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The Spanish Pension System: Issues Of Introducing Notional Defined Contribution Accounts

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Author Info

  • CARLOS VIDAL-MELIÁ

    (University of Valencia Spain)

  • INMACULADA DOMÍNGUEZ-FABIAN

    (University of Extremadura Spain)

Abstract

There are two aims to this paper: firstly, to provide an objective technical assessment of the current situation of the contributory pension system in Spain and its prospects for the future, and secondly, to look at the issues surrounding the introduction of a system of notional defined contribution accounts. To this end we explain the basic elements upon which the current system is based and show its main indicators, then set out some of its fundamental problems. Following this we look at the most relevant research work, where forecasts can be found that will give us a clear idea of the system's financial sustainability. Finally we put forward an argument as to why a notional accounts system could be a valid alternative for reforming the current system, and suggest which formula or group of formulas would best fit the profile of contributor-beneficiary risk and what the transition process would be

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Bibliographic Info

Paper provided by EconWPA in its series Public Economics with number 0504006.

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Length: 27 pages
Date of creation: 18 Apr 2005
Date of revision:
Handle: RePEc:wpa:wuwppe:0504006

Note: Type of Document - pdf; pages: 27. Forthcoming in R. Holzmann & E. Palmer (Eds) “Financial Defined Contribution (NDC) Pension Schemes: Concept, Issues, Implementation, Prospects”. The World Bank and Riksforsakrings Verket. (2005)
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Web page: http://128.118.178.162

Related research

Keywords: Retirement; Pay-as-you-go; Internal Rate of Return (IRR); Financial sustainability.;

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References

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  1. : Michele Boldrin & : Sergi Jiménez-Martín & : Franco Peracchi, . "Micro-Modelling Of Retirement Behavior In Spain," Working Papers 14-02 Classification-JEL , Instituto de Estudios Fiscales.
  2. Michele Boldrin & Juan J. Dolado & Juan F. Jimeno & Franco Peracchi, 1999. "The future of pensions in Europe," Economic Policy, CEPR & CES & MSH, vol. 14(29), pages 287-320, October.
  3. Michele Boldrin & Sergi Jimenez-Martni & Franco Peracchi, 1997. "Social Security and Retirement in Spain," NBER Working Papers 6136, National Bureau of Economic Research, Inc.
  4. 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.
  5. Joan Gil Trasfi & Jose Bailen, 1997. "Transitional effects of a pension system change in spain," Working Papers in Economics 18, Universitat de Barcelona. Espai de Recerca en Economia.
  6. 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.
  7. Paul A. Samuelson, 1958. "An Exact Consumption-Loan Model of Interest with or without the Social Contrivance of Money," Journal of Political Economy, University of Chicago Press, vol. 66, pages 467.
  8. Juan F. Jimeno, . "Demografía, empleo, salarios y pensiones," Working Papers 2002-04, FEDEA.
  9. Valdes-Prieto, Salvador, 2000. " The Financial Stability of Notional Account Pensions," Scandinavian Journal of Economics, Wiley Blackwell, vol. 102(3), pages 395-417, June.
  10. Holzmann, Robert, 1998. "Financing the transition to multipillar," Social Protection Discussion Papers 20052, The World Bank.
  11. Robert Holzmann & Mitchell Orenstein & Michal Rutkowski, 2003. "Pension Reform in Europe : Process and Progress," World Bank Publications, The World Bank, number 15132, August.
  12. Peter Diamond, 2004. "Social Security," American Economic Review, American Economic Association, vol. 94(1), pages 1-24, March.
  13. Courtney Coile & Jonathan Gruber, 2000. "Social Security and Retirement," NBER Working Papers 7830, National Bureau of Economic Research, Inc.
  14. Carlos Vidal- Meliá & José E. Devesa- Carpio & Rosa Rodríguez- Barrera, 2002. "Assessing Administration Charges For The Affiliate In Individual Account Systems," Working Papers. Serie EC 2002-09, Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie).
  15. Boldrin Michele & Jiménez-Martín Sergi & Peracchi Franco, 2001. "Sistema de pensiones y mercado de trabajo en España," Books, Fundacion BBVA / BBVA Foundation, edition 1, number 201120.
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Cited by:
  1. Carlos Vidal-Meliá & Inmaculada Domínguez-Fabián & María del Carmen Boado-Penas, . "Notional Defined Contribution Accounts (NDCs): Solvency and Risk; Application to the Case of Spain," Studies on the Spanish Economy 226, FEDEA.

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