A Balance of Pension Fund Infrastructure Investments: The Experience in Latin America
The purpose of this study is to create a detailed account of what Latin American pension funds have meant to the financing of infrastructures, with the purpose of serving as a basis for reflection regarding potential improvements to optimize the portfolios of pension funds and accomplish a greater contribution of retirement savings to the evelopment of countries. The involvement of pension funds in infrastructure is a recommended strategy for managed portfolios based on the criteria establishing that they should be an attractive investment for future pensions, and thus must reach an adequate balance between return and risk. Likewise, given the importance of infrastructure in development, we see that a more significant involvement of pension funds also constitutes a desirable goal because it implies not only greater private benefits for owners of retirement savings (affiliates), but also for society as a whole. In order to perform a complete analysis, we study the evolution and traditional forms of participation in the financing of infrastructure, identifying strengths as well as weaknesses to be corrected. Existing processes are also described, which have assisted to a greater or lesser extent in the involvement of the private sector through concession laws in these countries. Finally, we discuss the different tools that the current systems depend on which allow the involvement of pension funds, as well as how these processes have been carried out up to this moment and the opportunities foreseen.
References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Marianne Fay & Danny Leipziger & Quentin Wodon & Tito Yepes, 2003. "Achieving the Millennium Development Goals : The role of infrastructure," Policy Research Working Paper Series 3163, The World Bank.
- Javier Alonso & David Tuesta & Jasmina Bjeletic & Carlos Herrera & Soledad Hormazabal & Ivonne Ordonez & Carolina Romero, 2009. "Proyecciones del impacto de los fondos de pensiones en la inversion en infraestructura y el crecimiento en Latinoamerica," Working Papers 0921, BBVA Bank, Economic Research Department.
- Eduardo Engel & Ronald Fischer & Alexander Galetovic, 2006.
"Renegotiation Without Holdup: Anticipating Spending and Infrastructure Concessions,"
937, Economic Growth Center, Yale University.
- Eduardo Engel & Ronald Fischer & Alexander Galetovic, 2006. "Renegotiation without Holdup: Anticipating Spending and Infrastructure Concessions," Cowles Foundation Discussion Papers 1567, Cowles Foundation for Research in Economics, Yale University.
- Eduardo Engel & Ronald Fischer & Alexander Galetovic, 2006. "Renegotiation without Holdup: Anticipating Spending and Infrastructure Concessions," Documentos de Trabajo 221, Centro de Economía Aplicada, Universidad de Chile.
- Eduardo Engel & Ronald Fischer & Alexander Galetovic, 2006. "Renegotiation Without Holdup: Anticipating Spending and Infrastructure Concessions," NBER Working Papers 12399, National Bureau of Economic Research, Inc.
- Kamps, Christophe, 2004.
"The Dynamic Effects of Public Capital : VAR Evidence for 22 OECD Countries,"
Kiel Working Papers
1224, Kiel Institute for the World Economy (IfW).
- Christophe Kamps, 2005. "The Dynamic Effects of Public Capital: VAR Evidence for 22 OECD Countries," International Tax and Public Finance, Springer, vol. 12(4), pages 533-558, August.
- Kamps, Christophe, 2004. "The Dynamic Effects of Public Capital : VAR Evidence for 22 OECD Countries," Kiel Working Papers 1224, Kiel Institute for the World Economy (IfW).
- Israel Fainboim Yaker & Carlos Jorge Rodríguez & Juan Benavides & Julio César Alonso, 2001.
"Participación Privada en Proyectos de Infraestructura y Determinantes de los Esquemas Contractuales Adoptados: El Caso Colombiano,"
IDB Publications (Working Papers)
7615, Inter-American Development Bank.
- Julio Cesar Alonso & Israel Fainboim Yaker & Carlos Jorge Rodriguez & Juan Benavides, 2001. "Participación privada en proyectos de infraestructura y determinantes de los esquemas contractuales adoptados: El caso colombiano," Research Department Publications 3111, Inter-American Development Bank, Research Department.
- Carlos Pombo & Manuel Ramirez, 2002.
"Privatization in Colombia: a plant performance analysis,"
BORRADORES DE INVESTIGACIÓN
003377, UNIVERSIDAD DEL ROSARIO.
- Carlos Pombo & Manuel Ramírez, 2003. "Privatization in Colombia: A Plant Performance Analysis," Research Department Publications 3151, Inter-American Development Bank, Research Department.
- Clive Harris, 2003. "Private Participation in Infrastructure in Developing Countries : Trends, Impacts, and Policy Lessons," World Bank Publications, The World Bank, number 15124, February.
- Cavalcanti Ferreira, Pedro, 1999. "Inflationary financing of public investment and economic growth," Journal of Economic Dynamics and Control, Elsevier, vol. 23(4), pages 539-563, February.
- Lucioni, Luis, 2004. "La inversión para la provisión de servicios públicos y su financiamiento en América Latina y el Caribe: evolución reciente, situación actual y políticas," Macroeconomía del Desarrollo 31, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL).
- Eduardo Engel & Ronald Fischer & Alexander Galetovic, 2000. "Franchising of infrastructure concessions in Chile: A Policy Report," Documentos de Trabajo 88, Centro de Economía Aplicada, Universidad de Chile.
- Antonio Estache & Juan Manuel Campos & Nadine Martin & Lourdes Trujillo, 2003. "Macroeconomic Effects of Private Sector Participation in Infrastructure," ULB Institutional Repository 2013/44067, ULB -- Universite Libre de Bruxelles.
When requesting a correction, please mention this item's handle: RePEc:bbv:wpaper:1003. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (OSCAR DE LAS PENAS SANCHEZ-CARO)
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.