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SUMMARY:The Spanish Pension System and Great Recession  - Professor Patric
 ia Peinado
DTSTART:20161130T160000Z
DTEND:20161130T170000Z
UID:TALK68612@talks.cam.ac.uk
CONTACT:Ingrid Cizaite
DESCRIPTION:Patricia Peinado is Assistant Professor at the University of t
 he Basque Country\, Visiting Academic at the Department of Land Economy an
 d Visiting Fellow at Wolfson College\, University of Cambridge. She is als
 o member of different research groups\; among them\, there is the FESSUD p
 roject. She has made several contributions in journals such as the Journal
  of Pension Economics and Finance\, Feminist Economics\, Journal of Panoec
 onomicus on the effects of social security reforms on the welfare level of
  retired population. Recently she has concentrated on estimating the relat
 ionship between the rate of unemployment and pensions. Now\, she is resear
 ching to estimate the effects that\, through this relationship\, the Great
  Recession may have on future cohorts of pensioners in Spain. Additionally
 \, she is highly concerned with the introduction of innovative techniques 
 to teach Macroeconomics to undergraduates. Granted by the University of th
 e Basque Country to take part in an innovative teaching program she has re
 cently been invited to publish the teaching material and main results of t
 he Problem Based Learning (PBL) experience entitled “Given the current e
 conomic situation in the Basque Country\, which policy recommendation woul
 d you give to the different policy makers? Which would be the consequences
  of implementing each policy recommendation?”\n\nThe Spanish Pension sys
 tem is a PAYG social security system in which the different cohorts of pen
 sioners are entitled a pension that is supported by the contributions of c
 urrent working population. Before the Great Recession\, the main concern f
 or policy makers had been the threat of the ageing population process. At 
 that time reforms were design to guarantee the sustainability of pension s
 ystems.  However\, after the Great Recession the problem of unemployment h
 as become a major concern. Unemployment situations imply lower amount of c
 ontributions and\, consequently\, lower revenues to face the payment of th
 e existing pensions. Reform proposals\, however\, do not take into account
  the existence of another relationship: the relationship between unemploym
 ent and pensions. Peinado and Serrano (forthcoming) show that there is a n
 egative relationship between these two variables and\, accordingly\, futur
 e pensioners are likely to be entitled lower pension benefits. Under these
  circumstances\, attention should be paid\, not only to the lower revenues
  implied for the system\, but also to the detrimental effects on the welfa
 re level of future cohorts of pensioners that the higher rates of unemploy
 ment registered may have if reforms are not implemented. I am currently re
 searching on this topic to estimate the dynamics of the welfare losses tha
 t the existence of a negative relationship between unemployment and pensio
 ns is likely to cause to future cohorts of pensioners. Policy makers shoul
 d include these estimates in their reform proposals in order to guarantee 
 an adequate level of welfare for the retired population.  
LOCATION:Mill Lane Lecture Room 4
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