<?xml version="1.0" encoding="ISO-8859-1"?><article xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance">
<front>
<journal-meta>
<journal-id>0186-1042</journal-id>
<journal-title><![CDATA[Contaduría y administración]]></journal-title>
<abbrev-journal-title><![CDATA[Contad. Adm]]></abbrev-journal-title>
<issn>0186-1042</issn>
<publisher>
<publisher-name><![CDATA[Universidad Nacional Autónoma de México, Facultad de Contaduría y Administración]]></publisher-name>
</publisher>
</journal-meta>
<article-meta>
<article-id>S0186-10422020000400014</article-id>
<article-id pub-id-type="doi">10.22201/fca.24488410e.2020.2507</article-id>
<title-group>
<article-title xml:lang="es"><![CDATA[Disminuir el costo de las pensiones: una alternativa desde los mercados financieros de Colombia y México]]></article-title>
<article-title xml:lang="en"><![CDATA[Lowering the cost on pension funds: An alternative from the financial markets of Colombia and Mexico]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Agudelo-Torres]]></surname>
<given-names><![CDATA[Gabriel Alberto]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Gavira-Durón]]></surname>
<given-names><![CDATA[Nora]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Franco-Arbeláez]]></surname>
<given-names><![CDATA[Luis Ceferino]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,Instituto Tecnológico Metropolitano  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Colombia</country>
</aff>
<aff id="Af2">
<institution><![CDATA[,Universidad de las Américas Puebla  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Mexico</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>12</month>
<year>2020</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>12</month>
<year>2020</year>
</pub-date>
<volume>65</volume>
<numero>4</numero>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_arttext&amp;pid=S0186-10422020000400014&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_abstract&amp;pid=S0186-10422020000400014&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_pdf&amp;pid=S0186-10422020000400014&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="es"><p><![CDATA[Resumen Un elemento determinante para las finanzas públicas de los países latinoamericanos es la estimación del monto de reservas actuariales de pensiones, financiadas total o parcialmente por gobiernos centrales, federales y regionales. Se propone una estrategia de gestión de portafolios pensionales, que considera la dinámica estocástica de los precios de los activos e integra una estrategia de cobertura dinámica que permite reducir el costo de las rentas vitalicias; aplicado a Colombia y México. La estrategia representa a Colombia un ahorro promedio en el gasto público de 28.64% (4,583 millones de dólares estadounidenses aproximadamente) y para México un ahorro de 51.92% (22,690 millones de dólares estadounidenses aproximadamente). Es relevante porque permitiría liberar recursos públicos invertidos en reservas actuariales pensionales o vigencias futuras, con beneficios fiscales y sociales que ello conlleva, al dar soporte a una mayor cobertura de los sistemas de retiro o utilizarlos en otras necesidades de la población.]]></p></abstract>
<abstract abstract-type="short" xml:lang="en"><p><![CDATA[Abstract A relevant factor for the public finances of Latin American countries is the approximate calculation on the amount of pension funds actuarial reserves, financed through central, federal and regional entities. This article proposition is the strategy on the administration of pension fund portfolios, considering the asset pricing´s stochastic dynamic and integrating an approach on dynamic coverage these two elements allow to lower the cost on annuities applied to Colombia and Mexico. From Colombia, the strategy on pension fund administration saves approximately 28.64% of the public expense (4,583 million US dollars); for the case of Mexico, the saving is about 51.92% (22,690 million US dollars). The approach is relevant since it could liberate public resources invested in federal pension fund reserves with not only tax benefits but also social benefits mainly. The pension fund population may grow or even the resources invested could be redirected for other important people&#8217;s needs.]]></p></abstract>
<kwd-group>
<kwd lng="es"><![CDATA[C22]]></kwd>
<kwd lng="es"><![CDATA[G22]]></kwd>
<kwd lng="es"><![CDATA[H55]]></kwd>
<kwd lng="es"><![CDATA[Reservas actuariales]]></kwd>
<kwd lng="es"><![CDATA[Cobertura pensional]]></kwd>
<kwd lng="es"><![CDATA[Derivados financieros]]></kwd>
<kwd lng="es"><![CDATA[Sistemas pensionales]]></kwd>
<kwd lng="en"><![CDATA[C22]]></kwd>
<kwd lng="en"><![CDATA[G22]]></kwd>
<kwd lng="en"><![CDATA[H55]]></kwd>
<kwd lng="en"><![CDATA[Actuarial reserves]]></kwd>
<kwd lng="en"><![CDATA[Pension coverage]]></kwd>
<kwd lng="en"><![CDATA[Financial derivatives]]></kwd>
<kwd lng="en"><![CDATA[Pension systems]]></kwd>
</kwd-group>
</article-meta>
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