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Contribución del sistema de pensiones privado de capitalización individual al desarrollo del mercado de capitales en Bolivia 1997-2009

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  • Pamela Córdova Olivera

    (Centro de Investigaciones Económicas y Empresariales, Universidad Privada Boliviana)

Abstract

El establecimiento del Sistema de Pensiones de Capitalización Individual en Bolivia, aprobado en el año 1996, constituye el reemplazo de un sistema tradicional de reparto colectivo, de contribuciones comunes y administradas por el Estado, por un sistema de capitalización individual, de contribuciones definidas y administradas por el sector privado. A más de una década de su establecimiento, es posible realizar una estimación más completa y precisa de sus resultados e impactos. Este estudio presenta una evaluación cualitativa y cuantitativa del impacto de los Fondos de Pensiones de Capitalización Individual sobre el desarrollo del Mercado de Capitales en Bolivia en lo que respecta a su regulación, composición, tamaño y profundidad financiera, considerando alternativamente la participación del sector privado y público. Como base de demostración empírica, se plantea un modelo econométrico basado en el análisis de series de tiempo cointegradas que hace hincapié en los factores financieros concentrados en una variable de profundidad financiera, cuyo resultado confirma el importante aporte del Sistema de Pensiones Privado a la mejora en la calidad de regulación, tamaño, transparencia y crecimiento del mercado financiero en Bolivia.

Suggested Citation

  • Pamela Córdova Olivera, 2010. "Contribución del sistema de pensiones privado de capitalización individual al desarrollo del mercado de capitales en Bolivia 1997-2009," Investigación & Desarrollo, Universidad Privada Boliviana, vol. 1(1), pages 139-152.
    • Handle: RePEc:iad:wpaper:0210
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    References listed on IDEAS

    as
    1. Eduardo Walker & Fernando Lefort, 2002. "Pension Reform And Capital Markets: Are There Any (Hard) Links?," Abante, Escuela de Administracion. Pontificia Universidad Católica de Chile., vol. 5(2), pages 77-149.
    2. Lora, Eduardo, 2001. "Structural Reforms in Latin America: What Has Been Reformed and How to Measure It," IDB Publications (Working Papers) 3338, Inter-American Development Bank.
    3. Eduardo Lora, 2001. "Structural Reforms in Latin America: What Has Been Reformed and How to Measure It," Research Department Publications 4293, Inter-American Development Bank, Research Department.
    4. Walker, Eduardo*Lefort, Fernando, 2002. "Pension reform and capital markets : are there any (hard) links?," Policy Research Working Paper Series 24082, The World Bank.
    5. Impavido, Gregorio & Musalem, Alberto R., 2000. "Contractual savings, stock, and asset markets," Policy Research Working Paper Series 2490, The World Bank.
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    More about this item

    Keywords

    Sistema de Pensiones; Fondo de Capitalización Individual; Mercado de Capitales; Profundidad Financiera; Series de Tiempo Cointegradas;
    All these keywords.

    JEL classification:

    • C10 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods and Methodology: General - - - General
    • G10 - Financial Economics - - General Financial Markets - - - General (includes Measurement and Data)

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