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

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  • Luis Eduardo Arango

    ()

  • Luis Fernando Melo

    ()

Abstract

Utilizando información del sistema de ahorro individual entre 1998 y 2005, se encuentra evidencia de que la tasa de retorno real de los fondos y la población ocupada son los determinantes principales del número de cotizantes a las distintas AFP. El valor promedio del fondo, utilizado como proxy de otras variables como la capacidad que tiene cada administradora de difundir su producto y de contactar potenciales afiliados, no resultó significativo. Se utiliza la técnica de cointegración panel de Groen y Kleinbergen (2003).

Suggested Citation

  • Luis Eduardo Arango & Luis Fernando Melo, 2006. "Determinantes de la elección de administradora de pensiones: primeras estimaciones a partir de agregados," Borradores de Economia 383, Banco de la Republica de Colombia.
  • Handle: RePEc:bdr:borrec:383
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    References listed on IDEAS

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    Cited by:

    1. Diego Jara, 2006. "Modelo de la regulación de las AFP en Colombia y su impacto en el portafolio de los fondos de pensiones," ENSAYOS SOBRE POLÍTICA ECONÓMICA, BANCO DE LA REPÚBLICA - ESPE, vol. 24(52), pages 162-221, December.
    2. Diego Jara Pinzón, 2006. "Modelo de la Regulación de las AFP en Colombia y su Impacto en el Portafolio de los Fondos de Pensiones," BORRADORES DE ECONOMIA 003238, BANCO DE LA REPÚBLICA.
    3. Diego Jara, 2006. "Modelo de la Regulación de las AFP en Colombia y su Impacto en el Portafolio de los Fondos de Pensiones," Borradores de Economia 416, Banco de la Republica de Colombia.

    More about this item

    Keywords

    Administradora de Fondos de Pensiones; rentabilidad; cointegración panel.;

    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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