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La Ley de Estabilidad Presupuestaria en el largo plazo: efecto del ciclo demografico

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Author Info
Gemma Abio Roig
Joan Gil Trasfi
Concepcion Patxot Cardoner (Universitat de Barcelona)

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Abstract

The present economic situation and the financial perspectives in the long term have originated a discussion about the convenience of the Spanish law of financial stability (Ley de Estabilidad Presupuestaria). This paper uses the generational accounting methodology in order to evaluate the intertemporal sustainability of the Spanish fiscal policy extending the horizon beyond the business cycle, taking into consideration the effects of the demographic cycle. Our results show that, although the process of fiscal consolidation has greatly improved the financial situation of the government, substantial implicit liabilities are still being translated to future generations.

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File URL: http://www.ere.ub.es/dtreball/E05126.rdf/at_download/file
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Publisher Info
Paper provided by Universitat de Barcelona. Espai de Recerca en Economia in its series Working Papers in Economics with number 126.

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Length: 33 pages
Date of creation: 2005
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Handle: RePEc:bar:bedcje:2005126

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Postal: Espai de Recerca en Economia, Facultat de Ciències Econòmiques. Tinent Coronel Valenzuela, Num 1-11 08034 Barcelona. Spain.
Web page: http://www.ere.ub.es
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Find related papers by JEL classification:
E60 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - General
J18 - Labor and Demographic Economics - - Demographic Economics - - - Public Policy
H53 - Public Economics - - National Government Expenditures and Related Policies - - - Government Expenditures and Welfare Programs

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  1. Alan J. Auerbach, 1997. "Quantifying the Current U.S. Fiscal Imbalance," NBER Working Papers 6119, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  2. Gemma Abío & Eduard Berenguer & Holger Bonin & Joan Gil & Concepció Patxot, 2003. "Is the deficit under control? A generational accounting perspective on fiscal policy and labour market trends in Spain," Investigaciones Economicas, Fundación SEPI, vol. 27(2), pages 309-341, May. [Downloadable!]
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  3. 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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  4. Laurence J. Kotlikoff & Bernd Raffelhuschen, 1999. "Generational Accounting around the Globe," American Economic Review, American Economic Association, vol. 89(2), pages 161-166, May. [Downloadable!] (restricted)
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  5. 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.
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  6. 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. [Downloadable!] (restricted)
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  7. 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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