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Cuantificación de los Costos de los Limites de Inversión para los Fondos de Pensiones Chilenos

Author

Listed:
  • Solange Berstein
  • Rómulo Chumacero

    () (Studies Division, Chilean Pension Supervisor)

Abstract

Desde la creación del sistema en 1981, las Administradoras de Fondos de Pensiones (AFPs) no han podido elegir libremente sus carteras de inversión. Esto es producto de una estricta regulación de las inversiones, específicamente a través de restricciones cuantitativas: límites. Uno de los elementos importantes en el diagnóstico implícito en esta regulación es que el mercado de capitales en Chile, a comienzos de los ochenta, no estaba suficientemente desarrollado. A esto se le suma la percepción de importantes problemas de asimetrías de información por parte de los afiliados que se ven obligados a invertir fondos en las AFPs y la existencia de garantías estatales. Asimismo, existía una fuerte demanda interna por financiamiento, por lo que parecía más conveniente el destinar esos recursos a satisfacer dichas demandas, prohibiendo la inversión en el extranjero. Aun cuando existían motivos para implementar un restrictivo régimen de inversiones, esto no esta exento de costos, puesto que esta regulación implica una combinación de riesgo-retorno ineficiente. Este artículo intenta cuantificar dichos costos..

Suggested Citation

  • Solange Berstein & Rómulo Chumacero, 2005. "Cuantificación de los Costos de los Limites de Inversión para los Fondos de Pensiones Chilenos," Working Papers 3, Superintendencia de Pensiones, revised Apr 2005.
  • Handle: RePEc:sdp:sdpwps:3
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    File URL: http://www.spensiones.cl/redirect/files/doctrab/DT00003.pdf
    File Function: Revised version, 2005
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    References listed on IDEAS

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    3. Patricio Arrau & Rómulo Chumacero, 1998. "Tamaño de los Fondos de Pensiones en Chile y su Desempeño Financiero," Latin American Journal of Economics-formerly Cuadernos de Economía, Instituto de Economía. Pontificia Universidad Católica de Chile., vol. 35(105), pages 205-236.
    4. Eduardo Walker, 1993. "Desempeño Financiero de las Carteras Accionarias de los Fondos de Pensiones en Chile ¿Ha Tenido Desventajas ser Grandes?," Latin American Journal of Economics-formerly Cuadernos de Economía, Instituto de Economía. Pontificia Universidad Católica de Chile., vol. 30(89), pages 35-76.
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    Citations

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    Cited by:

    1. Musalem, Alberto R. & Pasquini, Ricardo, 2012. "Private pension systems : cross-country investment performance," Social Protection and Labor Policy and Technical Notes 68937, The World Bank.
    2. Pamela Córdova Olivera, 2014. "Sistema de pensiones y profundidad financiera: Evidencia empírica de cointegración para el caso Boliviano," Investigación & Desarrollo 0314, Universidad Privada Boliviana, revised Jan 2014.
    3. Ramon Moreno & Marjorie Santos, 2008. "Pension systems in EMEs: implications for capital flows and financial markets," BIS Papers chapters,in: Bank for International Settlements (ed.), Financial globalisation and emerging market capital flows, volume 44, pages 45-69 Bank for International Settlements.
    4. Hidalgo, Pedro & Manzur, Enrique & Olavarrieta, Sergio & Fari­as, Pablo, 2008. "Customer retention and price matching: The AFPs case," Journal of Business Research, Elsevier, vol. 61(6), pages 691-696, June.

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