This paper assesses the intergenerational stance of fiscal policy in Spain by using the method of Generational Accounting. It is found that both the demographic transition and the oustanding public debt induce net payments of future generations exceeding those of current newborns by...

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...