The Spanish Public Pension System
THE SPANISH PUBLIC PENSION 2017 SYSTEM: CURRENT SITUATION, CHALLENGES AND REFORM ALTERNATIVES Pablo Hernández de Cos, Juan Francisco Jimeno and Roberto Ramos Documentos Ocasionales N.º 1701 THE SPANISH PUBLIC PENSION SYSTEM: CURRENT SITUATION, CHALLENGES AND REFORM ALTERNATIVES THE SPANISH PUBLIC PENSION SYSTEM: CURRENT SITUATION, CHALLENGES AND REFORM ALTERNATIVES (*) Pablo Hernández de Cos, Juan Francisco Jimeno and Roberto Ramos BANCO DE ESPAÑA (*) The authors are grateful for comments on previous versions of this paper by Óscar Arce, J. Ignacio Conde-Ruiz, Ángel de la Fuente, Enrique Devesa, Julián Díaz-Saavedra, Rafael Doménech, Luisa Fuster, Clara I. González, José Antonio Herce, Javier Pérez, Josep Pijoan-Mas, Alfonso Sánchez, Javier Vallés and participants at the Banco de España in-house seminar, and for assistance in the preparation of data by José M. Casado and Laura Hospido. Any errors or omissions this paper may contain are the exclusive responsibility of the authors. Documentos Ocasionales. N.º 1701 2017 The Occasional Paper Series seeks to disseminate work conducted at the Banco de España, in the performance of its functions, that may be of general interest. The opinions and analyses in the Occasional Paper Series are the responsibility of the authors and, therefore, do not necessarily coincide with those of the Banco de España or the Eurosystem. The Banco de España disseminates its main reports and most of its publications via the Internet on its website at: http://www.bde.es. Reproduction for educational and non-commercial purposes is permitted provided that the source is acknowledged. © BANCO DE ESPAÑA, Madrid, 2017 ISSN: 1696-2230 (on-line edition) Abstract The Spanish Social Security System’s deficit rose to 1.5% of GDP in 2015, in contrast to a pre-crisis surplus of 2.2% of GDP in 2007.
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