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The automatic adjustment of pension expenditures in Spain:an evaluation of the 2013 pension reform

Sánchez, Alfonso R. - Banco de España - 2014

This paper simulates the future performance of the Spanish pension system using a large OLG model. We compare the system in place after the 2011 pension reform to that emerging after the latest (2013) institutional changes. In particular, we explore the workings of the new indexing mechanism,...

Persistent link: https://www.econbiz.de/10010812052

From bismarck to beveridge: the other pension reform in Spain

Conde-Ruiz, J. Ignacio; González, Clara I. - Banco de España - 2014

Aging is an unstoppable process and it remains a major challenge for the sustainability of the PAYG pension system in … most developed countries, including in Spain. Many countries need to introduce reforms of their pension systems in order to … parameters that are perceived as secondary, e.g. the different path of minimum and maximum pensions, and the upper and lower caps …

Persistent link: https://www.econbiz.de/10010862282

The effects of the introduction of tax incentives on retirement savings

Ayuso, Juan; Jimeno, Juan F.; Villanueva, Ernesto - Banco de España - 2007

This paper uses a Spanish panel of tax returns and another on household expenditure during the period 1985-1991 to examine the incidence of the introduction in 1988 of tax incentives to retirement savings on contributions to pension funds and on savings. We first identify the population cohorts...

Persistent link: https://www.econbiz.de/10005022291

Social Security Reform with Uninsurable Income Risk and Endogenous Borrowing Constraints

Rojas, Juan A.; Urrutia, Carlos - Banco de España - 2006

We study the aggregate effects of a social security reform in a large overlapping generations model where markets are incomplete and households face uninsurable idiosyncratic income shocks. We depart from the previous literature by assuming that, because of lack of commitment in the credit...

Persistent link: https://www.econbiz.de/10005155246

Social Security reform with imperfect substitution between less and more experienced workers

Rojas, Juan A. - Banco de España - 2009

In this paper we study the quantitative properties of a policy reform aimed at funding the pension system in the standard model economy with perfect substitution across workers with different experience levels and a model economy where this substitutability is imperfect. With compulsory...

Persistent link: https://www.econbiz.de/10005590724