary on the World Bank's Proposals," SCEPA working paper series. SCEPA's main areas of research are macroeconomic policy, inequality and poverty, and globalization. 1996-03, Schwartz Center for Economic Policy Analysis (SCEPA), The New School.
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