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Sistema de pensiones y profundidad financiera: Evidencia empírica de cointegración para el caso Boliviano

Author

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  • Pamela Córdova Olivera

    (Centro de Investigaciones Económicas y Empresariales, Universidad Privada Boliviana)

Abstract

El objetivo de este artículo es evaluar empíricamente la naturaleza de la relación entre el Sistema de Pensiones basado en cuentas de capitalización individual y la Profundidad Financiera en Bolivia. Para este propósito, se utilizan el contraste de cointegración de Engle- Granger y de Johansen dentro de un marco de corrección de errores, esto con el fin de poder confirmar la existencia de una relación estable de largo plazo entre las variables. En general, los resultados apoyan la opinión de que, en efecto, el Sistema de Pensiones es un factor causal de Profundidad Financiera y que tiene efectos duraderos a largo plazo. Por lo tanto, las políticas gubernamentales diseñadas para fortalecer el Sistema de Pensiones deben ser persistentes y sostenibles con el fin de promover, paralelamente al desarrollo social e inclusivo del Sistema de Seguridad Social, el desarrollo de los Mercados de Capitales. Para el análisis se plantea un modelo econométrico de Profundidad Financiera con dos especificaciones alternativas: i) la primera excluye títulos públicos y ii) la segunda incluye títulos públicos

Suggested Citation

  • Pamela Córdova Olivera, 2014. "Sistema de pensiones y profundidad financiera: Evidencia empírica de cointegración para el caso Boliviano," Investigación & Desarrollo 0314, Universidad Privada Boliviana.
    • Handle: RePEc:iad:wpaper:0314
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    References listed on IDEAS

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    JEL classification:

    • G23 - Financial Economics - - Financial Institutions and Services - - - Non-bank Financial Institutions; Financial Instruments; Institutional Investors

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