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Duopolio, Diferenciación y Escala: Un estudio de las Estructuras de Costos de las Administradoras de Fondos de Pensiones en Bolivia

Author

Listed:
  • Maceira, Daniel

    (Centro de Estudios de Estado y Sociedad (CEDES))

  • Garlati Bertoldi, Pablo Adrián

    (Centro de Estudios de Estado y Sociedad (CEDES))

Abstract

Desde los años 80 existen sistemas de pensiones de capitalización individual en América Latina. El marco regulatorio debió perfeccionar sus instrumentos de intervención, a fin de reducir potenciales fallas de mercado. Una herramienta clave en este proceso es identificar los niveles de concentración del mercado y las estructuras de costos de las firmas a fin de determinar si las Administradoras de Fondos de Pensiones (AFPs) absorben rentas monopólicas o si se caracterizan por funciones de costos decrecientes. Utilizando datos del sistema privado de pensiones de Bolivia para el periodo 1996-2004 se estimaron en forma paramétrica y semiparamétrica las funciones de costos de las AFPs. Se encontró una relación significativa y negativa entre costos medios y número de afiliados, y un bajo efecto de las tasas de rendimiento de los fondos sobre los costos medios del sistema. Complementariamente, las normas regulatorias no parecen estar operando directamente sobre los costos medios, sino a través del número de afiliados.

Suggested Citation

  • Maceira, Daniel & Garlati Bertoldi, Pablo Adrián, 2014. "Duopolio, Diferenciación y Escala: Un estudio de las Estructuras de Costos de las Administradoras de Fondos de Pensiones en Bolivia," Revista Latinoamericana de Desarrollo Economico, Carrera de Economía de la Universidad Católica Boliviana (UCB) "San Pablo", issue 21, pages 61-92, Mayo.
    • Handle: RePEc:ris:revlde:1914
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    More about this item

    Keywords

    sistema de pensiones; mercado; normas regulatorias; Bolivia.;
    All these keywords.

    JEL classification:

    • C14 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods and Methodology: General - - - Semiparametric and Nonparametric Methods: General
    • C23 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Models with Panel Data; Spatio-temporal Models
    • D24 - Microeconomics - - Production and Organizations - - - Production; Cost; Capital; Capital, Total Factor, and Multifactor Productivity; Capacity
    • L11 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - Production, Pricing, and Market Structure; Size Distribution of Firms
    • L52 - Industrial Organization - - Regulation and Industrial Policy - - - Industrial Policy; Sectoral Planning Methods

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