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Propuestas Dirigidas A Mejorar La Eficiencia De Los Fondos De Pensiones

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  • Dieo Jara

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Abstract

En Jara, Gómez, Pardo (2005) se concluye que los portafolios de los fondos de pensiones obligatorias son financieramente ineficientes. Esta ineficiencia puede reducir el ahorro pensional y suele estar acompañada de rebalanceos frecuentes, lo cual puede afectar el normal funcionamiento de los mercados financieros y su estabilidad. Los afiliados al sistema de pensiones obligatorias prefieren que sus ahorros sean invertidos eficientemente. Esta premisa junto con lo planteado anteriormente resalta la importancia de proponer esquemas que promuevan una mejor alineación entre las decisiones de inversión de las administradoras de los fondos y los objetivos de sus afiliados. En el presente trabajo se analizan tres propuestas: i) calcular y divulgar la Razón de Sharpe; ii) calcular y divulgar la Razón de Información; y iii) limitar inferiormente la Razón de Información. Se sugiere que la Superintendencia Financiera implemente el primer punto en el corto plazo, estudie esquemas para implementar el segundo punto en el mediano plazo y analice más a fondo la posibilidad de implementar el tercer punto en el largo plazo, si no se observa una mejora en la eficiencia de las inversiones de los fondos de pensiones.

Suggested Citation

  • Dieo Jara, 2006. "Propuestas Dirigidas A Mejorar La Eficiencia De Los Fondos De Pensiones," Borradores de Economia 423, Banco de la Republica de Colombia.
  • Handle: RePEc:bdr:borrec:423
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    More about this item

    Keywords

    Regulación fondos de pensiones; Razón de Sharpe; Razón de Información; portafolios eficientes. Classification JEL: D81; G11; G23.;

    JEL classification:

    • D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty
    • G11 - Financial Economics - - General Financial Markets - - - Portfolio Choice; Investment Decisions

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