Suchergebnisse

This paper studies the output effects, transition costs and the change in pension benefits derived from the substitution of the current unfunded pension system by a fully funded pension system financed through mandatory savings. These effects are estimated by using reduced versions of the neoclassical and endogenous growth frameworks. Because of the greater capital accumulation during the transition phase, final output increases by 23,6% (neoclassical framework); and a 24,5-31,5% (endogenous growth framework). The initial revenue loss for the government would represent a 4,8% of the GDP, raising very slowly during the transition period. Given the new growth rates, rates of return of physical capital, and financial intermediation costs, we have that the capitalization pension benefits obtained by all 30-contribution-year worker would be more than twice than those that guarantee the financial sustainability of the public pension system ; Este artículo estudia los efectos sobre la producción, los costes de la transición y el cambio en las pensiones que se derivan de una substitución del actual sistema público de pensiones por otro alternativo de capitalización, financiado mediante ahorro obligatorio. Estos efectos se estiman utilizando versiones reducidas de los modelos de crecimiento neoclásico y endógeno. Debido a la mayor acumulación de capital durante la fase de transición, la producción final crece un 23,6% (modelo neoclásico); y entre un 24,5-31,5%(modelo de crecimiento endógeno). La pérdida de ingresos para el estado en el primer año equivaldría a un 4,8% del PIB, creciendo muy lentamente durante el período de transición. Dadas las nuevas tasas de crecimiento económico, las tasas de rentabilidad del capital físico y los costes financieros de intermediación, se obtiene que las pensiones de capitalización que alcanzaría todo trabajador con 30 años de cotizaciones serían más del doble que las que se pagarían en el sistema público de pensiones una vez garantizado su viabilidad financiera.

As adult height is a well-established retrospective measure of health and standard of living, it is important to understand the factors that determine it. Among them, the influence of socio-environmental factors has been subjected to empirical scrutiny. This paper explores the influence of generational (or environmental) effects and individual and gender-specific heterogeneity on adult height. Our data set is from contemporary Spain, a country governed by an authoritarian regime between 1939 and 1977. First, we use normal position and quantile regression analysis to identify the determinants of self-reported adult height and to measure the influence of individual heterogeneity. Second, we use a Blinder-Oaxaca decomposition approach to explain the `gender height gap¿ and its distribution, so as to measure the influence on this gap of individual heterogeneity. Our findings suggest a significant increase in adult height in the generations that benefited from the country¿s economic liberalization in the 1950s, and especially those brought up after the transition to democracy in the 1970s. In contrast, distributional effects on height suggest that only in recent generations has ¿height increased more among the tallest¿. Although the mean gender height gap is 11 cm, generational effects and other controls such as individual capabilities explain on average roughly 5% of this difference, a figure that rises to 10% in the lowest 10% quantile. ; - La comprensió dels determinants de l'estatura dels adults és una qüestió important en tant que constitueix una mesura retrospectiva de l'estat de salut i del nivell de vida de les persones. Entre els diferents determinants de l'alçada i l'impacte dels factors socio-ambientals, en particular, són un motiu principal de recerca entre els experts. Aquest article analitza empíricament la influència dels efectes generacionals (ambientals) sobre l'alçada dels adults tenint present l'específica heterogeneïtat individual i de gènere. La base de dades utilitzada és l¿Enquesta Nacional de Salut de 2003 (qüestionari d¿adults) representativa de la població espanyola. Primer, mitjançant anàlisi de regressió per MCO i Regressió Quantílica es tracta d¿estudiar els determinants de l¿alçada declarada dels individus i de mesurar la influència de l¿heterogeneïtat individual. Segon, s¿utilitza el mètode de descomposició de Blinder-Oaxaca per explicar i descompondre el diferencial d¿alçada per gènere i la seva distribució amb el propòsit de mesurar la influència de l¿heterogeneïtat en aquest "gap". Els nostres resultats suggereixen una expansió significativa de l¿estatura dels adults d¿aquelles generacions que es varen beneficiar de la liberalització econòmica del país en la dècada dels anys 50 i, especialment, d¿aquelles cohorts nascudes després de l¿arribada de la democràcia. Per altra banda, els nostres resultats assenyalen que, pel cas de les generacions més joves, l¿alçada ha crescut força més entre els més alts. Si bé el diferencial mitjà home/dona en alçada s¿estima en 11 cm, els efectes generacionals i altres controls, com ara les capacitats dels individus, explicarien aproximadament un 5% d¿aquest "gap"; si bé aquesta porció s¿eleva fins el 10% en el percentil més baix de la distribució.

La actual situación económica y las perspectivas presupuestarias a largo plazo han suscitado una discusión acerca de la conveniencia de la Ley de Estabilidad Presupuestaria. Este trabajo, empleando contabilidad generacional, evalúa la sostenibilidad de la política fiscal española ampliando el horizonte temporal más allá del ciclo de los negocios, considerando los efectos del ciclo demográfico. Los resultados muestran que, aunque el proceso de consolidación fiscal ha mejorado ostensiblemente la situación financiera de las AA.PP, se sigue trasladando al futuro una deuda implí­cita sustancial ; - The present economic situation and the financial perspectives in the long term have originated a discussion about the convenience of the Spanish law of financial stability (Ley de Estabilidad Presupuestaria). This paper uses the generational accounting methodology in order to evaluate the intertemporal sustainability of the Spanish fiscal policy extending the horizon beyond the business cycle, taking into consideration the effects of the demographic cycle. Our results show that, although the process of fiscal consolidation has greatly improved the financial situation of the government, substantial implicit liabilities are still being translated to future generations

Wide cross-country variation in obesity rates has been reported between European Union member states. Although the existing cross-country differences have not been analyzed in depth, they contain important information on health production determinants. In this paper we apply a methodology for conducting standardized cross-country comparisons of body mass index (BMI). We draw on estimations of the marginal density function of BMI for Italy and Spain in 2003, two countries with similar GDP and socio-economic conditions. We produce different counterfactual distribution estimates using covariates (health production inputs) specified in a quantile regression. Our findings suggest that Spain-to- Italy BMI gaps among females are largely explained by cross-country variation in the returns to each covariate, especially for younger women. We find that adverse underlying determinants do not explain the gap observed in particular between younger Spanish females and their Italian counterfactuals; behavioural differences appear to be the key. We tentatively conclude that Spanish policy on obesity should targetmainly younger females.

A study involving the presentation of 192 Belgian or Finnish prescriptions in pharmacies in five other member states was undertaken to assess whether, as envisaged by European Union law, prescriptions issued in one member state are recognized by pharmacists in another and to identify factors that influence such decisions. Overall, pharmacists were willing to dispense in 108 cases. Detailed results show important differences depending on the country where prescriptions are presented and whether prescriptions were written by INN and in English, as opposed to prescriptions written by brand in a national language.