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Is the deficit under control? A generational accounting perspective on fiscal policy and labour market trends in Spain

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Abstract

According to the 2001 Spanish budgetary figures, the government deficit is about to disappear. Within a generational accounting framework we analyse if current fiscal policy is also intertemporally balanced. Furthermore, we extend the standard methodology incorporating tax and transfer age profiles by employment status in order to analyse the intertemporal impact of several future employment developments. First, the effect of the reduction in unemployment is disentangled from the effect of fiscal policy reforms during the period 1996-2000. Second, we assess the fiscal effects of an expected future increase in female labour force participation. Finally, we evaluate the impact of a decline in unemployment to the natural rate of unemployment

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Bibliographic Info

Article provided by Fundación SEPI in its journal Investigaciones Economicas.

Volume (Year): 27 (2003)
Issue (Month): 2 (May)
Pages: 309-341

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Handle: RePEc:iec:inveco:v:27:y:2003:i:2:p:309-341

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Postal: Investigaciones Economicas Fundación SEPI Quintana, 2 (planta 3) 28008 Madrid Spain
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Keywords: Generational accounting; fiscal policy in Spain; public debt; demographic ageing;

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References

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  1. Auerbach, Alan J., 1997. "Quantifying the Current U.S. Fiscal Imbalance," National Tax Journal, National Tax Association, vol. 50(3), pages 387-98, September.
  2. Holger Bonin & Joan Gil & Concepció Patxot, 2001. "Beyond the Toledo agreement: the intergenerational impact of the Spanish Pension Reform," Spanish Economic Review, Springer, vol. 3(2), pages 111-130.
  3. Alan J. Auerbach & Jagadeesh Gokhale & Laurence J. Kotlikoff, 1991. "Generational Accounts: A Meaningful Alternative to Deficit Accounting," NBER Chapters, in: Tax Policy and the Economy, Volume 5, pages 55-110 National Bureau of Economic Research, Inc.
  4. Auerbach, Alan J & Gokhale, Jagadeesh & Kotlikoff, Laurence J, 1992. " Generational Accounting: A New Approach to Understanding the Effects of Fiscal Policy on Saving," Scandinavian Journal of Economics, Wiley Blackwell, vol. 94(2), pages 303-18.
  5. Buiter, Willem H, 1997. "Generational Accounts, Aggregate Saving and Intergenerational Distribution," Economica, London School of Economics and Political Science, vol. 64(256), pages 605-26, November.
  6. Alan J. Auerbach & Laurence J. Kotlikoff & Willi Leibfritz, 1999. "Introduction to "Generational Accounting around the World"," NBER Chapters, in: Generational Accounting around the World, pages 1-8 National Bureau of Economic Research, Inc.
  7. Raffelhuschen, B., 1999. "Generational Accounting in Europe," Norway; Department of Economics, University of Bergen 196, Department of Economics, University of Bergen.
  8. Alan J. Auerbach & Laurence J. Kotlikoff & Willi Leibfritz, 1999. "Generational Accounting around the World," NBER Books, National Bureau of Economic Research, Inc, number auer99-1, May.
  9. Holger Bonin & Bernd Raffelhüschen & Jan Walliser, . "Can Immigration Alleviate the Demographic Burden?," EPRU Working Paper Series 99-17, Economic Policy Research Unit (EPRU), University of Copenhagen. Department of Economics.
  10. Robert Haveman, 1994. "Should Generational Accounts Replace Public Budgets and Deficits?," Journal of Economic Perspectives, American Economic Association, vol. 8(1), pages 95-111, Winter.
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Cited by:
  1. Concepció Patxot & Elisenda Renteria & Miguel Sánchez Romero & Guadalupe Souto, 2012. "Measuring the balance of government intervention on forward and backward family transfers using NTA estimates: the modified Lee Arrows," MPIDR Working Papers WP-2012-015, Max Planck Institute for Demographic Research, Rostock, Germany.
  2. Bonin, Holger & Patxot, Concepció & Souto, Guadalupe, 2013. "Cyclically neutral generational accounting," ZEW Discussion Papers 13-099, ZEW - Zentrum für Europäische Wirtschaftsforschung / Center for European Economic Research.
  3. Gemma Abio Roig & Joan Gil Trasfi & Concepcion Patxot Cardoner, 2005. "La Ley de Estabilidad Presupuestaria en el largo plazo: efecto del ciclo demografico," Working Papers in Economics 126, Universitat de Barcelona. Espai de Recerca en Economia.

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  1. Eduard Berenguer Comas in Wikipedia (Spanish)
  2. Eduard Berenguer i Comas in Wikipedia (Catalan)

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