Crisis en el Mercado de Fondos de Inversión: experiencia, resultados y lecciones
Fecha
2005-07-01
Autores
Espinosa Rodríguez, Julio César
Hernández Moreira, Óscar
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Editor
Universidad Nacional, Costa Rica
Resumen
En el año 2004 se rompió el mito de que las inversiones en valores públicos no eran riesgosas, lo cual era básicamente una falacia. Por primera vez los inversionistas se vieron expuestos a la pérdida -de proporciones considerables- de parte de su dinero que tenían invertido en fondos de inversión o directamente en valores costarricenses gubernamentales. Así la frase “carteras o valores 100% públicos” utilizada por inversionistas, corredores de bolsa, asesores en inversiones, ejecutivos de cuenta, etc, la cual hacía referencia a “inversiones muy seguras” o “inversiones cero riesgo”, se fue literalmente al cajón de la basura. Las pérdidas que sufrieron los inversionistas reflejaron problemas en tres áreas. Primero, la SUGEVAL, fue negligente desde varios puntos de vista para obligar a los gestores de cartera a actuar responsablemente. Segundo, algunos de los gestores de carteras no se comportaron como “buenos padres de familia”. Y tercero, la falta de una cultura financiera. Por otro lado, a lo anterior hay que agregarle una subida del precio de los títulos de deuda soberana costarricenses, lo cual no respondía a criterios racionales y /o técnicos; y finalmente, la mala gestión por parte de la SUGEVAL y Banco Central de la crisis, resultado entre otros aspectos de la falta de experiencia en este tipo de situaciones.
In 2004 the myth was broken that investments in public securities were not risky, which was basically a fallacy. For the first time, investors were exposed to the loss - of considerable proportions - of part of their money that they had invested in investment funds or directly in Costa Rican government securities. Thus, the phrase “100% public portfolios or securities” used by investors, stockbrokers, investment advisers, account executives, etc., which referred to “very safe investments” or “zero risk investments”, literally went to trash drawer. The losses suffered by investors reflected problems in three areas. First, SUGEVAL was negligent from various points of view to compel portfolio managers to act responsibly. Second, some of the portfolio managers did not behave like "good parents." And third, the lack of a financial culture. On the other hand, to the above we must add a rise in the price of Costa Rican sovereign debt securities, which did not respond to rational and / or technical criteria; and finally, the poor management by the SUGEVAL and the Central Bank of the crisis, resulting among other aspects from the lack of experience in this type of situation.
In 2004 the myth was broken that investments in public securities were not risky, which was basically a fallacy. For the first time, investors were exposed to the loss - of considerable proportions - of part of their money that they had invested in investment funds or directly in Costa Rican government securities. Thus, the phrase “100% public portfolios or securities” used by investors, stockbrokers, investment advisers, account executives, etc., which referred to “very safe investments” or “zero risk investments”, literally went to trash drawer. The losses suffered by investors reflected problems in three areas. First, SUGEVAL was negligent from various points of view to compel portfolio managers to act responsibly. Second, some of the portfolio managers did not behave like "good parents." And third, the lack of a financial culture. On the other hand, to the above we must add a rise in the price of Costa Rican sovereign debt securities, which did not respond to rational and / or technical criteria; and finally, the poor management by the SUGEVAL and the Central Bank of the crisis, resulting among other aspects from the lack of experience in this type of situation.
Descripción
Palabras clave
INVERSIÓN, RECESIÓN ECONÓMICA, MERCADO FINANCIERO, COSTA RICA, INVESTMENT, ECONOMIC RECESSION, FINANCIAL MARKET