The paper analyses the inter and intragenerational redistribution effects of the public pensions system in Spain. This is achieved by first comparing the expected present value of life-time income transfers (PVT) and internal rates of return (IRR) of different population cohorts. Secondly, we...

The paper investigates the intergenerational impact of the Spanish public pension system after the 1997 Pension Reform Act. Using a Generational Accounting framework we find that maintaining the new legal setting could leave future generations with liabilities as high as 176 percent of base year...