Pension expenditure in Spain: a European comparison

Rationale. There is significant disparity in the pension expenditure-to-GDP ratio across European countries. This article examines the size of the Spanish pension system relative to those of other EU countries and analyses the drivers behind the differences observed.Takeaways. • In 2019, pension exp...

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Detalles Bibliográficos
Autores: Martín, Miguel Ángel, Ramos, Roberto
Tipo de recurso: artículo
Fecha de publicación:2023
País:España
Institución:Banco de España
Repositorio:Repositorio Institucional del Banco de España
OAI Identifier:oai:repositorio.bde.es:123456789/29470
Acceso en línea:https://repositorio.bde.es/handle/123456789/29470
Access Level:acceso abierto
Palabra clave:Pension expenditure
Social protection
Demographic factor
Coverage ratio
Employment rate
Benefit ratio
Seguridad social y programas de asistencia social
Presupuesto y contabilidad pública
H55
J11
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oai_identifier_str oai:repositorio.bde.es:123456789/29470
network_acronym_str ES
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repository_id_str
spelling Pension expenditure in Spain: a European comparisonMartín, Miguel ÁngelRamos, RobertoPension expenditureSocial protectionDemographic factorCoverage ratioEmployment rateBenefit ratioSeguridad social y programas de asistencia socialPresupuesto y contabilidad públicaH55J11Rationale. There is significant disparity in the pension expenditure-to-GDP ratio across European countries. This article examines the size of the Spanish pension system relative to those of other EU countries and analyses the drivers behind the differences observed.Takeaways. • In 2019, pension expenditure in Spain, relative to the size of its economy, was above the EU’s simpleaverage and similar to the GDP-weighted average. • In comparison with the EU in 2019, the ageing process was less advanced in Spain and pensionscheme coverage was lower. In contrast, Spain had a lower employment rate and a higher level ofbenefits relative to the average wage. • Demographic projections suggest that pension expenditure in Spain will increase significantly. Slightlymore than 40% of this increase could be offset if Spain’s employment rate were to rise to equal that ofGermany.Banco de EspañaMadrid : Banco de España, 20232023info:eu-repo/semantics/articleapplication/pdfhttps://repositorio.bde.es/handle/123456789/29470reponame:Repositorio Institucional del Banco de Españainstname:Banco de EspañaInglésEconomic Bulletin / Banco de España, 2023/Q1, 09Versión en español 123456789/27330info:eu-repo/semantics/openAccessoai:repositorio.bde.es:123456789/294702026-06-20T12:44:27Z
dc.title.none.fl_str_mv Pension expenditure in Spain: a European comparison
title Pension expenditure in Spain: a European comparison
spellingShingle Pension expenditure in Spain: a European comparison
Martín, Miguel Ángel
Pension expenditure
Social protection
Demographic factor
Coverage ratio
Employment rate
Benefit ratio
Seguridad social y programas de asistencia social
Presupuesto y contabilidad pública
H55
J11
title_short Pension expenditure in Spain: a European comparison
title_full Pension expenditure in Spain: a European comparison
title_fullStr Pension expenditure in Spain: a European comparison
title_full_unstemmed Pension expenditure in Spain: a European comparison
title_sort Pension expenditure in Spain: a European comparison
dc.creator.none.fl_str_mv Martín, Miguel Ángel
Ramos, Roberto
author Martín, Miguel Ángel
author_facet Martín, Miguel Ángel
Ramos, Roberto
author_role author
author2 Ramos, Roberto
author2_role author
dc.subject.none.fl_str_mv Pension expenditure
Social protection
Demographic factor
Coverage ratio
Employment rate
Benefit ratio
Seguridad social y programas de asistencia social
Presupuesto y contabilidad pública
H55
J11
topic Pension expenditure
Social protection
Demographic factor
Coverage ratio
Employment rate
Benefit ratio
Seguridad social y programas de asistencia social
Presupuesto y contabilidad pública
H55
J11
description Rationale. There is significant disparity in the pension expenditure-to-GDP ratio across European countries. This article examines the size of the Spanish pension system relative to those of other EU countries and analyses the drivers behind the differences observed.Takeaways. • In 2019, pension expenditure in Spain, relative to the size of its economy, was above the EU’s simpleaverage and similar to the GDP-weighted average. • In comparison with the EU in 2019, the ageing process was less advanced in Spain and pensionscheme coverage was lower. In contrast, Spain had a lower employment rate and a higher level ofbenefits relative to the average wage. • Demographic projections suggest that pension expenditure in Spain will increase significantly. Slightlymore than 40% of this increase could be offset if Spain’s employment rate were to rise to equal that ofGermany.
publishDate 2023
dc.date.none.fl_str_mv 2023
dc.type.none.fl_str_mv info:eu-repo/semantics/article
format article
dc.identifier.none.fl_str_mv https://repositorio.bde.es/handle/123456789/29470
url https://repositorio.bde.es/handle/123456789/29470
dc.language.none.fl_str_mv Inglés
language_invalid_str_mv Inglés
dc.relation.none.fl_str_mv Economic Bulletin / Banco de España, 2023/Q1, 09
Versión en español 123456789/27330
dc.rights.none.fl_str_mv info:eu-repo/semantics/openAccess
eu_rights_str_mv openAccess
dc.format.none.fl_str_mv application/pdf
dc.publisher.none.fl_str_mv Banco de España
Madrid : Banco de España, 2023
publisher.none.fl_str_mv Banco de España
Madrid : Banco de España, 2023
dc.source.none.fl_str_mv reponame:Repositorio Institucional del Banco de España
instname:Banco de España
instname_str Banco de España
reponame_str Repositorio Institucional del Banco de España
collection Repositorio Institucional del Banco de España
repository.name.fl_str_mv
repository.mail.fl_str_mv
_version_ 1869424308870184960
score 15,301603

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