Beyond the Toledo agreement : the intergenerational impact of the spanish pension reform

The paper examines the intergenerational impact of the Spanish public pension system after the 1997 Pension Reform Act. Working within a Generational Accounting framework, we find that maintaining the new legal setting could leave future generations with liabilities as high as 176 percent of base year GDP. As the recent reform measures have been insufficient to achieve the sustainability of the current pension system, we also analyse the impact of alternative reform strategies. Within the current pay-as-you-go setting, a further improvement to tax-benefit linkage in line with the original spirit of the Toledo Agreement is shown to yield and intergenerationally more balanced outcome,than an increase in the retirement age or an expansion of public subsidies financed through indirect taxes. Finally, we examine the generational impact of a move toward a partially funded pension system which might restore theintergenerational balance

La Ley de Estabilidad Presupuestaria en el largo plazo: efecto del ciclo demográfico

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

Fall colors of Iowa: Created by Amanda Carstens,1997.

This brochure includes colorful pictures of fall colors in Iowa. Also has information on why trees change colors and how to identify the species of tree through its leaves. Informs you on where and when to find the best viewing sites of fall foliage in Iowa.