<?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>0188-7653</journal-id>
<journal-title><![CDATA[Perfiles latinoamericanos]]></journal-title>
<abbrev-journal-title><![CDATA[Perf. latinoam.]]></abbrev-journal-title>
<issn>0188-7653</issn>
<publisher>
<publisher-name><![CDATA[Facultad Latinoamericana de Ciencias Sociales, Sede Académica de México]]></publisher-name>
</publisher>
</journal-meta>
<article-meta>
<article-id>S0188-76532020000200207</article-id>
<article-id pub-id-type="doi">10.18504/pl2856-009-2020</article-id>
<title-group>
<article-title xml:lang="es"><![CDATA[Financiarización e inversiones de los fondos de pensiones en la Alianza del Pacífico]]></article-title>
<article-title xml:lang="en"><![CDATA[Financialization and pension fund investments in the Pacific Alliance]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Pardo López]]></surname>
<given-names><![CDATA[Steven]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Pico]]></surname>
<given-names><![CDATA[Claudia Milena]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,Politécnico Grancolombiano  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Colombia</country>
</aff>
<aff id="Af2">
<institution><![CDATA[,Politécnico Grancolombiano  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Colombia</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>28</volume>
<numero>56</numero>
<fpage>207</fpage>
<lpage>233</lpage>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_arttext&amp;pid=S0188-76532020000200207&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_abstract&amp;pid=S0188-76532020000200207&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_pdf&amp;pid=S0188-76532020000200207&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="es"><p><![CDATA[Resumen: Las reformas recientes a las pensiones en América Latina adoptaron un sistema multipilar como respuesta al cambio demográfico y a las necesidades de ahorro. Algunos de estos nuevos esquemas previsionales fortalecieron los sistemas financieros nacionales y acercaron las economías al proceso de financiarización. Este documento caracteriza, desde un enfoque descriptivo, la relación que surge entre los sistemas pensionales con capitalización individual y la financiarización de la economía para el caso de la Alianza del Pacífico. A partir de un análisis factorial concluye que las inversiones pensionales de Chile, Colombia, México y Perú exhiben una relación de dependencia con la inversión agregada y que particularmente las inversiones destinadas al sector financiero revisten mayor relevancia para el conjunto de los países bajo examen.]]></p></abstract>
<abstract abstract-type="short" xml:lang="en"><p><![CDATA[Abstract: 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.]]></p></abstract>
<kwd-group>
<kwd lng="es"><![CDATA[financiarización]]></kwd>
<kwd lng="es"><![CDATA[fondos de pensiones]]></kwd>
<kwd lng="es"><![CDATA[Alianza del Pacífico]]></kwd>
<kwd lng="es"><![CDATA[esquema multipilar]]></kwd>
<kwd lng="es"><![CDATA[rentas del trabajo]]></kwd>
<kwd lng="es"><![CDATA[deuda]]></kwd>
<kwd lng="en"><![CDATA[financialization]]></kwd>
<kwd lng="en"><![CDATA[pension funds]]></kwd>
<kwd lng="en"><![CDATA[Pacific Alliance]]></kwd>
<kwd lng="en"><![CDATA[multi-pillar]]></kwd>
<kwd lng="en"><![CDATA[work revenues]]></kwd>
<kwd lng="en"><![CDATA[debt]]></kwd>
</kwd-group>
</article-meta>
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