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Redistribution in the Spanish pension system: An approach to its life time effects

Author

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  • Joan Gil
  • Guillem LÛpez i Casasnovas

Abstract

This paper computes first the internal rates of return of different population cohorts. Secondly, we study the intragenerational aspects by calculating the returns over life-time contributions for workers of different categories, grouped by earnings, gender and marital status. Under a set of assumptions on contribution rates and wage profiles -in absence of actual data on longitudinal contributions- we show the existence of significant intergenerational effects. They favour older cohorts due basically to the contribution bases applied during the 60s and 70s. Some of these effects follow a rather erratic pattern, mostly due to the changes overtime of the definition of the maximum allowable contribution. These limits play a similar crucial role for the intragenerational analysis, although in general, the social security 'deal' favours high income individuals, women and married males.
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Suggested Citation

  • Joan Gil & Guillem LÛpez i Casasnovas, "undated". "Redistribution in the Spanish pension system: An approach to its life time effects," Studies on the Spanish Economy 55, FEDEA.
  • Handle: RePEc:fda:fdaeee:55
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    References listed on IDEAS

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    1. María Isabel Escobedo, 1991. "Un análisis empírico de los efectos finales producidos sobre el empleo industrial por el sistema de financiación de la Seguridad Social española 1975-1983," Investigaciones Economicas, Fundación SEPI, vol. 15(1), pages 169-192, January.
    2. Boskin, Michael J. & Kotlikoff, Lawrence J. & Puffert, Douglas J. & Shoven, John B., 1986. "Social Security: A Financial Appraisal Across and Within Generations," CEPR Publications 244432, Stanford University, Center for Economic Policy Research.
    3. Anthony Pellechio & Gordon Goodfellow, 1983. "Individual Gains and Losses from Social Security before and after the 1983 Amendments," Cato Journal, Cato Journal, Cato Institute, vol. 3(2), pages 417-442, Fall.
    4. Nelissen, J.H.M., 1987. "The redistributive impact of the general old age pensions act on lifetime income in the Netherlands," Other publications TiSEM c1e60227-c0d1-48c9-ae27-5, Tilburg University, School of Economics and Management.
    5. Creedy, John & Disney, Richard & Whitehouse, Edward, 1993. "The Earnings-Related State Pension, Indexation and Lifetime Redistribution in the U.K," Review of Income and Wealth, International Association for Research in Income and Wealth, vol. 39(3), pages 257-278, September.
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    Cited by:

    1. Mar Devesa Carpio & José E. Devesa Carpio, 2009. "El coste y el desequilibrio financiero-actuarial de los sistemas de reparto. El caso del sistema Español," Working Papers. Serie EC 2009-09, Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie).

    More about this item

    Keywords

    Social Security in Spain; Life-time contributions and pensions; Social Security internal rates of return;

    JEL classification:

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

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