IDEAS home Printed from
MyIDEAS: Log in (now much improved!) to save this paper

El coste y el desequilibrio financiero-actuarial de los sistemas de reparto. El caso del sistema Español

Listed author(s):
  • Mar Devesa Carpio


    (Universitat de València)

  • José E. Devesa Carpio

    (Universitat de València)

Registered author(s):

    The present work defines a measure that allows one to determine the actuarial cost of delivering a monetary unit of pension in the case of a pay-as-you-go system. This cost is connected with the system's actuarial viability. The basis is the model used by Devesa & Devesa (2008b) to determine the actuarial imbalance of pay-as-you-go systems. The model is also applied to determining the imbalance and the unitary pension cost of the contributory pension system of the Spanish Social Security system, extending the study to all benefits and all regimes for five consecutive years from 2002 to 2006. Lastly, policy alternatives are presented that would allow the system to be brought back into balance in the sense of equating actuarially the cost to the value of the pension delivered. En el presente trabajo se define una medida que permite determinar, desde el punto de vista actuarial, el coste que supone entregar una unidad monetaria de pensión en el caso de un sistema de reparto, lo cual enlaza con la viabilidad financiero-actuarial del mismo. Para ello se parte del modelo que Devesa y Devesa (2008b) utilizan para determinar el desequilibrio financiero-actuarial de los sistemas de reparto. Además, dicho modelo se aplica para determinar el desequilibrio y el coste por pensión unitaria del sistema contributivo de pensiones de la Seguridad Social española, ampliando el estudio a todas las prestaciones y a todos los regímenes, para cinco años consecutivos desde 2002 hasta 2006. Por último, se presentan distintas alternativas que permitirían reequilibrar el mencionado sistema o, lo que es lo mismo, igualar actuarialmente el coste al valor de la pensión entregada.

    If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.

    File URL:
    File Function: Fisrt version / Primera version, 2009
    Download Restriction: no

    Paper provided by Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie) in its series Working Papers. Serie EC with number 2009-09.

    in new window

    Length: 58 pages
    Date of creation: Aug 2009
    Publication status: Published by Ivie
    Handle: RePEc:ivi:wpasec:2009-09
    Contact details of provider: Postal:
    C/ Guardia Civil, 22, Esc 2a, 1o, E-46020 VALENCIA

    Phone: +34 96 319 00 50
    Fax: +34 96 319 00 55
    Web page:

    More information through EDIRC

    References listed on IDEAS
    Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:

    in new window

    1. Paul van den Noord & Richard Herd, 1993. "Pension Liabilities in the Seven Major Economies," OECD Economics Department Working Papers 142, OECD Publishing.
    2. Jagadeesh Gokhale & Kent Smetters, 2005. "Measuring Social Security’s Financial Problems," Working Papers wp093, University of Michigan, Michigan Retirement Research Center.
    3. Joan Gil & Guillen López-Casasnovas, "undated". "Redistribution in the Spanish pension system: An approach to its life time effects," Working Papers 99-16, FEDEA.
    4. Feldstein, Martin S, 1974. "Social Security, Induced Retirement, and Aggregate Capital Accumulation," Journal of Political Economy, University of Chicago Press, vol. 82(5), pages 905-926, Sept./Oct.
    5. Angel Melguizo & Manuel Balmaseda & David Taguas, 2005. "Las reformas necesarias en el sistema de pensiones contributivas en Espana," Working Papers 0505, BBVA Bank, Economic Research Department.
    6. 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.
    7. Juan F. Jimeno & Omar Licandro, 1999. "La tasa interna de rentabilidad y el equilibrio financiero del sistema español de pensiones de jubilación," Investigaciones Economicas, Fundación SEPI, vol. 23(1), pages 129-143, January.
    Full references (including those not matched with items on IDEAS)

    This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.

    When requesting a correction, please mention this item's handle: RePEc:ivi:wpasec:2009-09. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Departamento de Edición)

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If references are entirely missing, you can add them using this form.

    If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    This information is provided to you by IDEAS at the Research Division of the Federal Reserve Bank of St. Louis using RePEc data.