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Competitiveness of Mexican pension funds and regulatory policy

Author

Listed:
  • Gabriel Martinez

    (Instituto Tecnológico Autónomo de México, México)

Abstract

Se evalúa la competitividad de los fondos de pensión obligatorios mexicanos y el impacto de la deuda pública sobre los rendimientos. Se calculan detalladamente comisiones y tasas de rendimiento, y su relación con tasas pagadas por bonos federales. Mediante modelos de regresión de efectos fijos y SUR se mide el impacto de la deuda pública sobre los rendimientos. Los resultados muestran que: (a) estos fondos son la mejor opción de ahorro disponible para los trabajadores; (b) los proveedores convergieron a comisiones similares medidas en pesos; (c) los rendimientos son históricamente muy similares entre los proveedores; (d) el riesgo de pérdidas aumenta por una diversificación inadecuada; y (e) una mayor deuda pública bajo los rendimientos. Recomendaciones de política pública: (i) un menor peso de la deuda pública y diversificación internacional pueden mejorar los rendimientos; (ii) los trabajadores deben ser informados del valor monetario de las comisiones. No se estudian los efectos sobre trabajadores de diferentes niveles salariales o el rol de la informalidad. El cálculo detallado de comisiones, tasas de rendimiento e impacto de la deuda pública, es una contribución original.

Suggested Citation

  • Gabriel Martinez, 2020. "Competitiveness of Mexican pension funds and regulatory policy," Remef - Revista Mexicana de Economía y Finanzas Nueva Época REMEF (The Mexican Journal of Economics and Finance), Instituto Mexicano de Ejecutivos de Finanzas, IMEF, vol. 15(3), pages 375-394, Julio - S.
    • Handle: RePEc:imx:journl:v:15:y:2020:i:3:p:375-394
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    File URL: https://www.remef.org.mx/index.php/remef/article/view/461
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    More about this item

    Keywords

    Siefore; Afore; Mexico; Pension funds; Retirement;
    All these keywords.

    JEL classification:

    • H55 - Public Economics - - National Government Expenditures and Related Policies - - - Social Security and Public Pensions
    • O12 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Microeconomic Analyses of Economic Development
    • O23 - Economic Development, Innovation, Technological Change, and Growth - - Development Planning and Policy - - - Fiscal and Monetary Policy in Development
    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation
    • J38 - Labor and Demographic Economics - - Wages, Compensation, and Labor Costs - - - Public Policy
    • O54 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Latin America; Caribbean

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