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Fusión Procompetitiva y Economías de escala en el Mercado de AFPs

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Abstract

Este trabajo cumple con dos objetivos principales. En primer lugar, se estima la función de costos de las administradoras de fondos de pensiones en Chile usando datos de panel desde 2000 a 2007. Se encuentran importantes economías de escala en la provisión de los servicios financieros, resultado que es consistente con otros estudios para este mismo mercado. En segundo lugar, basado en la evidencia econométrica y tomando como antecedente una fusión específica en este mercado, se muestra que la fusión de dos firmas medianas que conforman una de gran tamaño podría mejorar el bienestar social por la vía de incrementar la competencia en el mercado. Este último resultado depende de dos fuerzas que operan en sentido antagónico: menos firmas reducen la competencia en la industria, pero una firma más grande se comporta más agresivamente y así incrementa la competencia.

Suggested Citation

  • Claudio Agostini & Eduardo Saavedra & Manuel Willington, 2009. "Fusión Procompetitiva y Economías de escala en el Mercado de AFPs," ILADES-Georgetown University Working Papers inv238, Ilades-Georgetown University, Universidad Alberto Hurtado/School of Economics and Bussines.
  • Handle: RePEc:ila:ilades:inv238
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    Cited by:

    1. Claudio Agostini & Eduardo Saavedra & Manuel Willington, 2012. "Economies of Scale and Merger Efficiencies: Empirical Evidence from the Chilean Pension Funds Market," Working Papers wp_027, Adolfo Ibáñez University, School of Government.

    More about this item

    Keywords

    Fusiones; Economías de Escala; Bienestar Social; Fondos de Pensiones;

    JEL classification:

    • C33 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Models with Panel Data; Spatio-temporal Models
    • D43 - Microeconomics - - Market Structure, Pricing, and Design - - - Oligopoly and Other Forms of Market Imperfection
    • G23 - Financial Economics - - Financial Institutions and Services - - - Non-bank Financial Institutions; Financial Instruments; Institutional Investors
    • L11 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - Production, Pricing, and Market Structure; Size Distribution of Firms
    • L13 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - Oligopoly and Other Imperfect Markets
    • L41 - Industrial Organization - - Antitrust Issues and Policies - - - Monopolization; Horizontal Anticompetitive Practices

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