Scale economies in the pension fund managers industry in Mexico: a semi parametric approach Nelly Aguilera, César Velázquez

Por:

Aguilera Aburto, Nelly, -2017

Colaborador(es):

Tipo de material: Texto

TextoIdioma: Inglés Detalles de publicación: México CISS UIA 2008Descripción: 55-72 p. il. 22 cmISSN:

1870-2961

Tema(s):

Clasificación CDD:

REV WSP No.6

Recursos en línea:

Disponible ADISS2016-373

En: Conferencia Interamericana de Seguridad Social Well-being and social policyResumen: It has been widely accepted that reforms on pension schemes have led to improvements in the financial viability of the systems. Nevertheless, at the same time it has been shown that fees charged by pension fund managers (PFM) are very high, implying high mark-ups for them and lower expected pensions for the participants. The presence of economies of scale has been suggested as one main reason for the high fees. In this paper we argue that previous studies that have found economies of scale in the case of Mexico were based on cost curves that were empirically not well specified. We estimate a semi parametric cost curve which allows us to conclude that if there exists economies of scale, minimum efficient scales are low, being reached by almost all PFM. The presence or not of economies of scale is highly important to surveillance authorities, since it can lead to different regulatory actions aiming at lowering fees.

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Biblioteca actual	Biblioteca de origen	Signatura	Copia número	Estado	Fecha de vencimiento	Código de barras	Reserva de ítems
BIBLIOTECA CIESS Hemeroteca	BIBLIOTECA CIESS Hemeroteca	REV WSP No.6	1	Disponible		025620

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Título en español: Economías de escala en la industria de las administradoras de fondos de pensiones en México: un enfoque semiparamétrico.

Bibliografía p. 71-72.

It has been widely accepted that reforms on pension schemes have led to improvements in the financial viability of the systems. Nevertheless, at the same time it has been shown that fees charged by pension fund managers (PFM) are very high, implying high mark-ups for them and lower expected pensions for the participants. The presence of economies of scale has been suggested as one main reason for the high fees. In this paper we argue that previous studies that have found economies of scale in the case of Mexico were based on cost curves that were empirically not well specified. We estimate a semi parametric cost curve which allows us to conclude that if there exists economies of scale, minimum efficient scales are low, being reached by almost all PFM. The presence or not of economies of scale is highly important to surveillance authorities, since it can lead to different regulatory actions aiming at lowering fees.

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