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Beyond the Toledo agreement: the intergenerational impact of the Spanish Pension Reform

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Author Info
Holger Bonin () (University of Freiburg, Institute of Public Finance, 79098 Freiburg, Germany Universitat de Barcelona, Facultat d'Economia, Av. Diagonal 690, 08034 Barcelona, Spain)
Joan Gil () (University of Freiburg, Institute of Public Finance, 79098 Freiburg, Germany Universitat de Barcelona, Facultat d'Economia, Av. Diagonal 690, 08034 Barcelona, Spain)
Concepció Patxot () (University of Freiburg, Institute of Public Finance, 79098 Freiburg, Germany Universitat de Barcelona, Facultat d'Economia, Av. Diagonal 690, 08034 Barcelona, Spain)

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Abstract

The paper examines the intergenerational impact of the Spanish public pension system after the 1997 Pension Reform Act. Within a Generational Accounting framework, we find that the new legal setting could leave future generations with liabilities as high as 176% of 1996 GDP. Hence, we analyse the impact of alternative reforms. Holding the pay-as-you-go setting, a further improvement to tax-benefit linkage in line with the Toledo Agreement proposals is shown to yield an intergenerationally more balanced outcome, than an increase in the retirement age or an expansion of public subsidies financed through indirect taxes. Finally, a move toward a partially funded pension system which restores the intergenerational balance is simulated.

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Publisher Info
Article provided by Springer in its journal Spanish Economic Review.

Volume (Year): 3 (2001)
Issue (Month): 2 ()
Pages: 111-130
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Handle: RePEc:spr:specre:v:3:y:2001:i:2:p:111-130

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Related research
Keywords: Spanish pension reform intergenerational redistribution generational accounting

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Find related papers by JEL classification:
E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy
H55 - Public Economics - - National Government Expenditures and Related Policies - - - Social Security and Public Pensions

References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:

  1. 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. [Downloadable!] (restricted)
    Other versions:
  2. Hans-Werner Sinn, 1997. "The Value of Children and Immigrants in a Pay-As-You-Go Pension System: A Proposal for a Partial Transition to a Funded System," NBER Working Papers 6229, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
    Other versions:
  3. Rafflhuschen, B. & Risa, A.E., 1997. "Generational Accounting and intergenerational Welfare," Norway; Department of Economics, University of Bergen 164, Department of Economics, University of Bergen.
  4. Eduardo Berenguer Comas & Holger Bonin & Bernd Raffelhuschen, 1998. "Generational Accounting in Spain: Has public sector grown too much?," Working Papers in Economics 30, Universitat de Barcelona. Espai de Recerca en Economia.
  5. Raffelhuschen, Bernd & Risa, Alf Erling, 1997. " Generational Accounting and Intergenerational Welfare," Public Choice, Springer, vol. 93(1-2), pages 149-63, October. [Downloadable!] (restricted)
  6. Alan J. Auerbach & Jagadeesh Gokhale & Laurence J. Kotlikoff, 1991. "Generational Accounts - A Meaningful Alternative to Deficit Accounting," NBER Working Papers 3589, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  7. 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.
  8. Boll, Stephan & Raffelhuschen, Bernd & Walliser, Jan, 1994. " Social Security and Intergenerational Redistribution: A Generational Accounting Perspective," Public Choice, Springer, vol. 81(1-2), pages 79-100, October.
  9. Haveman, Robert, 1994. "Should Generational Accounts Replace Public Budgets and Deficits?," Journal of Economic Perspectives, American Economic Association, vol. 8(1), pages 95-111, Winter. [Downloadable!] (restricted)
  10. 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, Blackwell Publishing, vol. 94(2), pages 303-18.
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  11. José A. Herce & Javier Alonso, . "Los efectos económicos de la Ley de Consolidación de la Seguridad Social. Perspectivas financieras del sistema de pensiones tras su entrada en vigor," Working Papers 98-16, FEDEA. [Downloadable!]
  12. Auerbach, Alan J & Gokhale, Jagadeesh & Kotlikoff, Laurence J, 1994. "Generational Accounting: A Meaningful Way to Evaluate Fiscal Policy," Journal of Economic Perspectives, American Economic Association, vol. 8(1), pages 73-94, Winter. [Downloadable!] (restricted)
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Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Gemma Abío & Eduard Berenguer & Holger Bonin & Joan Gil & Concepció Patxot, . "Is the Deficit under Control? A Generational Accounting Perspective on Fiscal Policy and Labour Market Trends in Spain," Working Papers 2001-06, FEDEA. [Downloadable!]
    Other versions:
  2. Carlos Vidal-Meliá & Inmaculada Domínguez-Fabian, 2005. "The Spanish Pension System: Issues Of Introducing Notional Defined Contribution Accounts," Public Economics 0504006, EconWPA. [Downloadable!]
  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. [Downloadable!]
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