IDEAS home Printed from https://ideas.repec.org/p/col/000094/004599.html
   My bibliography  Save this paper

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 losportafolios de los Fondos de Pensiones Obligatorios (FPO), para esto revisa la literaturarelacionada con la eficiencia del Sistema dadas sus actuales restricciones. Se concluyeque el marco regulatorio de las inversiones de los FPO restringen el retorno esperado yhace que los administradores de portafolios no accedan a niveles superiores de retornopor unidad de riesgo con mayores beneficios de diversificación. Así mismo se limita lacapacidad del administrador de construir portafolios que reflejen el perfil de riesgo delafiliado. Se muestra que la fórmula de rentabilidad mínima genera incentivos perversospara que las AFP´s no incurran en riesgo llevando a los Administradores a estrategiasque sincronicen los retornos de los portafolios para minimizar el impacto de laincertidumbre generado por la fórmula de rentabilidad mínima. Las propuestas van en elsentido de flexibilizar las inversiones y adecuarlas de acuerdo al perfil de riesgo de loscotizantes utilizando el esquema de Multifondos implementando en otros países de laregión

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 004599, BANCO DE LA REPÚBLICA.
  • Handle: RePEc:col:000094:004599
    as

    Download full text from publisher

    File URL: http://www.banrep.gov.co/docum/ftp/borra507.pdf
    Download Restriction: no

    Other versions of this item:

    References listed on IDEAS

    as
    1. Oscar Martínez A. & Andrés Murcia Pabón, "undated". "Desempeño financiero de los fondos de pensiones obligatorias en Colombia," Temas de Estabilidad Financiera 022, Banco de la Republica de Colombia.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. 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.
    2. 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.

    More about this item

    Keywords

    Regulación de los Fondos de Pensiones Obligatorios; Fronteraseficientes; Multifondos; Portafolio de referencia.;

    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

    NEP fields

    This paper has been announced in the following NEP Reports:

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:col:000094:004599. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Clorith Angélica Bahos Olivera). General contact details of provider: .

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.