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Industria de AFP: ¿Cuánto gana y cuánto debería ganar?

Author

Listed:
  • Fernando López

    (ILADES – Universidad Alberto Hurtado)

Abstract

Por más de dos décadas, tanto expertos como la opinión pública han considerado que las ganancias de las Administradoras de Fondos de Pensiones (AFP) chilenas han sido “excesivas”. Sin embargo, se sabe poco respecto a la magnitud de este supuesto exceso. El presente estudio muestra que la rentabilidad sobre patrimonio promedio de 25,4% alcanzado por las AFP en el periodo 2006-2015 fue 4,8 veces superior al 5,3% justificable por su exposición al riesgo de mercado. En términos monetarios, de los US$4.400 millones obtenidos por la industria en la última década, cerca de US$3.500 millones corresponderían a una ganancia “excesiva”.

Suggested Citation

  • Fernando López, 2016. "Industria de AFP: ¿Cuánto gana y cuánto debería ganar?," ILADES-UAH Working Papers inv316, Universidad Alberto Hurtado/School of Economics and Business.
    • Handle: RePEc:ila:ilades:inv316
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    More about this item

    Keywords

    AFP; rentabilidad AFP; competencia AFP;
    All these keywords.

    JEL classification:

    • G23 - Financial Economics - - Financial Institutions and Services - - - Non-bank Financial Institutions; Financial Instruments; Institutional Investors
    • L11 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - Production, Pricing, and Market Structure; Size Distribution of Firms
    • L25 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Firm Performance
    • O16 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Financial Markets; Saving and Capital Investment; Corporate Finance and Governance

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