Suchergebnisse

Sumario: The aim of this paper is to twofold: to design an alternative reform of the Spanish contributory retirement pension system based on optimal strategies to restore liquidity through changes in the key variables of the system (the contribution rate, retirement age and/or indexation of pensions) and at the same time to assess the reformed Spanish system with the focus on its liquidity in the long run. These optimal strategies, which we call Automatic Balancing Mechanisms (ABMs), calculate the optimal path of these variables over time and absorb fluctuations in longevity, fertility rates, life expectancy, salary growth or any other kind of uncertainty faced by the pension system.