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Coordenação de prazos e eficiência previdenciária

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  • Santos, Rafael
  • Vianna Junior, Paulo

Abstract

A análise de estilo proposta por Sharpe [11] dos 457 fundos previdenciários de renda fixa existentes no Brasil entre 2011 e 2015 não deixa dúvida: as alocações financeiras na previdência têm se concentrado em títulos de curtíssimo prazo. Há portanto espaço para o alongamento do prazo médio do sistema, o que elevaria a sustentabilidade e o retorno esperado via prêmio de liquidez. A disseminação da informação promovida pelos fundos do tipo data-alvo se mostrou um experimento natural valioso, ao demonstrar o alongamento significativo e isolado nas carteiras desses fundos, sugerindo que a informação coordena e direciona os recursos que demandam menor liquidez para os títulos longos. Uma implicação direta é a maior utilização de fundos data-alvo como forma de dar eficiência ao sistema previdênciário brasileiro.

Suggested Citation

  • Santos, Rafael & Vianna Junior, Paulo, 2019. "Coordenação de prazos e eficiência previdenciária," Revista Brasileira de Economia - RBE, EPGE Brazilian School of Economics and Finance - FGV EPGE (Brazil), vol. 73(1), March.
    • Handle: RePEc:fgv:epgrbe:v:73:y:2019:i:1:a:76433
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