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A simple model of aggregate pension expenditure


  • Angel De la Fuente


This paper develops a simple model that can be used to analyze the long-term sustainability of the contributive pension system and the steady-state of pension expenditure to changes in some key demographic and economic variables.

Suggested Citation

  • Angel De la Fuente, 2011. "A simple model of aggregate pension expenditure," Working Papers 1118, BBVA Bank, Economic Research Department.
  • Handle: RePEc:bbv:wpaper:1118

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    References listed on IDEAS

    1. J. Ignacio Conde-Rui & Javier Alonso, "undated". "El futuro de las pensiones en España: Perspectivas y lecciones," Working Papers 2004-03, FEDEA.
    2. Rafael Domenech & Ángel Melguizo, 2008. "Projecting Pension Expenditures in Spain: On Uncertainty, Communication and Transparency," Working Papers 0803, International Economics Institute, University of Valencia.
    3. Javier Alonso Meseguer & José A. Herce, "undated". "Balance del sistema de pensiones y boom migratorio en España. Proyecciones del modelo MODPENS de FEDEA a 2050," Working Papers 2003-02, FEDEA.
    4. Joan Gil & Miguel Angel López García & Jorge Onrubia & Cío Patxot & Guadalupe Souto, 2007. "A projection model of the contributory pension expenditure of the spanish social security system: 2004-2050," Hacienda Pública Española, IEF, vol. 182(3), pages 75-116, September.
    5. 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 467-467.
    6. Angel de la Fuente & Rafael Doménech, 2011. "The Impact of Spanish Pension Reform on Expenditure: a Quick Estimate," Working Papers 542, Barcelona Graduate School of Economics.
    7. Aranzazu Crespo & Marcel Jansen, 2014. "The Role of Global Value Chains during the Crisis: Evidence from Spanish and European Firms," Working Papers 2014-09, FEDEA.
    8. Jimeno, Juan F. & Rojas, Juan A. & Puente, Sergio, 2008. "Modelling the impact of aging on social security expenditures," Economic Modelling, Elsevier, vol. 25(2), pages 201-224, March.
    9. De La Fuente, Angel & Doménech, Rafael, 2013. "The financial impact of Spanish pension reform: A quick estimate," Journal of Pension Economics and Finance, Cambridge University Press, vol. 12(01), pages 111-137, January.
    10. J. Ignacio Conde-Ruiz & Clara I. González, 2013. "Reforma de pensiones 2011 en España," Hacienda Pública Española, IEF, vol. 204(1), pages 9-44, March.
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    Cited by:

    1. Angel de la Fuente & Rafael Doménech, 2011. "The Impact of Spanish Pension Reform on Expenditure: a Quick Estimate," Working Papers 542, Barcelona Graduate School of Economics.

    More about this item


    Spain; pensions; sustainability;

    JEL classification:

    • H55 - Public Economics - - National Government Expenditures and Related Policies - - - Social Security and Public Pensions

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