Multiple technical interest rates: A contribution to strengthening the stability of pension systems
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| Format: | Artículo científico |
| Sprache: | en |
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Universidad Nacional Autónoma de México
2020
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| author | Héctor Alonso Olivares Aguayo |
| author_facet | Héctor Alonso Olivares Aguayo |
| contents | Multiple technical interest rates: A contribution to strengthening the stability of pension systems Héctor Alonso Olivares Aguayo Gabriel Alberto Agudelo Torres Luis Ceferino Franco Arbeláez Julio Téllez Pérez Administración y Contabilidad G22 G23 G32 Credit risk Life annuity 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. 2020 artículo científico 0186-1042 https://www.redalyc.org/articulo.oa?id=39571743014 https://www.redalyc.org/journal/395/39571743014/ https://www.redalyc.org/journal/395/39571743014/html/ https://www.redalyc.org/journal/395/39571743014/39571743014.epub https://www.redalyc.org/journal/395/39571743014/movil 10.22201/fca.24488410e.2020.2407 en http://www.redalyc.org/revista.oa?id=395 Contaduría y Administración application/pdf Universidad Nacional Autónoma de México Contaduría y Administración (México) Num.3 Vol.65 |
| format | Artículo científico |
| id | redalyc_39571743014 |
| institution | Redalyc |
| language | en |
| publishDate | 2020 |
| publisher | Universidad Nacional Autónoma de México |
| spellingShingle | Multiple technical interest rates: A contribution to strengthening the stability of pension systems Héctor Alonso Olivares Aguayo Administración y Contabilidad G22 G23 G32 Credit risk Life annuity Multiple technical interest rates: A contribution to strengthening the stability of pension systems Héctor Alonso Olivares Aguayo Gabriel Alberto Agudelo Torres Luis Ceferino Franco Arbeláez Julio Téllez Pérez Administración y Contabilidad G22 G23 G32 Credit risk Life annuity 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. 2020 artículo científico 0186-1042 https://www.redalyc.org/articulo.oa?id=39571743014 https://www.redalyc.org/journal/395/39571743014/ https://www.redalyc.org/journal/395/39571743014/html/ https://www.redalyc.org/journal/395/39571743014/39571743014.epub https://www.redalyc.org/journal/395/39571743014/movil 10.22201/fca.24488410e.2020.2407 en http://www.redalyc.org/revista.oa?id=395 Contaduría y Administración application/pdf Universidad Nacional Autónoma de México Contaduría y Administración (México) Num.3 Vol.65 |
| title | Multiple technical interest rates: A contribution to strengthening the stability of pension systems |
| topic | Administración y Contabilidad G22 G23 G32 Credit risk Life annuity |
| url | https://www.redalyc.org/articulo.oa?id=39571743014 https://www.redalyc.org/journal/395/39571743014/ https://www.redalyc.org/journal/395/39571743014/html/ https://www.redalyc.org/journal/395/39571743014/39571743014.epub https://www.redalyc.org/journal/395/39571743014/movil |