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

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  • PEINADO, PATRICIA
  • SERRANO, FELIPE

Abstract

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.

Suggested Citation

  • Peinado, Patricia & Serrano, Felipe, 2012. "A dynamic analysis of the effects on pensioners’ welfare of social security reforms," Journal of Pension Economics and Finance, Cambridge University Press, vol. 11(01), pages 71-87, January.
  • Handle: RePEc:cup:jpenef:v:11:y:2012:i:01:p:71-87_00
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    Cited by:

    1. Patricia Peinado & Felipe Serrano, 2014. "Fiscal Crisis, Social Security Reform and Vulnerable Population," Panoeconomicus, Savez ekonomista Vojvodine, Novi Sad, Serbia, vol. 61(1), pages 129-143, Februar.
    2. Patricia Peinado & Felipe Serrano, 2011. "A Dynamic Analysis of the Effect of Social Security Reform on Spanish Widow Pensioners," Panoeconomicus, Savez ekonomista Vojvodine, Novi Sad, Serbia, vol. 58(5), pages 759-771, December.

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