IDEAS home Printed from
MyIDEAS: Log in (now much improved!) to save this paper

Carteras Referenciales y Esquema de Premios y Castigos para los Fondos de Cesantía

Listed author(s):
  • Evelyn Benvin
  • Solange Berstein
  • Olga Fuentes
  • Jorge Miranda
  • Nicolás Torrealba
  • Mario Vera


    (Studies Division, Chilean Pension Supervisor)

Este documento tiene por objeto presentar la metodología utilizada en la elección de benchmarks exógenos para los fondos del Seguro de Cesantía, reconociendo sus distintos objetivos. La cartera referencial del Fondo de Cuentas Individuales de Cesantía (CIC) no considera inversión en renta variable con el objeto de minimizar la volatilidad de las cuentas individuales, en cambio, la cartera referencial del Fondo de Cesantía Solidario (FCS) considera la posibilidad de premio por riesgo, dado su horizonte de más largo plazo. Con todo, se consideró que las inversiones debían mantenerse siempre en un marco conservador. Adicionalmente, se define el esquema de premios y castigos que regirá a la Administradora de Fondos de Cesantía (AFC), de manera consistente con la metodología de obtención de carteras referenciales. Tanto las carteras referenciales como el esquema de premios y castigos quedaron definidos en el Régimen de Inversión de los Fondos de Cesantía. Este nuevo diseño permitirá un mejor desempeño de los Fondos en el cumplimiento de su objeto fundamental, financiar beneficios de cesantía para los trabajadores chilenos..

If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.

File URL:
File Function: Revised version, 2012
Download Restriction: no

Paper provided by Superintendencia de Pensiones in its series Working Papers with number 34.

in new window

Date of creation: Sep 2009
Date of revision: Jan 2012
Handle: RePEc:sdp:sdpwps:34
Contact details of provider: Web page:

More information through EDIRC

References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:

in new window

  1. Eduardo Walker, 2008. "Políticas de Inversión e Incentivos para los Fondos de Cesantía," Working Papers 24, Superintendencia de Pensiones, revised May 2008.
  2. Rodrigo Cerda & Fernando Coloma, 2009. "Estudio Actuarial de los Fondos de Cesantía 2008," Working Papers 33, Superintendencia de Pensiones, revised Sep 2009.
  3. Olivier Ledoit & Pedro Santa-Clara & Michael Wolf, 2003. "Flexible Multivariate GARCH Modeling with an Application to International Stock Markets," The Review of Economics and Statistics, MIT Press, vol. 85(3), pages 735-747, August.
  4. Harry Markowitz, 1952. "Portfolio Selection," Journal of Finance, American Finance Association, vol. 7(1), pages 77-91, 03.
  5. Solange Berstein & Eduardo Fajnzylber & Pamela Gana & Isabel Poblete, 2007. "Cinco Años de Funcionamiento del Seguro de Cesantía en Chile," Working Papers 23, Superintendencia de Pensiones, revised Dec 2007.
Full references (including those not matched with items on IDEAS)

This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.

When requesting a correction, please mention this item's handle: RePEc:sdp:sdpwps:34. 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: (Andres Otero)

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 references are entirely missing, you can add them using this form.

If the full references list an item that is present in RePEc, but the system did not link 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 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.

This information is provided to you by IDEAS at the Research Division of the Federal Reserve Bank of St. Louis using RePEc data.