A comparison of the Luenberger and Luenberger-Hicks-Moorsteen Productivity Indicators Applied to Argentinean Pension Funds: 1996-2007

CARLOS PESTANA BARROS, GUSTAVO FERRO, SHUNSUKE MANAGI Y CARLOS A. ROMERO

Córdoba, Argentina

Congreso; XLIII Reunión Anual Asociación Argentina de Economía Política; 2008

AAEP

.In this paper, the two nonparametric models, the “Luenberger Productivity Model” and “Luenberger–Hicks–Moorsteen Productivity Indicator” are used to estimate the productivity of Argentinean Pension Fund Management Companies. These companies are ranked according to their total productivity change with annual data from 1996 to 2007. The performance of the industry has been flat or decreasing during our period of analysis. But the industry shows reaction to shocks, like tighter regulations or macroeconomic crisis. The Luenberger Productivity Indicator and Luenberger–Hicks–Moorsteen Productivity Indicator yield similar results.