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dc.contributor.authorRojas Blaya, Juan Alberto
dc.coverage.spatialEspaña
dc.date.accessioned2019-08-10T17:53:09Z
dc.date.available2019-08-10T17:53:09Z
dc.date.issued2008
dc.identifier.issn0213-2710 (en papel)
dc.identifier.issn1579-8666 (en línea)
dc.identifier.urihttps://repositorio.bde.es/handle/123456789/6963
dc.description.abstractIn 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 retirement, the welfare gains for young cohorts are underestimated in the standard model economy with perfect substitution as compared to the imperfect substitution case. However these additional welfare gains displayed in the imperfect substitution case come at the cost of higher welfare losses for the generations living at the time of the policy reform, due to the fall in the experience premium that follows after the elimination of social security. When the policy reform consists of the elimination of both social security and compulsory retirement, we find that in the standard model the status quo problem disappears. However, such policy change is not able to solve the status quo problem when less and more experienced workers are imperfect substitutes because the fall in the experience premium is more pronounced, providing a rationale for the lack of political support in favour of pension reform in the Spanish economy
dc.format.extent24 p. : tab.
dc.language.isoeng
dc.publisherBanco de España
dc.relation.ispartofDocumentos de trabajo / Banco de España, 0832
dc.rightsReconocimiento-NoComercial-CompartirIgual 4.0 Internacional (CC BY-NC-SA 4.0)
dc.rightsIn Copyright - Non Commercial Use Permitted
dc.rights.urihttps://creativecommons.org/licenses/by-nc-sa/4.0/deed.es_ES
dc.rights.urihttp://rightsstatements.org/vocab/InC-NC/1.0/
dc.subjectSocial Security
dc.titleSocial security reform with imperfect substitution between less and more experienced workers
dc.typeLibro
dc.identifier.bdebib000220683
dc.identifier.bdepubDTRA-200832-eng
dc.subject.bdeEmpleo, desempleo, salarios
dc.subject.bdeSeguridad social y programas de asistencia social
dc.publisher.bdeMadrid : Banco de España, 2008
dc.subject.jelE62
dc.subject.jelH55
dc.subject.jelJ11
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