Publication: El futuro de los sistemas de pensiones
en la Unión Europea: una reconsideración
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Publication date
1999
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Ministerio de Industria, Comercio y Turismo
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Abstract
Se prevé que los sistemas de pensiones de reparto entren en quiebra financiera en un futuro no muy lejano. Ello se atribuye a las adversas tendencias demográficas. Sin embargo, la evolución del desempleo y la participación laboral femenina son factores cuantitativamente tan importantes como aquél. Una mejora en ambos frentes, especialmente si se combina con un abandono de la práctica habitual de indiciar las pensiones a los salarios y no a los precios, es más que suficiente para salvar los sistemas de reparto existentes. Los intentos de reformar dichos sistemas son importantes, pues, desde el punto de vista teórico, no existen argumentos a favor de la alternativa de sistemas de capitalización completa. No sólo la transición a dicho sistema es muy costosa y, por tanto, políticamente complicada, también resulta que es muy aconsejable diversificar el portafolio de la jubilación, manteniendo activos tanto sobre el capital físico como el humano. Incluso, se puede interpretar al sistema de reparto como un mecanismo sofisticado de transferencias entre geaneraciones a través del cual los trabajadores financian la educación de sus hijos y la subsiguiente jubilación.
Unfunded state pensions schemes are projected to become financially unsustainable. This is usually attributed to demographic trends. Yet, trends in unemployment and in female labour force participalion are quantitative/ y as important. lmprovements in either or both mighl be sufficient 10 rescue existing state shemes, especial/y ~f combined with an end to the practice of allowing, even after retirement, the value of a pension to raise with national earnings ratller than prices. Attempts at piecemeal refonn are important because nothing in economic theory suggests a switch to the alternative, fullyfunded pensions, is desirable. Not only would such a transition be costly, and therefore poftically difficult; it also neglects the faet lha! it makes sense fa diversify the retirement porlfolio, holding claims both on labour productivity and on capital assets. One can even view pensions as part of a more soplústicated system of intergenerational transfers through which workers finance theír earlier education and subsequent retirement.
Unfunded state pensions schemes are projected to become financially unsustainable. This is usually attributed to demographic trends. Yet, trends in unemployment and in female labour force participalion are quantitative/ y as important. lmprovements in either or both mighl be sufficient 10 rescue existing state shemes, especial/y ~f combined with an end to the practice of allowing, even after retirement, the value of a pension to raise with national earnings ratller than prices. Attempts at piecemeal refonn are important because nothing in economic theory suggests a switch to the alternative, fullyfunded pensions, is desirable. Not only would such a transition be costly, and therefore poftically difficult; it also neglects the faet lha! it makes sense fa diversify the retirement porlfolio, holding claims both on labour productivity and on capital assets. One can even view pensions as part of a more soplústicated system of intergenerational transfers through which workers finance theír earlier education and subsequent retirement.
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Keywords
Capitalización, Pensions, Unfunded, Funded, Education, Employment, Pensiones, Reparto, Educación, Empleo, Unión Europea
Bibliographic citation
Cuadernos Económicos de ICE, 1999, 65, pp. 237-282