Sustainability and adequacy of the Spanish pension system after the 2013 reform: a microsimulation analysis

Concerns about the consequences of demographic ageing on the sustainability of the pension system has led to the adoption of reforms reducing pension expenditure. However, the impact of these reforms on pension adequacy is now coming under increasing scrutiny. Taking recent Spanish reform as an exam...

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Detalhes bibliográficos
Autores: Solé Juvés, Meritxell, Souto Nieves, Guadalupe, Patxot, Concepció
Tipo de documento: artigo
Estado:Versão publicada
Data de publicação:2019
País:España
Recursos:Varias* (Consorci de Biblioteques Universitáries de Catalunya, Centre de Serveis Científics i Acadèmics de Catalunya)
Repositório:Recercat. Dipósit de la Recerca de Catalunya
OAI Identifier:oai:recercat.cat:2445/147899
Acesso em linha:https://hdl.handle.net/2445/147899
Access Level:Acceso aberto
Palavra-chave:Finances públiques
Envelliment de la població
Pensions
Macroeconomia
Public finance
Population aging
Macroeconomics
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spelling Sustainability and adequacy of the Spanish pension system after the 2013 reform: a microsimulation analysisSolé Juvés, MeritxellSouto Nieves, GuadalupePatxot, ConcepcióFinances públiquesEnvelliment de la poblacióPensionsMacroeconomiaPublic financePopulation agingPensionsMacroeconomicsConcerns about the consequences of demographic ageing on the sustainability of the pension system has led to the adoption of reforms reducing pension expenditure. However, the impact of these reforms on pension adequacy is now coming under increasing scrutiny. Taking recent Spanish reform as an example, this paper analyses the extent to which fostering pension sustainability threatens pension adequacy. Using an extension of the DyPeS behavioural microsimulation model, results show that the introduction of mechanisms linking retirement pensions to the evolution of the social security budget balance has strong and negative effects on adequacy. The gains in sustainability are mainly driven by the significant fall in the benefit ratio (average pension to average wage), worsening the relative economic position of pensioners throughout forthcoming decades, reversing the past trend.Instituto de Estudios Fiscales2020202020192020info:eu-repo/semantics/articleinfo:eu-repo/semantics/publishedVersion47 p.application/pdfhttps://hdl.handle.net/2445/147899Articles publicats en revistes (Economia)reponame:Recercat. Dipósit de la Recerca de Catalunyainstname:Varias* (Consorci de Biblioteques Universitáries de Catalunya, Centre de Serveis Científics i Acadèmics de Catalunya)InglésReproducció del document publicat a: https://hpe-rpe.org/published-articles/#104-wpfd-228-1-2019Hacienda Pública Española, 2019, vol. 228-1, p. 109-150(c) Instituto de Estudios Fiscales, 2019info:eu-repo/semantics/openAccessoai:recercat.cat:2445/1478992026-05-29T05:05:01Z
dc.title.none.fl_str_mv Sustainability and adequacy of the Spanish pension system after the 2013 reform: a microsimulation analysis
title Sustainability and adequacy of the Spanish pension system after the 2013 reform: a microsimulation analysis
spellingShingle Sustainability and adequacy of the Spanish pension system after the 2013 reform: a microsimulation analysis
Solé Juvés, Meritxell
Finances públiques
Envelliment de la població
Pensions
Macroeconomia
Public finance
Population aging
Pensions
Macroeconomics
title_short Sustainability and adequacy of the Spanish pension system after the 2013 reform: a microsimulation analysis
title_full Sustainability and adequacy of the Spanish pension system after the 2013 reform: a microsimulation analysis
title_fullStr Sustainability and adequacy of the Spanish pension system after the 2013 reform: a microsimulation analysis
title_full_unstemmed Sustainability and adequacy of the Spanish pension system after the 2013 reform: a microsimulation analysis
title_sort Sustainability and adequacy of the Spanish pension system after the 2013 reform: a microsimulation analysis
dc.creator.none.fl_str_mv Solé Juvés, Meritxell
Souto Nieves, Guadalupe
Patxot, Concepció
author Solé Juvés, Meritxell
author_facet Solé Juvés, Meritxell
Souto Nieves, Guadalupe
Patxot, Concepció
author_role author
author2 Souto Nieves, Guadalupe
Patxot, Concepció
author2_role author
author
dc.subject.none.fl_str_mv Finances públiques
Envelliment de la població
Pensions
Macroeconomia
Public finance
Population aging
Pensions
Macroeconomics
topic Finances públiques
Envelliment de la població
Pensions
Macroeconomia
Public finance
Population aging
Pensions
Macroeconomics
description Concerns about the consequences of demographic ageing on the sustainability of the pension system has led to the adoption of reforms reducing pension expenditure. However, the impact of these reforms on pension adequacy is now coming under increasing scrutiny. Taking recent Spanish reform as an example, this paper analyses the extent to which fostering pension sustainability threatens pension adequacy. Using an extension of the DyPeS behavioural microsimulation model, results show that the introduction of mechanisms linking retirement pensions to the evolution of the social security budget balance has strong and negative effects on adequacy. The gains in sustainability are mainly driven by the significant fall in the benefit ratio (average pension to average wage), worsening the relative economic position of pensioners throughout forthcoming decades, reversing the past trend.
publishDate 2019
dc.date.none.fl_str_mv 2019
2020
2020
2020
dc.type.none.fl_str_mv info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
format article
status_str publishedVersion
dc.identifier.none.fl_str_mv https://hdl.handle.net/2445/147899
url https://hdl.handle.net/2445/147899
dc.language.none.fl_str_mv Inglés
language_invalid_str_mv Inglés
dc.relation.none.fl_str_mv Reproducció del document publicat a: https://hpe-rpe.org/published-articles/#104-wpfd-228-1-2019
Hacienda Pública Española, 2019, vol. 228-1, p. 109-150
dc.rights.none.fl_str_mv (c) Instituto de Estudios Fiscales, 2019
info:eu-repo/semantics/openAccess
rights_invalid_str_mv (c) Instituto de Estudios Fiscales, 2019
eu_rights_str_mv openAccess
dc.format.none.fl_str_mv 47 p.
application/pdf
dc.publisher.none.fl_str_mv Instituto de Estudios Fiscales
publisher.none.fl_str_mv Instituto de Estudios Fiscales
dc.source.none.fl_str_mv Articles publicats en revistes (Economia)
reponame:Recercat. Dipósit de la Recerca de Catalunya
instname:Varias* (Consorci de Biblioteques Universitáries de Catalunya, Centre de Serveis Científics i Acadèmics de Catalunya)
instname_str Varias* (Consorci de Biblioteques Universitáries de Catalunya, Centre de Serveis Científics i Acadèmics de Catalunya)
reponame_str Recercat. Dipósit de la Recerca de Catalunya
collection Recercat. Dipósit de la Recerca de Catalunya
repository.name.fl_str_mv
repository.mail.fl_str_mv
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score 15.811543

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