SciELO - Scientific Electronic Library Online

 
vol.1 número14SEGUROS AGRÍCOLAS BASADOS EN ÍNDICES CLIMÁTICOS: UN ESTUDIO DE CASO EN BOLIVIAESTRUCTURA DE CAPITAL ÓPTIMA EN PRESENCIA DE COSTOS DE DIFICULTADES FINANCIERAS índice de autoresíndice de materiabúsqueda de artículos
Home Pagelista alfabética de revistas  

Servicios Personalizados

Revista

Articulo

Indicadores

Links relacionados

  • No hay articulos similaresSimilares en SciELO

Compartir


Investigación & Desarrollo

versión impresa ISSN 1814-6333versión On-line ISSN 2518-4431

Resumen

CORDOVA OLIVERA, Pamela. PENSION SYSTEM AND FINANCIAL DEPTH: EMPIRICALEVIDENCE OF COINTEGRATIONFOR THE BOLIVIAN CASE. Inv. y Des. [online]. 2014, vol.1, n.14, pp.22-43. ISSN 1814-6333.

The aim of this paper is to empirically assess the nature of the relationship between the Pension System based on individual capitalization accounts and Financial Depth in Bolivia. Accordingly, the contrast of co-integration of Engle-Granger and Johansen are used within a framework of error correction in order to confirm the existence of stable long-term relationships between variables. Overall the results support the view that, in effect, the Pension System is a causal factor of Financial Depth and has sustained, long-term effects. Therefore, government policies designed to strengthen the Pension System must be persistent and sustainable in order to promote the parallel and inclusive development of both social development and Capital Markets. For an econometric analysis of a financial depth model, two alternative specifications are proposed: i) excluding government securities and ii) including government bonds.

Palabras clave : Financial Depth; Pension System; Cointegration.

        · resumen en Español     · texto en Español     · Español ( pdf )

 

Creative Commons License Todo el contenido de esta revista, excepto dónde está identificado, está bajo una Licencia Creative Commons