Son los fondos de pensiones determinantes en la estabilidad del mercado accionario colombiano?. quien causa a quien?. un analisis de cointegracion y causalidad.

This research analyzes the cointegration and subsequent direction of causality between price series representative of the stock market index of Colombia and the price series of the Colombian pension funds. The concepts and methodologies of cointegration, causality, error correction model and impulse response function in order to establish the presence of short term causality and equilibrium relations of long-term and its effects on the trajectories over time are applied. The evidence results could raise questions about possible gaps in existing regulation, specifically on the dynamics and investment policies of such institutional investors.