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El sistema de pensiones contributivas en España: Cuestiones básicas y perspectivas en el medio plazo

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  • Juan F. Jimeno

Abstract

This paper surveys the main issues in the debate about pensions. The first part of the paper contains some calculations of the future evolution of the pension burden in Spain. The second part of the paper comments on the effects of policy measures that could either control expenditures on pensions or finance it. The main conclusion of the paper is that the Spanish pension system is bound to suffer significant reforms. Different measures entailing both costs and advantages are available. However, there are no simple alternatives like "public system versus private system" or "pay-as-you-go versus capitalisation". First, there are good reasons for maintaining a public pension system offering social insurance. Secondly, most of the advantages associated with privatisation are more apparent than real. In fact, any gains in efficiency which could brought up by reform are more related to the details of how the system is designed rather than with its public or private nature. What is important is to do something, the sooner the better, to eliminate political uncertainty about the pension system. Our discussion of the policy options available leads us to conclude that, most likely, the optimal pensions system is a mixed system, partly capitalised, partly on a pay-as-you-go basis. Both systems have efficiency and equity effects and, therefore, it seems intelligent to combine them in the solution to the pension problem.

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Paper provided by FEDEA in its series Working Papers with number 2000-15.

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Handle: RePEc:fda:fdaddt:2000-15

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  1. Martin Feldstein & Andrew Samwick, 1998. "The Transition Path in Privatizing Social Security," NBER Chapters, in: Privatizing Social Security, pages 215-264 National Bureau of Economic Research, Inc.
  2. Nickell, S. & Layard, R., 1997. "Labour Market Institutions and Economic Performance," Papers 23, Centre for Economic Performance & Institute of Economics.
  3. Julia Lynn Coronado & Don Fullerton & Thomas Glass, 2000. "The Progressivity of Social Security," NBER Working Papers 7520, National Bureau of Economic Research, Inc.
  4. Rebecca M. Blank, 1999. "When Can Public Policy Makers Rely on Private Markets? The Effective Provision of Social Services," NBER Working Papers 7099, National Bureau of Economic Research, Inc.
  5. Martin Feldstein, 1998. "Privatizing Social Security," NBER Books, National Bureau of Economic Research, Inc, number feld98-1, July.
  6. Francesco Daveri & Guido Tabellini, . "Unemployment, Growth and Taxation in Industrial Countries," Working Papers 122, IGIER (Innocenzo Gasparini Institute for Economic Research), Bocconi University.
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  8. A. B. Atkinson, 1999. "The Economic Consequences of Rolling Back the Welfare State," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262011719, December.
  9. Peter A. Diamond, 1997. "Macroeconomics Aspects of Social Security Reform," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 28(2), pages 1-88.
  10. Peter A. Diamond, 1996. "Proposals to Restructure Social Security," Journal of Economic Perspectives, American Economic Association, vol. 10(3), pages 67-88, Summer.
  11. Juan F. Jimeno & Omar Licandro, 1999. "La tasa interna de rentabilidad y el equilibrio financiero del sistema español de pensiones de jubilación," Investigaciones Economicas, Fundación SEPI, vol. 23(1), pages 129-143, January.
  12. Thomas Cooley & Jorge Soares, 1999. "Privatizing Social Security," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 2(3), pages 731-755, July.
  13. Modigliani, Franco. & Ceprini, Marialuisa E. A. & Muralidhar, Arun Sundarram., 1999. "An MIT solution to the social security crisis," Working papers WP 4051-99., Massachusetts Institute of Technology (MIT), Sloan School of Management.
  14. Michele Boldrin & Juan J. Dolado & Juan F. Jimeno & Franco Peracchi, . "The future of pension systems in Europe. A reappraisal," Working Papers 99-08, FEDEA.
  15. David Miles & Allan Timmermann, 1999. "Risk sharing and transition costs in the reform of pension systems in Europe," Economic Policy, CEPR & CES & MSH, vol. 14(29), pages 251-286, October.
  16. Deborah Roseveare & Willi Leibfritz & Douglas Fore & Eckhard Wurzel, 1996. "Ageing Populations, Pension Systems and Government Budgets: Simulations for 20 OECD Countries," OECD Economics Department Working Papers 168, OECD Publishing.
  17. Martin Feldstein, 1998. "Introduction to "Privatizing Social Security"," NBER Chapters, in: Privatizing Social Security, pages 1-29 National Bureau of Economic Research, Inc.
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