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Recomendaciones para la modificación del régimen de pensiones obligatorias de Colombia

Author

Listed:
  • Alejandro Reveiz

    ()

  • Carlos león

    ()

  • Juan Mario laserna

    ()

  • Ivonne Martínez

    ()

Abstract

Este documento evalúa la regulación vigente relacionada con la administración de los portafolios de los Fondos de Pensiones Obligatorios (FPO), para esto revisa la literatura relacionada con la eficiencia del Sistema dadas sus actuales restricciones. Se concluye que el marco regulatorio de las inversiones de los FPO restringen el retorno esperado y hace que los administradores de portafolios no accedan a niveles superiores de retorno por unidad de riesgo con mayores beneficios de diversificación. Así mismo se limita la capacidad del administrador de construir portafolios que reflejen el perfil de riesgo del afiliado. Se muestra que la fórmula de rentabilidad mínima genera incentivos perversos para que las AFP´s no incurran en riesgo llevando a los Administradores a estrategias que sincronicen los retornos de los portafolios para minimizar el impacto de la incertidumbre generado por la fórmula de rentabilidad mínima. Las propuestas van en el sentido de flexibilizar las inversiones y adecuarlas de acuerdo al perfil de riesgo de los cotizantes utilizando el esquema de Multifondos implementando en otros países de la región.

Suggested Citation

  • Alejandro Reveiz & Carlos león & Juan Mario laserna & Ivonne Martínez, 2008. "Recomendaciones para la modificación del régimen de pensiones obligatorias de Colombia," Borradores de Economia 507, Banco de la Republica de Colombia.
  • Handle: RePEc:bdr:borrec:507
    as

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    File URL: http://repositorio.banrep.gov.co/bitstream/handle/20.500.12134/5524/be_507.pdf?sequence=1&isAllowed=y
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    References listed on IDEAS

    as
    1. Oscar Martínez A. & Andrés Murcia Pabón, 2007. "Desempeño financiero de los fondos de pensiones obligatorias en Colombia," Temas de Estabilidad Financiera 022, Banco de la Republica de Colombia.
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    Citations

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    Cited by:

    1. Javier Alonso & Carlos Herrera & Claudia Llanes Valenzuela & David Tuesta, 2010. "Simulations of long-term returns and replacement rates in the Colombian pension system," Working Papers 1029, BBVA Bank, Economic Research Department.
    2. Alejandro Reveiz & Carlos Eduardo León, 2008. "Efficient Portfolio Optimization in the Wealth Creation and Maximum Drawdown Space," BORRADORES DE ECONOMIA 004732, BANCO DE LA REPÚBLICA.

    More about this item

    Keywords

    Regulación de los Fondos de Pensiones Obligatorios; Fronteras eficientes; Multifondos; Portafolio de referencia. Classification JEL: G18; G11; G23.;

    JEL classification:

    • G18 - Financial Economics - - General Financial Markets - - - Government Policy and Regulation
    • G11 - Financial Economics - - General Financial Markets - - - Portfolio Choice; Investment Decisions
    • G23 - Financial Economics - - Financial Institutions and Services - - - Non-bank Financial Institutions; Financial Instruments; Institutional Investors

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