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FJP: Entre los aportantes y la inversión real

Author

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  • Ricardo Schefer

Abstract

Este artículo intenta responder a tres preguntas: ¿fueron las administradoras buenas agentes de los aportantes? ¿cuánto es realmente la proporción invertida en el sector público? ¿cómo incentivar la financiación de la inversión real? Durante el período septiembre 1994 a julio de 2001 la performance de los FJP corregida por efectos contables superó a los índices testigo de las inversiones locales. A agosto de 2001 el 66% de los FJP se concentraba en deuda del sector público, y solo un 14% en títulos del sector privado doméstico no financiero. Esto no puede ser explicado solo por los compromisos asumidos en el "blindaje", y se atribuye a incentivos regulatorios. El devengamiento de una rentabilidad contable sin volatilidad de títulos públicos en cuenta de inversión alentó su tenencia. Dadas las penalizaciones a las administradoras con menor rentabilidad relativa , se desincentivó la tenencia de títulos privados de escasa negociación por su contabilización a precios que no reflejan los cambios de su riesgo sistémico.

Suggested Citation

  • Ricardo Schefer, 2001. "FJP: Entre los aportantes y la inversión real," CEMA Working Papers: Serie Documentos de Trabajo. 199, Universidad del CEMA.
  • Handle: RePEc:cem:doctra:199
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    File URL: http://www.ucema.edu.ar/publicaciones/download/documentos/199.pdf
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    More about this item

    JEL classification:

    • G23 - Financial Economics - - Financial Institutions and Services - - - Non-bank Financial Institutions; Financial Instruments; Institutional Investors
    • G10 - Financial Economics - - General Financial Markets - - - General (includes Measurement and Data)
    • G11 - Financial Economics - - General Financial Markets - - - Portfolio Choice; Investment Decisions

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