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Beyond the Toledo agreement: the intergenerational impact of the Spanish Pension Reform

  • Holger Bonin

    ()

    (University of Freiburg, Institute of Public Finance, 79098 Freiburg, Germany Universitat de Barcelona, Facultat d'Economia, Av. Diagonal 690, 08034 Barcelona, Spain)

  • Joan Gil

    ()

    (University of Freiburg, Institute of Public Finance, 79098 Freiburg, Germany Universitat de Barcelona, Facultat d'Economia, Av. Diagonal 690, 08034 Barcelona, Spain)

  • Concepció Patxot

    ()

    (University of Freiburg, Institute of Public Finance, 79098 Freiburg, Germany Universitat de Barcelona, Facultat d'Economia, Av. Diagonal 690, 08034 Barcelona, Spain)

The paper examines the intergenerational impact of the Spanish public pension system after the 1997 Pension Reform Act. Within a Generational Accounting framework, we find that the new legal setting could leave future generations with liabilities as high as 176% of 1996 GDP. Hence, we analyse the impact of alternative reforms. Holding the pay-as-you-go setting, a further improvement to tax-benefit linkage in line with the Toledo Agreement proposals is shown to yield an intergenerationally more balanced outcome, than an increase in the retirement age or an expansion of public subsidies financed through indirect taxes. Finally, a move toward a partially funded pension system which restores the intergenerational balance is simulated.

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Article provided by Springer in its journal Spanish Economic Review.

Volume (Year): 3 (2001)
Issue (Month): 2 ()
Pages: 111-130

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Handle: RePEc:spr:specre:v:3:y:2001:i:2:p:111-130
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