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Juan F. Jimeno - One of the best experts on this subject based on the ideXlab platform.
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the spanish Public Pension System current situation challenges and reform alternatives el sistema Publico de Pensiones en espana situacion actual retos y alternativas de reforma
Social Science Research Network, 2017Co-Authors: Pablo Hernández De Cos, Juan F. Jimeno, Roberto RamosAbstract:Spanish Abstract: El deficit del Sistema de la Seguridad Social espanol alcanzo un 1,5 % del PIB en 2015, que contrasta con el superavit observado antes de la crisis economica, del 2,2 % del PIB en 2007. Este deterioro se debe, sobre todo, a un incremento del gasto en Pensiones contributivas (en % del PIB), como resultado del incremento de la tasa de dependencia, el aumento de la tasa de sustitucion de las Pensiones y la caida de la tasa de empleo. Mas alla de esta situacion de corto plazo, el sistema Publico de Pensiones espanol se enfrenta, como los del resto de los paises desarrollados, a retos importantes causados por la expectativa de un aumento significativo de la longevidad y, consecuentemente, de la proporcion de la poblacion en edad de jubilacion. En este contexto, este documento tiene como objetivo contribuir al debate sobre la situacion del sistema de Pensiones mediante el analisis de su evolucion reciente, las previsiones hacia el futuro, que incorporan el impacto de las ultimas reformas, y los retos pendientes.English Abstract: The Spanish Social Security System’s deficit rose to 1.5% of GDP in 2015, in contrast to a pre-crisis surplus of 2.2% of GDP in 2007. This deterioration is primarily due to an increase in contributory Pension spending (as a % of GDP), as a result of the rise in the dependency ratio, the increase in the Pension replacement rate and the decline in the employment rate. Beyond this short-term situation, the Spanish Public Pension System, as is the case in other developed countries, faces major challenges arising from expectations of significant longevity gains and the attendant growth of the retirement-age population. In this context, this paper aims to contribute to the debate on the situation of the Pension System through an analysis of its recent evolution, forward-looking projections that include the impact of the latest reforms and the challenges outstanding.
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The Spanish Public Pension System: current situation, challenges and reform alternatives
2017Co-Authors: Pablo Hernández De Cos, Juan F. Jimeno, Roberto RamosAbstract:The Spanish Social Security System’s deficit rose to 1.5% of GDP in 2015, in contrast to a pre-crisis surplus of 2.2% of GDP in 2007. This deterioration is primarily due to an increase in contributory Pension spending (as a % of GDP), as a result of the rise in the dependency ratio, the increase in the Pension replacement rate and the decline in the employment rate. Beyond this short-term situation, the Spanish Public Pension System, as is the case in other developed countries, faces major challenges arising from expectations of significant longevity gains and the attendant growth of the retirement-age population. In this context, this paper aims to contribute to the debate on the situation of the Pension System through an analysis of its recent evolution, forward-looking projections that include the impact of the latest reforms and the challenges outstanding.
Roberto Ramos - One of the best experts on this subject based on the ideXlab platform.
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the spanish Public Pension System the quest for financial sustainability and equity
Revista De Economia Aplicada, 2018Co-Authors: Pablo Hernández De Cos, Roberto Ramos, Juan Francisco Jimeno SerranoAbstract:espanolComo ocurre en muchos paises desarrollados, el envejecimiento de la poblacion esta generando presion sobre las finanzas del sistema Publico de Pensiones espanol. Muchos estudios han documentado las fuentes del incremento del gasto en Pensiones y las limitaciones de los ingresos por cotizaciones de la Seguridad Social para hacer frente a dicho incremento. Mirando hacia el futuro, se espera que las tasas de dependencia aumenten todavia mas, mientras que, en ausencia de cambios adicionales en las fuentes de ingresos del sistema, las tasas de reemplazo disminuiran significativamente desde los niveles actuales. En este contexto, este articulo intenta contribuir al debate sobre la situacion del sistema Publico de Pensiones espanol, mediante un analisis de su evolucion reciente y de las proyecciones mas actualizadas, que incluyen el impacto de las ultimas reformas. Finalmente, tambien se consideran otras estrategias de reforma que son necesarias para restaurar la sostenibilidad financiera y mejorar la equidad, tanto dentro de cada generacion como entre generaciones. EnglishAs in many developed countries, population ageing is stressing the finances of the Spanish Public Pension System. Many studies have documented the sources of the increase in Pension expenditures and the limitations of revenues from social security contributions to meet such an increase. Looking into the future, dependency ratios are expected to rise further, while, in the absence of additional changes to the System's sources of revenue, Pension replacement rates will decline significantly from the current levels. In this context, this paper aims to contribute to the debate on the situation of the Spanish Pension System through an analysis of its recent evolution and up-to-date forwardlooking projections that include the impact of the latest reforms. Finally, we also analyse alternative reforms that are needed to restore financial sustainability and improve equity, both within and across generations.
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the spanish Public Pension System current situation challenges and reform alternatives el sistema Publico de Pensiones en espana situacion actual retos y alternativas de reforma
Social Science Research Network, 2017Co-Authors: Pablo Hernández De Cos, Juan F. Jimeno, Roberto RamosAbstract:Spanish Abstract: El deficit del Sistema de la Seguridad Social espanol alcanzo un 1,5 % del PIB en 2015, que contrasta con el superavit observado antes de la crisis economica, del 2,2 % del PIB en 2007. Este deterioro se debe, sobre todo, a un incremento del gasto en Pensiones contributivas (en % del PIB), como resultado del incremento de la tasa de dependencia, el aumento de la tasa de sustitucion de las Pensiones y la caida de la tasa de empleo. Mas alla de esta situacion de corto plazo, el sistema Publico de Pensiones espanol se enfrenta, como los del resto de los paises desarrollados, a retos importantes causados por la expectativa de un aumento significativo de la longevidad y, consecuentemente, de la proporcion de la poblacion en edad de jubilacion. En este contexto, este documento tiene como objetivo contribuir al debate sobre la situacion del sistema de Pensiones mediante el analisis de su evolucion reciente, las previsiones hacia el futuro, que incorporan el impacto de las ultimas reformas, y los retos pendientes.English Abstract: The Spanish Social Security System’s deficit rose to 1.5% of GDP in 2015, in contrast to a pre-crisis surplus of 2.2% of GDP in 2007. This deterioration is primarily due to an increase in contributory Pension spending (as a % of GDP), as a result of the rise in the dependency ratio, the increase in the Pension replacement rate and the decline in the employment rate. Beyond this short-term situation, the Spanish Public Pension System, as is the case in other developed countries, faces major challenges arising from expectations of significant longevity gains and the attendant growth of the retirement-age population. In this context, this paper aims to contribute to the debate on the situation of the Pension System through an analysis of its recent evolution, forward-looking projections that include the impact of the latest reforms and the challenges outstanding.
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The Spanish Public Pension System: current situation, challenges and reform alternatives
2017Co-Authors: Pablo Hernández De Cos, Juan F. Jimeno, Roberto RamosAbstract:The Spanish Social Security System’s deficit rose to 1.5% of GDP in 2015, in contrast to a pre-crisis surplus of 2.2% of GDP in 2007. This deterioration is primarily due to an increase in contributory Pension spending (as a % of GDP), as a result of the rise in the dependency ratio, the increase in the Pension replacement rate and the decline in the employment rate. Beyond this short-term situation, the Spanish Public Pension System, as is the case in other developed countries, faces major challenges arising from expectations of significant longevity gains and the attendant growth of the retirement-age population. In this context, this paper aims to contribute to the debate on the situation of the Pension System through an analysis of its recent evolution, forward-looking projections that include the impact of the latest reforms and the challenges outstanding.
Pablo Hernández De Cos - One of the best experts on this subject based on the ideXlab platform.
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the spanish Public Pension System the quest for financial sustainability and equity
Revista De Economia Aplicada, 2018Co-Authors: Pablo Hernández De Cos, Roberto Ramos, Juan Francisco Jimeno SerranoAbstract:espanolComo ocurre en muchos paises desarrollados, el envejecimiento de la poblacion esta generando presion sobre las finanzas del sistema Publico de Pensiones espanol. Muchos estudios han documentado las fuentes del incremento del gasto en Pensiones y las limitaciones de los ingresos por cotizaciones de la Seguridad Social para hacer frente a dicho incremento. Mirando hacia el futuro, se espera que las tasas de dependencia aumenten todavia mas, mientras que, en ausencia de cambios adicionales en las fuentes de ingresos del sistema, las tasas de reemplazo disminuiran significativamente desde los niveles actuales. En este contexto, este articulo intenta contribuir al debate sobre la situacion del sistema Publico de Pensiones espanol, mediante un analisis de su evolucion reciente y de las proyecciones mas actualizadas, que incluyen el impacto de las ultimas reformas. Finalmente, tambien se consideran otras estrategias de reforma que son necesarias para restaurar la sostenibilidad financiera y mejorar la equidad, tanto dentro de cada generacion como entre generaciones. EnglishAs in many developed countries, population ageing is stressing the finances of the Spanish Public Pension System. Many studies have documented the sources of the increase in Pension expenditures and the limitations of revenues from social security contributions to meet such an increase. Looking into the future, dependency ratios are expected to rise further, while, in the absence of additional changes to the System's sources of revenue, Pension replacement rates will decline significantly from the current levels. In this context, this paper aims to contribute to the debate on the situation of the Spanish Pension System through an analysis of its recent evolution and up-to-date forwardlooking projections that include the impact of the latest reforms. Finally, we also analyse alternative reforms that are needed to restore financial sustainability and improve equity, both within and across generations.
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the spanish Public Pension System current situation challenges and reform alternatives el sistema Publico de Pensiones en espana situacion actual retos y alternativas de reforma
Social Science Research Network, 2017Co-Authors: Pablo Hernández De Cos, Juan F. Jimeno, Roberto RamosAbstract:Spanish Abstract: El deficit del Sistema de la Seguridad Social espanol alcanzo un 1,5 % del PIB en 2015, que contrasta con el superavit observado antes de la crisis economica, del 2,2 % del PIB en 2007. Este deterioro se debe, sobre todo, a un incremento del gasto en Pensiones contributivas (en % del PIB), como resultado del incremento de la tasa de dependencia, el aumento de la tasa de sustitucion de las Pensiones y la caida de la tasa de empleo. Mas alla de esta situacion de corto plazo, el sistema Publico de Pensiones espanol se enfrenta, como los del resto de los paises desarrollados, a retos importantes causados por la expectativa de un aumento significativo de la longevidad y, consecuentemente, de la proporcion de la poblacion en edad de jubilacion. En este contexto, este documento tiene como objetivo contribuir al debate sobre la situacion del sistema de Pensiones mediante el analisis de su evolucion reciente, las previsiones hacia el futuro, que incorporan el impacto de las ultimas reformas, y los retos pendientes.English Abstract: The Spanish Social Security System’s deficit rose to 1.5% of GDP in 2015, in contrast to a pre-crisis surplus of 2.2% of GDP in 2007. This deterioration is primarily due to an increase in contributory Pension spending (as a % of GDP), as a result of the rise in the dependency ratio, the increase in the Pension replacement rate and the decline in the employment rate. Beyond this short-term situation, the Spanish Public Pension System, as is the case in other developed countries, faces major challenges arising from expectations of significant longevity gains and the attendant growth of the retirement-age population. In this context, this paper aims to contribute to the debate on the situation of the Pension System through an analysis of its recent evolution, forward-looking projections that include the impact of the latest reforms and the challenges outstanding.
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The Spanish Public Pension System: current situation, challenges and reform alternatives
2017Co-Authors: Pablo Hernández De Cos, Juan F. Jimeno, Roberto RamosAbstract:The Spanish Social Security System’s deficit rose to 1.5% of GDP in 2015, in contrast to a pre-crisis surplus of 2.2% of GDP in 2007. This deterioration is primarily due to an increase in contributory Pension spending (as a % of GDP), as a result of the rise in the dependency ratio, the increase in the Pension replacement rate and the decline in the employment rate. Beyond this short-term situation, the Spanish Public Pension System, as is the case in other developed countries, faces major challenges arising from expectations of significant longevity gains and the attendant growth of the retirement-age population. In this context, this paper aims to contribute to the debate on the situation of the Pension System through an analysis of its recent evolution, forward-looking projections that include the impact of the latest reforms and the challenges outstanding.
Mikko Puhakka - One of the best experts on this subject based on the ideXlab platform.
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Private versus Public old-age security
Journal of Population Economics, 2018Co-Authors: Richard C. Barnett, Joydeep Bhattacharya, Mikko PuhakkaAbstract:We directly compare two institutions, a family compact—a parent makes a transfer to her parent in anticipation of a possible future gift from her children—with a pay-as-you-go, Public Pension System, in a life cycle model with endogenous fertility wherein children are valued both as consumption and investment goods. Absent intragenerational heterogeneity, we show that a benevolent government has no welfare justification for introducing Public Pensions alongside thriving family compacts since the former is associated with inefficiently low fertility. This result hinges critically on a fiscal externality—the inability of middle age agents to internalize the impact of their fertility decisions on old-age transfers under a Public Pension System. With homogeneous agents, a strong-enough negative aggregate shock to middle-age incomes destroys all family compacts, and in such a setting, an optimal Public Pension System cannot enter. This suggests the raison d’être for social security must lie outside of its function as a Pension System—specifically its redistributive function which emerges with heterogeneous agents. In a simple modification of our benchmark model—one that allows for idiosyncratic frictions to compact formation such as differences in infertility/mating status—a welfare-enhancing role for a Public Pension System emerges; such Systems may flourish even when family compacts cannot.
Qing Zhao - One of the best experts on this subject based on the ideXlab platform.
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Evaluation on the Sustainability of Urban Public Pension System in China
Sustainability, 2019Co-Authors: Qing ZhaoAbstract:Against the background of population aging and economic downturn, the sustainability of Pension Systems has aroused great concern for governments across the world. To better reflect the pressure of Pension payments in the changing context, the paper aims to forecast the annual Pension gap of the Public Pension System for urban employees in China. By the use of Cohort-component population projections and stochastic projection models, the distribution of flow-based annual Pension gap in the next fifty years are estimated under basic assumptions. The results show that the Pension gap continues to exist from 2017 and keeps expanding until 2070 without any policy reform. Sensitivity analyses of demographics and various combinations of policy parameters on the distribution of future Pension gaps are displayed. Wider Pension coverage with lower policy threshold is more likely to face larger long-term Pension gap.
