<?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>1665-5346</journal-id>
<journal-title><![CDATA[Revista mexicana de economía y finanzas]]></journal-title>
<abbrev-journal-title><![CDATA[Rev. mex. econ. finanz]]></abbrev-journal-title>
<issn>1665-5346</issn>
<publisher>
<publisher-name><![CDATA[Instituto Mexicano de Ejecutivos de Finanzas A.C.]]></publisher-name>
</publisher>
</journal-meta>
<article-meta>
<article-id>S1665-53462020000300375</article-id>
<article-id pub-id-type="doi">10.21919/remef.v15i3.461</article-id>
<title-group>
<article-title xml:lang="en"><![CDATA[Competitiveness of Mexican pension funds and regulatory policy]]></article-title>
<article-title xml:lang="es"><![CDATA[Competitividad de los fondos de pensiones mexicanos y política regulatoria]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Martinez]]></surname>
<given-names><![CDATA[Gabriel]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,Instituto Tecnológico Autónomo de México  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Mexico</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>09</month>
<year>2020</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>09</month>
<year>2020</year>
</pub-date>
<volume>15</volume>
<numero>3</numero>
<fpage>375</fpage>
<lpage>394</lpage>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_arttext&amp;pid=S1665-53462020000300375&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_abstract&amp;pid=S1665-53462020000300375&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_pdf&amp;pid=S1665-53462020000300375&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="en"><p><![CDATA[Abstract The competitiveness of Mexican mandatory retirement funds and the impact of public debt on returns are evaluated in this essay. Detailed calculations of commissions and rates of return are developed and related to rates paid by federal bills. Fixed effect and SUR regres-sion models are used to measure the impact of public debt on returns. Results show the fol-lowing: (a) these funds are the best savings options available to workers; (b) all providers have converged to similar commissions measured in pesos; (c) historically, returns have been very similar across providers; (d) the risk of significant losses is present due to inadequate diversification; and (e) a heavy public debt induces lower returns. The main public policy recommendations are (a) a lighter public debt and international diversification can improve yields, and (b) workers must be informed of the money value of commissions. Additional research is needed to measure the issues for workers of different wage levels and intensity of participation (given high levels of informality). Detailed calculations of commissions, rates of return, and the impact of public debt are the original contributions of this research.]]></p></abstract>
<abstract abstract-type="short" xml:lang="es"><p><![CDATA[Resumen Se evalúa la competitividad de los fondos de pensión obligatorios mexicanos y el impacto de la deuda pública sobre los rendimientos. Se calculan detalladamente comisiones y tasas de rendimiento, y su relación con tasas pagadas por bonos federales. Mediante modelos de regresión de efectos fijos y SUR se mide el impacto de la deuda pública sobre los rendi-mientos. Los resultados muestran que: (a) estos fondos son la mejor opción de ahorro dis-ponible para los trabajadores; (b) los proveedores convergieron a comisiones similares medi-das en pesos; (c) los rendimientos son históricamente muy similares entre los proveedores; (d) el riesgo de pérdidas aumenta por una diversificación inadecuada; y (e) una mayor deu-da pública bajo los rendimientos. Recomendaciones de política pública: (i) un menor peso de la deuda pública y diversificación internacional pueden mejorar los rendimientos; (ii) los trabajadores deben ser informados del valor monetario de las comisiones. No se estudian los efectos sobre trabajadores de diferentes niveles salariales o el rol de la informalidad. El cálculo detallado de comisiones, tasas de rendimiento e impacto de la deuda pública, es una contribución original.]]></p></abstract>
<kwd-group>
<kwd lng="en"><![CDATA[SIEFORE]]></kwd>
<kwd lng="en"><![CDATA[AFORE]]></kwd>
<kwd lng="en"><![CDATA[Mexico]]></kwd>
<kwd lng="en"><![CDATA[Pension funds]]></kwd>
<kwd lng="en"><![CDATA[Retirement]]></kwd>
<kwd lng="es"><![CDATA[SIEFORE]]></kwd>
<kwd lng="es"><![CDATA[AFOREs]]></kwd>
<kwd lng="es"><![CDATA[México]]></kwd>
<kwd lng="es"><![CDATA[Fondos de pensiones]]></kwd>
<kwd lng="es"><![CDATA[Jubilación]]></kwd>
</kwd-group>
</article-meta>
</front><back>
<ref-list>
<ref id="B1">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Aguila]]></surname>
<given-names><![CDATA[E.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Personal retirement accounts and saving]]></article-title>
<source><![CDATA[American Economic Journal: Economic Policy]]></source>
<year>2011</year>
<volume>3</volume>
<numero>4</numero>
<issue>4</issue>
<page-range>1-24</page-range></nlm-citation>
</ref>
<ref id="B2">
<nlm-citation citation-type="">
<collab>Banco de México</collab>
<source><![CDATA[Estadísticas Banxico]]></source>
<year></year>
</nlm-citation>
</ref>
<ref id="B3">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Becker]]></surname>
<given-names><![CDATA[G.]]></given-names>
</name>
</person-group>
<source><![CDATA[Why I support a privatized individual account social security system]]></source>
<year>2005</year>
<publisher-name><![CDATA[The Becker-Posner Blog]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B4">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Calderon-Colin]]></surname>
<given-names><![CDATA[R.]]></given-names>
</name>
<name>
<surname><![CDATA[E. Dominguez]]></surname>
<given-names><![CDATA[E.]]></given-names>
</name>
<name>
<surname><![CDATA[Schwartz]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Consumer confusion: The choice of pension fund manager in Mexico]]></article-title>
<source><![CDATA[Journal of Pension Economics and Fi-nance]]></source>
<year>2010</year>
<volume>9</volume>
<numero>1</numero>
<issue>1</issue>
<page-range>43-74</page-range></nlm-citation>
</ref>
<ref id="B5">
<nlm-citation citation-type="book">
<collab>Camara de Diputados</collab>
<article-title xml:lang=""><![CDATA[Exposición de Motivos al Proyecto de Ley del Seguro Social]]></article-title>
<source><![CDATA[Cuaderno de Apoyo Ley del Seguro Social]]></source>
<year>2007</year>
<publisher-name><![CDATA[Secretaría de Servicios Parlamentarios. Centro de Documentación, Información y Análisis]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B6">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Clements]]></surname>
<given-names><![CDATA[M.P.]]></given-names>
</name>
<name>
<surname><![CDATA[Galvão]]></surname>
<given-names><![CDATA[ABC.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Testing the expectations theory of the term structure of interest rates in threshold models]]></article-title>
<source><![CDATA[Macroeconomic Dynamics]]></source>
<year>2003</year>
<volume>7</volume>
<page-range>567-85</page-range></nlm-citation>
</ref>
<ref id="B7">
<nlm-citation citation-type="book">
<collab>Comision Federal de Competencia Económica</collab>
<source><![CDATA[Versión pública de la resolución IO-003-2015 sobre prácticas monopólicas absolutas en el mercado de administradoras de fondo para el retiro]]></source>
<year>2015</year>
<publisher-loc><![CDATA[México ]]></publisher-loc>
<publisher-name><![CDATA[COFECE]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B8">
<nlm-citation citation-type="book">
<collab>Comisión Nacional del Sistema de Ahorro para el Retiro</collab>
<source><![CDATA[Información estadística]]></source>
<year>2019</year>
<publisher-loc><![CDATA[México ]]></publisher-loc>
<publisher-name><![CDATA[CONSAR]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B9">
<nlm-citation citation-type="book">
<collab>CONSAR</collab>
<source><![CDATA[Informe al Congreso, 3er trimestre de 2019]]></source>
<year>2019</year>
<publisher-loc><![CDATA[México ]]></publisher-loc>
<publisher-name><![CDATA[CONSAR]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B10">
<nlm-citation citation-type="book">
<collab>CONSAR</collab>
<source><![CDATA[SIEFORE Generacionales Apuntes sobre el SAR No. 3]]></source>
<year>2020</year>
<publisher-loc><![CDATA[México ]]></publisher-loc>
<publisher-name><![CDATA[CONSAR]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B11">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[De la Torre]]></surname>
<given-names><![CDATA[Oscar]]></given-names>
</name>
<name>
<surname><![CDATA[Galeana-Figueroa]]></surname>
<given-names><![CDATA[Evaristo]]></given-names>
</name>
<name>
<surname><![CDATA[Álvarez García]]></surname>
<given-names><![CDATA[Jose]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[The cost of homogeneity in life cycle pension funds: An explanation to demand&#8217;s inelasticity of Mexican pension funds with a performance attribution test]]></article-title>
<source><![CDATA[European Research on Management and Business Economics]]></source>
<year>2018</year>
<volume>24</volume>
<page-range>97-103</page-range></nlm-citation>
</ref>
<ref id="B12">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Duarte]]></surname>
<given-names><![CDATA[Fabian]]></given-names>
</name>
<name>
<surname><![CDATA[Justine]]></surname>
<given-names><![CDATA[S. Hastings]]></given-names>
</name>
</person-group>
<source><![CDATA[Fettered consumers and sophisticated firms: evi-dence from Mexico&#8217;s privatized social security market]]></source>
<year>2012</year>
<publisher-name><![CDATA[NBER Working Paper 18582]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B13">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Grubb]]></surname>
<given-names><![CDATA[M.D.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Failing to choose the best price: Theory, evidence, and policy]]></article-title>
<source><![CDATA[Review of Industrial Organization, Special Issue: Behavioral Industrial Organization]]></source>
<year>2015</year>
<volume>47</volume>
<numero>3</numero>
<issue>3</issue>
<page-range>303-40</page-range></nlm-citation>
</ref>
<ref id="B14">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Hall]]></surname>
<given-names><![CDATA[A.D.]]></given-names>
</name>
<name>
<surname><![CDATA[Anderson]]></surname>
<given-names><![CDATA[H.M.]]></given-names>
</name>
<name>
<surname><![CDATA[Granger]]></surname>
<given-names><![CDATA[C.W.J]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[A cointegration analysis of treasury bill yields]]></article-title>
<source><![CDATA[The Review of Economics and Statistics]]></source>
<year>1992</year>
<volume>74</volume>
<numero>1</numero>
<issue>1</issue>
<page-range>116-26</page-range></nlm-citation>
</ref>
<ref id="B15">
<nlm-citation citation-type="book">
<collab>Instituto del Fondo Nacional de la Vivienda para los Trabajadores</collab>
<source><![CDATA[Informe anual de actividades 2017]]></source>
<year>2018</year>
<publisher-loc><![CDATA[México ]]></publisher-loc>
<publisher-name><![CDATA[INFONAVIT]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B16">
<nlm-citation citation-type="book">
<collab>INFONAVIT</collab>
<source><![CDATA[Cómo crece tu ahorro]]></source>
<year>2019</year>
<publisher-loc><![CDATA[México ]]></publisher-loc>
<publisher-name><![CDATA[Instituto Nacional del Fondo Nacional de la Vivienda para los Trabajadores]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B17">
<nlm-citation citation-type="book">
<collab>INFONAVIT</collab>
<source><![CDATA[Plan Financiero 2019-2023]]></source>
<year>2019</year>
<publisher-loc><![CDATA[México ]]></publisher-loc>
<publisher-name><![CDATA[INFONAVIT]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B18">
<nlm-citation citation-type="book">
<collab>Instituto Mexicano del Seguro Social</collab>
<source><![CDATA[Aportaciones al Debate: La seguridad social ante el futuro]]></source>
<year>1996</year>
<publisher-loc><![CDATA[México ]]></publisher-loc>
<publisher-name><![CDATA[IMSS]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B19">
<nlm-citation citation-type="">
<collab>IMSS</collab>
<source><![CDATA[IMSS digital]]></source>
<year>2019</year>
</nlm-citation>
</ref>
<ref id="B20">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Martínez-Preece]]></surname>
<given-names><![CDATA[Marissa]]></given-names>
</name>
<name>
<surname><![CDATA[Castro]]></surname>
<given-names><![CDATA[Miriam]]></given-names>
</name>
<name>
<surname><![CDATA[Zubieta-Badillo]]></surname>
<given-names><![CDATA[Carlos]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Dinámica y desempeño de los fondos de pensión en México (1997-2018): un análisis de volatili-dad condicional con cambios estructurales]]></article-title>
<source><![CDATA[Revista de Economía, Facultad de Economía]]></source>
<year>2019</year>
<volume>36</volume>
<page-range>9-34</page-range><publisher-name><![CDATA[Universidad Autónoma de Yucatán]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B21">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Mulligan]]></surname>
<given-names><![CDATA[C.B.]]></given-names>
</name>
<name>
<surname><![CDATA[Sala-i-Martin]]></surname>
<given-names><![CDATA[X.]]></given-names>
</name>
</person-group>
<source><![CDATA[Social security in theory and practice (II): Ef-ficiency theories, narrative theories and implications for reform]]></source>
<year>1999</year>
<page-range>7119</page-range><publisher-name><![CDATA[NBER Working Pa-per Series]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B22">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Ramirez]]></surname>
<given-names><![CDATA[J.C.]]></given-names>
</name>
<name>
<surname><![CDATA[Rochín Ruiz]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Existe una manera de competencia definida en el mercado de las AFORE?]]></article-title>
<source><![CDATA[El Trimestre Económico]]></source>
<year>2014</year>
<volume>LXXXI</volume>
<numero>1</numero>
<issue>1</issue>
<page-range>133-62</page-range></nlm-citation>
</ref>
<ref id="B23">
<nlm-citation citation-type="book">
<collab>Secretaria de Hacienda y Credito Publico</collab>
<source><![CDATA[Estadísticas Oportunas de las Finanzas Públicas. Situación Financiera del Sector Público]]></source>
<year>2020</year>
<publisher-loc><![CDATA[México ]]></publisher-loc>
<publisher-name><![CDATA[SHCP]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B24">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Villagomez]]></surname>
<given-names><![CDATA[A.]]></given-names>
</name>
</person-group>
<source><![CDATA[La subcuenta de vivienda]]></source>
<year>2001</year>
<publisher-loc><![CDATA[México ]]></publisher-loc>
<publisher-name><![CDATA[CIDE]]></publisher-name>
</nlm-citation>
</ref>
</ref-list>
</back>
</article>
