Abstract

PARDO LOPEZ, Steven  and  PICO, Claudia Milena. Financialization and pension fund investments in the Pacific Alliance. Perf. latinoam. [online]. 2020, vol.28, n.56, pp.207-233.  Epub Aug 30, 2021. ISSN 0188-7653.  https://doi.org/10.18504/pl2856-009-2020.

Recent pension reforms in Latin America adopted a multi-pillar system in response to demographic change and savings needs. Some of these new pension schemes strengthened national financial systems and brought economies closer to the financialization process. This document characterizes, from a descriptive approach, the relationship that arises between pension systems with individual capitalization and the financialization of the economy in the case of the Pacific Alliance. From a factor analysis, it concludes that the pension investments of the four countries exhibit a dependency relationship with the aggregate investment and that particularly the investments destined to the financial sector are of greater relevance for all the countries under review.

Keywords : financialization; pension funds; Pacific Alliance; multi-pillar; work revenues; debt.