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Determinantes De La Elecci�N De Administradora De Pensiones: Primeras Estimaciones A Partir De Agregados

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  • Luis Eduardo Arango
  • Luis Fernando Melo

Abstract

Utilizando informaci�n del sistema de ahorro individual entre 1998 y 2005, se encuentra evidencia de que la tasa de retorno real de los fondos y la poblaci�n ocupada son los determinantes principales del n�mero 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 result� significativo. Se utiliza la t�cnica de cointegraci�n panel de Groen y Kleinbergen (2003).

Suggested Citation

  • Luis Eduardo Arango & Luis Fernando Melo, 2006. "Determinantes De La Elecci�N De Administradora De Pensiones: Primeras Estimaciones A Partir De Agregados," Borradores de Economia 2315, Banco de la Republica.
    • Handle: RePEc:col:000094:002315
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    Cited by:

    1. Diego Jara Pinz�n, 2006. "Modelo de la Regulaci�n de las AFP en Colombia y su Impacto en el Portafolio de los Fondos de Pensiones," Borradores de Economia 3238, Banco de la Republica.
    2. Diego Jara, 2006. "Modelo de la regulación de las AFP en Colombia y su impacto en el portafolio de los fondos de pensiones," Revista ESPE - Ensayos sobre Política Económica, Banco de la Republica de Colombia, vol. 24(52), pages 162-221, December.

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    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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