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Las Administradoras de Fondos de Pensiones y el desarrollo del mercado de capitales en Chile

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  • Roberto J. Santillán Salgado

    (EGADE-ITESM, Campus Monterrey)

  • David López
  • Justo Montenegro

Abstract

The profound structural transformations that took place in the Chilean economy at the beginning of the 1980s established the platform for a robust and relatively constant economic development. One of the most noticeable innovations of the new Chilean economic model was the introduction of a private pensions funds system, known as the “Administradoras de Fondos de Pensiones” (AFP). Imitated in several Latin American countries (Peru, Colombia, Mexico, etc.) the private pension funds contributed significantly to solve the problem of fiscal liabilities of governments with retirees. In parallel to the socioeconomic benefits and the generation of domestic savings in abundant quantities, thanks to which it was possible to finance ambitious infrastructure, building and mining projects. Another dimension of the institutional effects of the start of operations of the AFP was their contribution to the consolidation and growth of the capital markets of that country. In addition, we analyze the behavior of some characteristic variables of the pension funds and their relation with measurements of the capitalization of the Chilean capital markets. The evidence suggests that the role of the AFP in the maturation and consolidation of the Chilean capital market was substantial.

Suggested Citation

  • Roberto J. Santillán Salgado & David López & Justo Montenegro, 2010. "Las Administradoras de Fondos de Pensiones y el desarrollo del mercado de capitales en Chile," Ensayos Revista de Economia, Universidad Autonoma de Nuevo Leon, Facultad de Economia, vol. 0(2), pages 53-76, November.
    • Handle: RePEc:ere:journl:v:xxix:y:2010:i:2:p:53-76
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    File URL: http://www.economia.uanl.mx/revistaensayos/xxix/2/Santillan-Lopez-Montenegro-Las-administradoras.pdf
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    References listed on IDEAS

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    4. Robert Holzmann, 1997. "Pension Reform, Financial Market Development, and Economic Growth: Preliminary Evidence from Chile," IMF Staff Papers, Palgrave Macmillan, vol. 44(2), pages 149-178, June.
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    Cited by:

    1. Jara, Mauricio & López-Iturriaga, Félix & San Martín, Pablo & Saona, Paolo & Tenderini, Giannina, 2019. "Chilean pension fund managers and corporate governance: The impact on corporate debt," The North American Journal of Economics and Finance, Elsevier, vol. 48(C), pages 321-337.

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    More about this item

    Keywords

    Chile; capital markets; pensions funds;
    All these keywords.

    JEL classification:

    • O5 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies
    • O54 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Latin America; Caribbean

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