The efficiency of pension fund managers in Latin America.

Abstract

The paper develops measures of the efficiency of pension fund managers using data envelopment analysis. It identifies trends in the performance and efficiency of pension fund managers, the impact of the regulation, and discusses whether market pressures or regulation explain the high costs of pension plans. The empirical work focuses on Chile. Section One provides an outline of the main features of the new pension fund management market established by pension reform. Section Two explains the focus on the efficiency of the new pension fund managers and identifies the key issues for analysis. Section Three outlines data envelopment analysis and discusses its appropriateness to the study of pension fund managers. Section Four presents estimated measures of efficiency of pension fund managers in Chile and discusses their implications.

Citation

Manchester, UK, CRC Working Paper, No. 11, 26 pp.

The efficiency of pension fund managers in Latin America.

Published 1 January 2001