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From transfers to capital: analyzing the Spanish demand for wealth using NTA


  • Miguel Sánchez Romero

    (Max Planck Institute for Demographic Research, Rostock, Germany)

  • Concepció Patxot
  • Elisenda Renteria
  • Guadalupe Souto


Inter- and intra-family transfers are a very important part of our daily economic activity. These transfers, whether familial or public, may influence our economic decisions to the same extent that financial markets do. In this paper, we seek to understand how the Spanish stock of capital will evolve if the set of intergenerational transfers observed in year 2000 are maintained in the future. With that aim in mind, we have implemented a general equilibrium overlapping generations model with realistic public and familial transfers drawn from the National Transfer Accounts project (NTA). Given that familial transfers go from parents to children, and public transfers go from children to parents, we show that the Spanish baby boom and baby bust will make the second demographic dividend temporary, and that welfare will be reduced from 2040 onwards.

Suggested Citation

  • Miguel Sánchez Romero & Concepció Patxot & Elisenda Renteria & Guadalupe Souto, 2010. "From transfers to capital: analyzing the Spanish demand for wealth using NTA," MPIDR Working Papers WP-2010-029, Max Planck Institute for Demographic Research, Rostock, Germany.
  • Handle: RePEc:dem:wpaper:wp-2010-029

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    References listed on IDEAS

    1. d'Albis, Hippolyte, 2007. "Demographic structure and capital accumulation," Journal of Economic Theory, Elsevier, vol. 132(1), pages 411-434, January.
    2. Javier Diaz-Gimenez & Julian Diaz-Saavedra, 2009. "Delaying Retirement in Spain," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 12(1), pages 147-167, January.
    3. Sergi Jiménez-Martín & Alfonso R. Sánchez Martín, 2007. "An evaluation of the life cycle effects of minimum pensions on retirement behavior," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 22(5), pages 923-950.
    4. Masao Ogaki & Jonathan D. Ostry & Carmen M. Reinhart, 1996. "Saving Behavior in Low- and Middle-Income Developing Countries: A Comparison," IMF Staff Papers, Palgrave Macmillan, vol. 43(1), pages 38-71, March.
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    Cited by:

    1. Andrew Mason & Sang-Hyop Lee, 2012. "Population, wealth, and economicgrowth in Asia and the Pacific," Chapters,in: Aging, Economic Growth, and Old-Age Security in Asia, chapter 2, pages 32-82 Edward Elgar Publishing.

    More about this item


    Spain; demographic ageing; economic demography; economic growth;

    JEL classification:

    • J1 - Labor and Demographic Economics - - Demographic Economics
    • Z0 - Other Special Topics - - General

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