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Beyond the Toledo agreement: The intergenerational impact of the Spanish pension reform

  • Holger Bonin
  • Joan Gil
  • Concepció Patxot

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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Paper provided by FEDEA in its series Studies on the Spanish Economy with number 38.

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Handle: RePEc:fda:fdaeee:38
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  1. Willem H. Buiter, 1996. "Generational Accounts, Aggregate Savings, and Intergenerational Distribution," IMF Working Papers 96/76, International Monetary Fund.
  2. Eduardo Berenguer Comas & Holger Bonin & Bernd Raffelhuschen, 1998. "Generational Accounting in Spain: Has public sector grown too much?," Working Papers in Economics 30, Universitat de Barcelona. Espai de Recerca en Economia.
  3. Robert Haveman, 1994. "Should Generational Accounts Replace Public Budgets and Deficits?," Journal of Economic Perspectives, American Economic Association, vol. 8(1), pages 95-111, Winter.
  4. Bernd Raffelhüschen, 1993. "Funding social security through Pareto-optimal conversion policies," Journal of Economics, Springer, vol. 7(1), pages 105-131, December.
  5. Alan J. Auerbach & Jagadeesh Gokhale & Laurence J. Kotlikoff, 1994. "Generational Accounting: A Meaningful Way to Evaluate Fiscal Policy," Journal of Economic Perspectives, American Economic Association, vol. 8(1), pages 73-94, Winter.
  6. Alan J. Auerbach & Jagadeesh Gokhale & Laurence J. Kotlikoff, 1991. "Generational accounting: a new approach for understanding the effects of fiscal policy on saving," Working Paper 9107, Federal Reserve Bank of Cleveland.
  7. Alan J. Auerbach & Jagadeesh Gokhale & Laurence J. Kotlikoff, 1991. "Generational accounts: a meaningful alternative to deficit accounting," Working Paper 9103, Federal Reserve Bank of Cleveland.
  8. Lopez-Garcia, Miguel-Angel, 1996. "Consumption and Income as Tax Bases for Social Security," Public Finance = Finances publiques, , vol. 51(1), pages 54-70.
  9. Homburg, Stefan, 1990. "The Efficiency of Unfunded Pension Schemes," EconStor Open Access Articles, ZBW - German National Library of Economics, pages 640-647.
  10. Boll, Stephan & Raffelhuschen, Bernd & Walliser, Jan, 1994. " Social Security and Intergenerational Redistribution: A Generational Accounting Perspective," Public Choice, Springer, vol. 81(1-2), pages 79-100, October.
  11. Holger Bonin & Bernd Raffelhüschen & Jan Walliser, 2000. "Can Immigration Alleviate the Demographic Burden?," FinanzArchiv: Public Finance Analysis, Mohr Siebeck, Tübingen, vol. 57(1), pages 1-, September.
  12. Raffelhuschen, Bernd & Risa, Alf Erling, 1997. " Generational Accounting and Intergenerational Welfare," Public Choice, Springer, vol. 93(1-2), pages 149-63, October.
  13. Sinn, Hans-Werner, 1997. "The Value of Children and Immigrants in a Pay-As-You-Go Pension System: A Proposal For a Partial Transition to a Funded System," CEPR Discussion Papers 1734, C.E.P.R. Discussion Papers.
  14. Rafflhuschen, B. & Risa, A.E., 1997. "Generational Accounting and intergenerational Welfare," Norway; Department of Economics, University of Bergen 164, Department of Economics, University of Bergen.
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