Quantifying the Costs of Investment Limits for Chilean Pension Funds

Solange Berstein and Romulo Chumacero

Working Papers Central Bank of Chile from Central Bank of Chile

Abstract: Since its creation in 1981, Pension Funds Administrators in Chile were not free to choose optimal investment portfolios because of a stringent regulation on investment limits. The diagnosis implicit with the imposition of limits was that the Chilean capital market was not deep and that there was an important demand for funds to finance the expansion of the productive sector. As this regulation entails an inefficient combination of risk and return, this paper quantifies its costs.

Date: 2003-12
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Related works:
Working Paper: Quantifying the Costs of Investment Limits for Chilean Pension Funds (2010)
Journal Article: Quantifying the costs of investment limits for Chilean pension funds (2006)
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Persistent link: https://EconPapers.repec.org/RePEc:chb:bcchwp:248

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