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Financiando la jubilacion con activos inmobiliarios: un analisis de caso para Mexico

Author

Listed:
  • Carmen Hoyo
  • David Tuesta

Abstract

Los activos inmobiliarios representan un ahorro importante de las familias con el que llegan a la etapa de retiro. En base a ello, las hipotecas inversas son un producto desarrollado en algunos paises como alternativa para generar flujos de ingresos liquidos durante la jubilacion. Teniendo en cuenta que los ingresos que se recibiran durante la etapa de vejez deben diversificarse a traves de diferentes fuentes de financiamiento, el presente trabajo analiza las potencialidades de la hipoteca inversa como alternativa de ingresos al retiro. El trabajo se centra en el estudio de caso de Mexico a partir de las proyecciones de la tasa de reemplazo que obtendria un pensionado por vejez, considerando solamente la pension del Instituto Mexicano del Seguro Social (IMSS), asi como incorporando una renta vitalicia proveniente de una hipoteca inversa. Mediante proyecciones realizadas con un modelo macro-actuarial se encuentra que dichas tasas podrian incrementarse en casi 45 puntos porcentuales como consecuencia de incorporar rentas vitalicias con base en los activos inmobiliarios. Este resultado refuerza el concepto de establecer no solamente politicas enfocadas en mejorar los esquemas formales de pensiones, sino tambien en facilitar los mecanismos financieros privados que permitan generar otros flujos adecuados de ingresos para la vejez a partir de otros activos.

Suggested Citation

  • Carmen Hoyo & David Tuesta, 2013. "Financiando la jubilacion con activos inmobiliarios: un analisis de caso para Mexico," Working Papers 1334, BBVA Bank, Economic Research Department.
  • Handle: RePEc:bbv:wpaper:1334
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    References listed on IDEAS

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    1. repec:bla:jfinan:v:72:y:2017:i:2:p:911-950 is not listed on IDEAS
    2. Javier Alonso & Carmen Hoyo & David Tuesta, 2014. "Un modelo para el sistema de pensiones en Mexico.Diagnostico y recomendaciones," Working Papers 1407, BBVA Bank, Economic Research Department.
    3. Makoto Nakajima & Irina A. Telyukova, 2017. "Reverse Mortgage Loans: A Quantitative Analysis," Journal of Finance, American Finance Association, vol. 72(2), pages 911-950, April.
    4. Javier Alonso & David Tuesta & Maria Lamuedra, 2013. "Potencialidad del desarrollo de hipotecas inversas como complemento pensionario: el caso de Chile," Working Papers 1309, BBVA Bank, Economic Research Department.
    5. Hui Shan, 2011. "Reversing the Trend: The Recent Expansion of the Reverse Mortgage Market," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 39(4), pages 743-768, December.
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    Cited by:

    1. Willmore, Larry, 2014. "Old age pensions in Mexico: Toward universal coverage," MPRA Paper 53155, University Library of Munich, Germany.

    More about this item

    Keywords

    hipoteca inversa; pensiones; contribucion definida;

    JEL classification:

    • G23 - Financial Economics - - Financial Institutions and Services - - - Non-bank Financial Institutions; Financial Instruments; Institutional Investors
    • J32 - Labor and Demographic Economics - - Wages, Compensation, and Labor Costs - - - Nonwage Labor Costs and Benefits; Retirement Plans; Private Pensions
    • G22 - Financial Economics - - Financial Institutions and Services - - - Insurance; Insurance Companies; Actuarial Studies
    • D14 - Microeconomics - - Household Behavior - - - Household Saving; Personal Finance
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages

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