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A dynamic analysis of the effects on pensioners’ welfare of social security reforms

  • PEINADO, PATRICIA
  • SERRANO, FELIPE

The aim of this paper is to analyze the dynamic effects of the different parametric reforms oriented to reach the financial balance of public pension systems on the well-being of the retired population. Using the Spanish social security system as a case study, a duration analysis is implemented to look for a causal relationship and then estimate separately the effects of an effective retirement age delay and a replacement rate reduction as well as the combined effect of these two measures. We also estimate the effects of a delay on the reforms. We find that a change in the effective retirement age would have positive effects on the individual welfare of retired population, while a reduction of the replacement rate would diminish it. The combined effect of the two measures would finally translate into a welfare lost of the retired population. The delay on the reforms implies higher welfare loss (to the affected generations) than the analyzed reforms.

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Article provided by Cambridge University Press in its journal Journal of Pension Economics and Finance.

Volume (Year): 11 (2012)
Issue (Month): 01 (January)
Pages: 71-87

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Handle: RePEc:cup:jpenef:v:11:y:2012:i:01:p:71-87_00
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