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Determinantes de la elección de administradora de pensiones en Colombia: primeras estimaciones a partir de agregados


  • Luis Eduardo Arango Thomas

    () (Banco de la República Colombia)

  • Luis Fernando Melo Velandia

    () (Banco de la República Colombia)


This paper is aimed at studying the main determinants of people’s choice of a pension fund manager. By using information of the individual saving system (the private system) between 1998 and 2005, and applying panel cointegration techniques, the paper provides evidence in the sense that the rate of return and the employed population are the main determinants of the number of active participants to the different pension fund managers. The average value of the fund, used as a proxy of other variables such as the manager’s capability to promote their product and contact potential participants, was not significant

Suggested Citation

  • Luis Eduardo Arango Thomas & Luis Fernando Melo Velandia, 2007. "Determinantes de la elección de administradora de pensiones en Colombia: primeras estimaciones a partir de agregados," Lecturas de Economía, Universidad de Antioquia, Departamento de Economía, issue 66, pages 173-212, Enero-Jun.
  • Handle: RePEc:lde:journl:y:2007:i:66:p:173-212

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    Pension Fund Managers; return; panel cointegration;

    JEL classification:

    • G23 - Financial Economics - - Financial Institutions and Services - - - Non-bank Financial Institutions; Financial Instruments; Institutional Investors
    • C23 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Models with Panel Data; Spatio-temporal Models


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