Financial crisis and pension reform in Spain: the effect of labour market dynamics
Copyright policy )Financial crisis and pension reform in Spain: the effect of labour market dynamics
We analyse the effect of post-financial crisis unemployment dynamics on the Spanish pension system’s financial health using Aggregate Accounting. We compare the basic scenario where the current labour market dynamics persist with a full employment (best-case) scenario. We find that economic risk is the main driver of unsustainability in the short run. However, in the long run, the main driver of expenditures lies in the ageing demographic structure. Our results suggest that future reforms should increase labour market participation but confirm that recent pension reforms do not attain sustainability in the long run, indicating the need of further pension reforms.
- University of Groningen Netherlands
- University of Extremadura Spain
- Université Libre de Bruxelles Belgium
- UNSW Sydney Australia
anzsrc-for: 3801 Applied Economics, 6109.03 Planificación y Evaluación Puestos de Trabajo, 330, 38 Economics, 5311 Organización y Dirección de Empresas, Labour force survey, Economie du travail et de la population, Pensión pública, Encuesta de fuerza laboral, anzsrc-for: 4407 Policy and administration, 3801 Applied Economics, Mercado de trabajo, Sciences actuarielles, anzsrc-for: 44 Human Society, Tourism and Services, 6306 Sociología del Trabajo, 44 Human Society, anzsrc-for: 35 Commerce, 35 Commerce, 3502 Banking, anzsrc-for: 1605 Policy and Administration, Labour market, anzsrc-for: 3502 Banking, Sostenibilidad, Aggregate Accounting, Management, 8 Decent Work and Economic Growth, Sustainability, 3802 Econometrics, anzsrc-for: 38 Economics, Pay-as-you-go, Finance and Investment, anzsrc-for: 1402 Applied Economics, 5311.02 Gestión Financiera, anzsrc-for: 3802 Econometrics
anzsrc-for: 3801 Applied Economics, 6109.03 Planificación y Evaluación Puestos de Trabajo, 330, 38 Economics, 5311 Organización y Dirección de Empresas, Labour force survey, Economie du travail et de la population, Pensión pública, Encuesta de fuerza laboral, anzsrc-for: 4407 Policy and administration, 3801 Applied Economics, Mercado de trabajo, Sciences actuarielles, anzsrc-for: 44 Human Society, Tourism and Services, 6306 Sociología del Trabajo, 44 Human Society, anzsrc-for: 35 Commerce, 35 Commerce, 3502 Banking, anzsrc-for: 1605 Policy and Administration, Labour market, anzsrc-for: 3502 Banking, Sostenibilidad, Aggregate Accounting, Management, 8 Decent Work and Economic Growth, Sustainability, 3802 Econometrics, anzsrc-for: 38 Economics, Pay-as-you-go, Finance and Investment, anzsrc-for: 1402 Applied Economics, 5311.02 Gestión Financiera, anzsrc-for: 3802 Econometrics
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