Resumen de Do investment regulations compromise pension fund performance? Evidence from Latin America
The paper assesses the impact of regulatory regimes on the market performance of private pension funds in Latin American countries that have undertaken reforms of their pension systems. It focuses in particular on the effects of "draconian" regulation, a set of rules on the industry's structure, investment regime, and performance. The conclusion is that while such rules may have achieved their basic objective of safeguarding workers' retirement savings from financial systems that lack transparency and solidity, they are not without costs. These rules limit opportunities for diversification, and, as a consequence, hamper the performance of pension funds.
