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Tendencias regulatorias financieras globales y retos para las Pensiones y Seguros

Author

Listed:
  • Javier Alonso
  • Tatiana Alonso
  • Santiago Fernandez de Lis
  • Cristina Rohde
  • David Tuesta

Abstract

El sistema financiero esta siendo objeto de un importante ajuste regulatorio que se ha incrementado gradualmente en los ultimos cinco años. Solvencia II y Basilea III son dos de las iniciativas globales mas relevantes que tratan de reformular el escenario futuro de las finanzas. Bajo este escenario, el sector de Pensiones y Seguros (PyS), menos afectado en la crisis, esta inmerso en importantes cambios procedentes de distintos canales. A este respecto, este trabajo se centra en las principales tendencias regulatorias globales que afectan al sector de PyS, bien directamente a partir de su propia regulacion o indirectamente debido a los cambios de la regulacion y estrategias del sector bancario. Despues de abordar las principales caracteristicas de las distintas normativas, este estudio llega a la conclusion de que hay una gran disparidad entre los paises en cuanto a la situacion inicial de los sectores de PyS, tanto en terminos de niveles de solvencia como en cuanto a la diversificacion y grado de riesgo de las carteras de inversion, lo que originara diferentes efectos desde una perspectiva basada en los paises: a pesar de ello, hay un reto comun acerca de como reconciliar una normativa mas sensible al riesgo con la busqueda de rentabilidad en un mundo donde los tipos de interes se mantienen sistematicamente bajos. Como consecuencia de estas nuevas normativas, es posible anticipar un escenario de: mayores comisiones, menor apetito por la deuda corporativa, mayor coste de los derivados de cobertura, actividad de titulizacion reducida, un sector de PyS mas involucrado en la financiacion de infraestructuras y mayor actividad de financiacion inmobiliaria en el sector de seguros. En lo que respecta a la deuda soberana, el statu quo regulatorio actual favorece una mayor demanda de estos valores por parte del sector de PyS, pero el debate sobre si se debe mantener su ponderacion de cero riesgo en Basilea II y Solvencia II podria conllevar algunos cambios en el futuro. Lo que esta claro en el futuro cercano es que los reguladores de bancos, pensiones y sectores de seguros deben analizar las interacciones de las nuevas regulaciones, las contrapartidas y riesgos asociados y su coherencia con vistas a evitar la creacion de incentivos erroneos a largo plazo

Suggested Citation

  • Javier Alonso & Tatiana Alonso & Santiago Fernandez de Lis & Cristina Rohde & David Tuesta, 2013. "Tendencias regulatorias financieras globales y retos para las Pensiones y Seguros," Working Papers 1323, BBVA Bank, Economic Research Department.
    • Handle: RePEc:bbv:wpaper:1323
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    References listed on IDEAS

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    1. Dal Bianco, Marcos & Camacho, Maximo & Perez Quiros, Gabriel, 2012. "Short-run forecasting of the euro-dollar exchange rate with economic fundamentals," Journal of International Money and Finance, Elsevier, vol. 31(2), pages 377-396.
    2. Luis J. Carranza & Angel Melguizo & David Tuesta, 2012. "Matching Contributions for Pensions in Colombia, Mexico, and Peru: Experiences and Prospects," Working Papers 1232, BBVA Bank, Economic Research Department.
    3. Alma L. Garcia-Almanza & Biliana Alexandrova-Kabadjova & Sara G. Castellanos Pascacio, 2012. "The Adoption Process of Payment Cards -An Agent- Based Approach," Working Papers 1213, BBVA Bank, Economic Research Department.
    4. Mariana A. Toran & F. Javier Morales & Sara G. Castellanos, 2012. "Analysis of the Use of Financial Services by Companies in Mexico: What does the 2009 Economic Census tell us?," Working Papers 1216, BBVA Bank, Economic Research Department.
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    Cited by:

    1. Angel De la Fuente, 2013. "La evolucion de la financiacion de las comunidades autonomas de regimen comun, 2002-2011," Working Papers 1332, BBVA Bank, Economic Research Department.

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    More about this item

    Keywords

    Pensiones; Seguros; banca; regulacion; Basilea III; Solvencia II;
    All these keywords.

    JEL classification:

    • G18 - Financial Economics - - General Financial Markets - - - Government Policy and Regulation
    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation
    • G38 - Financial Economics - - Corporate Finance and Governance - - - Government Policy and Regulation

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