<?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>S0186-10422020000300014</article-id>
<article-id pub-id-type="doi">10.22201/fca.24488410e.2020.2407</article-id>
<title-group>
<article-title xml:lang="en"><![CDATA[Multiple technical interest rates: A contribution to strengthening the stability of pension systems]]></article-title>
<article-title xml:lang="es"><![CDATA[Múltiples tasas de interés técnico: una contribución al fortalecimiento de la estabilidad del sistema de pensiones]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Olivares Aguayo]]></surname>
<given-names><![CDATA[Héctor Alonso]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<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[Franco Arbeláez]]></surname>
<given-names><![CDATA[Luis Ceferino]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Téllez Pérez]]></surname>
<given-names><![CDATA[Julio]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,Universidad La Salle  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Mexico</country>
</aff>
<aff id="Af2">
<institution><![CDATA[,Instituto Tecnológico Metropolitano  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Colombia</country>
</aff>
<aff id="Af3">
<institution><![CDATA[,Universidad Anáhuac  ]]></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>65</volume>
<numero>3</numero>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_arttext&amp;pid=S0186-10422020000300014&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_abstract&amp;pid=S0186-10422020000300014&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_pdf&amp;pid=S0186-10422020000300014&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="en"><p><![CDATA[Abstract In actuarial science relative to pensions and life annuities, it is a common assumption that the discount rate used to calculate the adequate reserve amount to cover future payments is equal to the expected long-term return rate of portfolios in which it is invested. This assumption is inadequate because it could lead fund managers to take excessive risks in order to obtain greater profitability and not be aware that each future cash flow should have a discount rate in accordance with its payment date. This article demonstrates the existence of a suitable technical interest rate to discount each future payment. However, these rates are not necessarily equal among themselves and the expected long-term return of the portfolio. In order to estimate these technical interest rates, it is proposed to apply a risk model to each of the expected payments, which incorporates the fluctuations of the portfolio in which the actuarial reserves are invested. Calculating appropriate discount rates to determine actuarial reserves contributes to strengthening the stability of pension systems and the financial system in general.]]></p></abstract>
<abstract abstract-type="short" xml:lang="es"><p><![CDATA[Resumen En la ciencia actuarial de vida relativa a pensiones y rentas vitalicias es un supuesto usual que la tasa de descuento utilizada para calcular el monto de reserva adecuado para cubrir los pagos futuros es igual a la tasa esperada de retorno de largo plazo de los portafolios en los cuales está invertida. Ese supuesto es inconveniente ya que podría llevar a los administradores de los recursos a tomar un exceso de riesgo con el fin de tener mayor rentabilidad e ignora que cada flujo de efectivo futuro debe tener una tasa de descuento acorde con su fecha de pago. En este artículo se demuestra la existencia de una tasa de interés técnico adecuada para descontar cada pago futuro y que dichas tasas no son necesariamente iguales entre sí, ni iguales al retorno esperado de largo plazo del portafolio. Para estimarlas se propone la utilización de un modelo de riesgo de incumplimiento en los pagos previstos, que incorpora las fluctuaciones propias del portafolio en el cual están invertidas las reservas actuariales. Determinar las tasas de descuento adecuadas para calcular reservas actuariales contribuye a fortalecer la estabilidad de los sistemas pensionales y del sistema financiero en general.]]></p></abstract>
<kwd-group>
<kwd lng="en"><![CDATA[Life annuity]]></kwd>
<kwd lng="en"><![CDATA[Credit risk]]></kwd>
<kwd lng="en"><![CDATA[Pension fund]]></kwd>
<kwd lng="en"><![CDATA[Technical interest rate]]></kwd>
<kwd lng="en"><![CDATA[G22]]></kwd>
<kwd lng="en"><![CDATA[G23]]></kwd>
<kwd lng="en"><![CDATA[G32]]></kwd>
<kwd lng="es"><![CDATA[Renta vitalicia]]></kwd>
<kwd lng="es"><![CDATA[Riesgo de crédito]]></kwd>
<kwd lng="es"><![CDATA[Fondos de la pensión]]></kwd>
<kwd lng="es"><![CDATA[Tasa de interés técnico]]></kwd>
<kwd lng="es"><![CDATA[G22]]></kwd>
<kwd lng="es"><![CDATA[G23]]></kwd>
<kwd lng="es"><![CDATA[G32]]></kwd>
</kwd-group>
</article-meta>
</front><back>
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