We study the sustainability of pension systems using a life-cycle model with distortionary taxation that sets an upper … welfare of a number of policies often advocated to improve the sustainability of pension systems. New tax data on dynamic …

age, reducing the replacement rate, or introducing a sustainability factor linking pension to life expectancy. The aim of … Spain but that could have a significant impact if it were fully implemented. This reform, called ‘silent reform’ because it … is imperceptible to citizens in its early stages, basically consists in increasing maximum pensions in line with …

developed countries have created government reserve funds to ensure macroeconomic sustainability. This paper aims to study the … importance that this reserve fund plays in the sustainability of the Spanish public pension system. Using data for the 2000 to …

and growth. The social security system has two components: old age pensions and unemployment insurance. Pensions have a … direct effect on economic growth. Both pensions and unemployment benefits influence equilibrium unemployment caused by wage …

income. The goal of this paper is to test for the effect of mandatory pensions on discretionary household savings. The data … pensions have a significant negative impact on savings motives with respect to old age. Concerning the effect on household … occupational pensions. …

myopia may justify public pensions but never alongside positive private savings. With sufficient myopia, co-existence of … positive optimal pensions and positive private saving is possible if the real interest rate on saving evolves endogenously, as …