IDEAS home Printed from https://ideas.repec.org/a/hpe/journl/y2017v222i3p109-134.html
   My bibliography  Save this article

A Revision of the Revaluation Index of Spanish Pensions

Author

Listed:
  • Oriol Roch

    (Universitat de Barcelona)

  • Manuela Bosch-Príncep

    (Universitat de Barcelona)

  • Isabel Morillo

    (Universitat de Barcelona)

  • Daniel Vilalta

    (Universidad de Alcalá)

Abstract

This article reviews the methodological aspects of the revaluation index of Spanish pensions developed following Law 23/2013 which regulates the sustainability factor and revaluation index of the Social Security pension system. From a gradual breakdown of the elements that make up the revaluation index, an exposition is given of the formal and implementation problems it involves. Finally, an alternative model based on dynamic optimization techniques is proposed and its use is illustrated with numerical examples.

Suggested Citation

  • Oriol Roch & Manuela Bosch-Príncep & Isabel Morillo & Daniel Vilalta, 2017. "A Revision of the Revaluation Index of Spanish Pensions," Hacienda Pública Española / Review of Public Economics, IEF, vol. 222(3), pages 109-134, September.
    • Handle: RePEc:hpe:journl:y:2017:v:222:i:3:p:109-134
    as

    Download full text from publisher

    File URL: https://www.ief.es/comun/Descarga.cshtml?ruta=~/docs/destacados/publicaciones/revistas/hpe/222_Art5.pdf
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. J. Ignacio Conde-Rui & Javier Alonso, "undated". "El futuro de las pensiones en España: Perspectivas y lecciones," Working Papers 2004-03, FEDEA.
    2. Steven Haberman & Alexandros Zimbidis, 2002. "An Investigation of the Pay-As-You-Go Financing Method Using a Contingency Fund and Optimal Control Techniques," North American Actuarial Journal, Taylor & Francis Journals, vol. 6(2), pages 60-75.
    3. Jimeno, Juan F. & Rojas, Juan A. & Puente, Sergio, 2008. "Modelling the impact of aging on social security expenditures," Economic Modelling, Elsevier, vol. 25(2), pages 201-224, March.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Meritxell Solé & Guadalupe Souto & Concepció Patxot, 2019. "Sustainability and Adequacy of the Spanish Pension System after the 2013 Reform: A Microsimulation Analysis," Hacienda Pública Española / Review of Public Economics, IEF, vol. 228(1), pages 109-150, March.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. J. Ignacio Conde-Ruiz & Clara I. González, 2016. "From Bismarck to Beveridge: the other pension reform in Spain," SERIEs: Journal of the Spanish Economic Association, Springer;Spanish Economic Association, vol. 7(4), pages 461-490, November.
    2. Clara Isabel González & J. Ignacio Conde-Ruiz & Michele Boldrin, 2008. "Immigration and Social Security in Spain," Working Papers 2008-36, FEDEA.
    3. Angel de la Fuente, 2015. "A Simple Model of Aggregate Pension Expenditure," Hacienda Pública Española / Review of Public Economics, IEF, vol. 212(1), pages 13-50, March.
    4. Oriol Roch & Manuela Bosch- Príncep & Isabel Morillo & Daniel Vilalta, 2015. "A revision of the revaluation index of Spanish pensions," UB School of Economics Working Papers 2015/322, University of Barcelona School of Economics.
    5. Garloff, Alfred & Roth, Duncan, 2016. "Regional age structure and young workers' wages," IAB-Discussion Paper 201606, Institut für Arbeitsmarkt- und Berufsforschung (IAB), Nürnberg [Institute for Employment Research, Nuremberg, Germany].
    6. Javier Diaz-Gimenez & Julian Diaz-Saavedra, 2009. "Delaying Retirement in Spain," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 12(1), pages 147-167, January.
    7. Friese, Max, 2015. "The labor market effect of demographic change: Alleviation for financing social security," Thuenen-Series of Applied Economic Theory 138 [rev.], University of Rostock, Institute of Economics.
    8. Brindusa Mihaela RADU & Mariana BALAN, 2023. "Demographic Aging Of The Population €“ Implications On The Labor Market," Internal Auditing and Risk Management, Athenaeum University of Bucharest, vol. 68(2), pages 9-16, September.
    9. Jan Hagemejer & Marcin Bielecki & Karolina Goraus & Joanna Tyrowicz, 2014. "The Sooner The Better - The Welfare Effects of the Retirement Age Increase Under Various Pension Schemes," EcoMod2014 6868, EcoMod.
    10. José A. Herce, "undated". "Could this ever happen in Spain? Economic and policy aspects of a SARS-like episode," Working Papers 2004-09, FEDEA.
    11. Vogt, Tobias C. & Kluge, Fanny A., 2015. "Can public spending reduce mortality disparities? Findings from East Germany after reunification," The Journal of the Economics of Ageing, Elsevier, vol. 5(C), pages 7-13.
    12. Manuela Bosch-Princep (Universitat de Barcelona) & Daniel Vilalta (Independent Pension Consultant), 2012. "Quantitative reduction in retirement benefits by the 2011 Spanish Social Security reform," Working Papers in Economics 281, Universitat de Barcelona. Espai de Recerca en Economia.
    13. Hans Fehr, 2009. "Computable Stochastic Equilibrium Models and Their Use in Pension- and Ageing Research," De Economist, Springer, vol. 157(4), pages 359-416, December.
    14. Pawel Chrostek & Krzysztof Karbownik & Michal Myck, 2024. "Labor Market Externalities of Pre-Retirement Employment Protection," CESifo Working Paper Series 11078, CESifo.
    15. Mateo Zokalj, 2016. "The impact of population aging on public finance in the European Union," Financial Theory and Practice, Institute of Public Finance, vol. 40(4), pages 383-412.
    16. Conde-Ruiz, J. Ignacio & Gonzalez, Clara I., 2012. "Spain 2011 Pension Reform," Working Papers 2012-03, FEDEA.
    17. Fanny A. Kluge & Emilio Zagheni & Elke Loichinger & Tobias C. Vogt, 2014. "The advantages of demographic change after the wave: fewer and older, but healthier, greener, and more productive?," MPIDR Working Papers WP-2014-003, Max Planck Institute for Demographic Research, Rostock, Germany.
    18. Qiongzhi Liu & Dapeng Zhao, 2023. "A Study of the Impact of Population Aging on Fiscal Sustainability in China," Sustainability, MDPI, vol. 15(6), pages 1-15, March.
    19. David Casado-Marín & Pilar García-Gómez & Ángel López-Nicolás, 2011. "Informal care and labour force participation among middle-aged women in Spain," SERIEs: Journal of the Spanish Economic Association, Springer;Spanish Economic Association, vol. 2(1), pages 1-29, March.
    20. Calabria, Alejandro A. & Cunquero, Camila, 2016. "¿Dónde estamos y hacia dónde vamos? Análisis de las fragilidades del sistema previsional argentino desde una comparación internacional. Hacia una mayor eficiencia del gasto en previsión social [Whe," MPRA Paper 72940, University Library of Munich, Germany.

    More about this item

    Keywords

    Revaluation index; automatic balancing mechanisms; Spanish Social Security System;
    All these keywords.

    JEL classification:

    • H55 - Public Economics - - National Government Expenditures and Related Policies - - - Social Security and Public Pensions
    • J26 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Retirement; Retirement Policies

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:hpe:journl:y:2017:v:222:i:3:p:109-134. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Miguel Gómez de Antonio (email available below). General contact details of provider: https://edirc.repec.org/data/iefgves.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.