Quantifying the costs of investment limits for Chilean pension funds

Author	dc.contributor.author	Berstein, Solange M.
Author	dc.contributor.author	Chumacero Escudero, Rómulo	es_CL
Admission date	dc.date.accessioned	2008-12-11T09:52:54Z
Available date	dc.date.available	2008-12-11T09:52:54Z
Publication date	dc.date.issued	2006-03
Cita de ítem	dc.identifier.citation	FISCAL STUDIES Volume: 27 Issue: 1 Pages: 99-123 Published: MAR 2006	en
Identifier	dc.identifier.issn	0143-5671
Identifier	dc.identifier.uri	https://repositorio.uchile.cl/handle/2250/127618
Abstract	dc.description.abstract	Since the creation of the Chilean pension fund industry in 1981, pension fund administrators have not been free to choose their investment portfolios because of stringent regulation of investment limits. The diagnosis implicit with the imposition of limits was that the Chilean capital market was not deep, that there was an important demand for funds to finance the expansion of the productive sector and that, due to principal-agent problems, protection for uninformed account holders was needed. As this regulation entails an inefficient combination of risk and return, this paper quantifies its costs.	en
Lenguage	dc.language.iso	en	en
Publisher	dc.publisher	BLACKWELL	en
Título	dc.title	Quantifying the costs of investment limits for Chilean pension funds	en
Document type	dc.type	Artículo de revista