Inmaculada Dominguez Fabian

Inmaculada Dominguez Fabian
Universidad de Extremadura | UNEX · Department of Financial Economy and Accounting

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69
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Introduction

Publications

Publications (69)
Article
The gender gap in pensions is greater than the gender gap in wages in the majority of countries in the European Union. Similarly, more women live on a minimum pension than do men. Therefore, the measures that are implemented for minimum benefits must be analysed from a gender perspective to avoid further increasing the gender gap in wages. This stu...
Technical Report
Full-text available
El Índice de Revalorización de las Pensiones (IRP) adelantado para el año 2021 se estima en un-2,36% tras la ejecución presupuestaria del tercer trimestre de 2020.
Technical Report
Full-text available
El déficit contributivo anual del Sistema de la Seguridad Social sube al 2,48% del PIB, mientras que el déficit por operaciones no financieras sube al 1,47% tras el tercer trimestre de 2020.
Article
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Public pay-as-you-go pension systems are affected by sustainability problems due to the increasing longevity of the population. These problems come to light when there is unsustainable growth in pension expenditure in relation to GDP. The usual arrangement is for public systems to be complemented by private systems that provide a lifetime annuity p...
Technical Report
Full-text available
El Índice de Revalorización de las Pensiones (IRP) adelantado para el año 2021 se estima en-1,72% tras la ejecución presupuestaria del segundo trimestre de 2020.
Technical Report
Full-text available
El déficit contributivo anual del Sistema de la Seguridad Social sube al 2,10% del PIB, mientras que el déficit por operaciones no financieras baja al 0,74% del PIB gracias a una transferencia extraordinaria del Estado tras el segundo trimestre de 2020 .
Technical Report
Full-text available
El Índice de Revalorización de las Pensiones (IRP) adelantado para el año 2021 se estima en un-2,47% tras la ejecución presupuestaria del primer trimestre de 2020 .
Technical Report
Full-text available
El saldo del Sistema de Seguridad Social por operaciones no financieras arroja un déficit anual tras el primer trimestre de 2020 (Abril 2019-Marzo 2020) de 20.190 millones de euros, equivalentes a un 1,63% del PIB 2 , frente a los 16.793 millones de euros de déficit anual del trimestre anterior (Enero 2019-Diciembre 2019), equivalentes al 1,35% del...
Technical Report
Full-text available
El saldo contributivo en términos de PIB y el saldo por operaciones no financieras mejoran tímidamente en 2019.
Book
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This book examines the major economic challenges associated with the sustainability of public pensions, specifically demographic change, labor-market relations, and risk sharing. The issue of public pensions occupies the political and economic agendas of many major governments in the world. International organizations such as the World Bank and the...
Chapter
Fairness is an important feature of pension systems, but it is a wide concept with multiple sides. In this chapter, we try to distinguish some of them with the aim of using the terms in a proper manner. More specifically, we have observed at least five meanings for the notion of fairness when applying to a pension system: justice, equity, neutralit...
Chapter
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The literature has addressed the problem of pensions and has reached an almost unanimous conclusion that increased longevity is the main cause of the problem. However, in our opinion, longevity itself is not a problem and, therefore, should not be the cause of the problem of pensions. The real challenge for the sustainability of pension systems lie...
Technical Report
Full-text available
El déficit anual del Sistema de la Seguridad Social por operaciones no financieras se sitúa en el 1,55% del PIB y el déficit contributivo en el 1,63% del PIB tras el tercer trimestre de 2019.
Technical Report
Full-text available
El Índice de Revalorización de las Pensiones (IRP) adelantado para el año 2020 se estima en un-1,80% tras la ejecución presupuestaria del tercer trimestre de 2019
Technical Report
Full-text available
El déficit anual del Sistema de la Seguridad Social por operaciones no financieras sube al 1,49% del PIB y el déficit contributivo al 1,67% del PIB tras el segundo trimestre de 2019.
Technical Report
Full-text available
El Índice de Revalorización de las Pensiones (IRP) adelantado para el año 2020 se estima en un -1,87% tras la ejecución presupuestaria del segundo trimestre de 2019
Technical Report
Full-text available
La labor de supervisión que realiza la Generalitat Valenciana desde 1998 sobre la actividad de los mediadores de seguros inscritos en el Registro Especial de Mediadores de Seguros, Corredores de Reaseguros y sus altos cargos de la Comunitat Valenciana hace necesaria la elaboración de un trabajo de investigación que permita:  Analizar la actividad...
Technical Report
Full-text available
El déficit anual del Sistema de la Seguridad Social por operaciones no financieras baja al 1,35% del PIB y el déficit contributivo sube al 1,66% del PIB tras el primer trimestre de 2019.
Technical Report
Full-text available
El Índice de Revalorización de las Pensiones (IRP) adelantado para el año 2019 se estima en un -2,13% tras la ejecución presupuestaria provisional de 2018 y el proyecto de presupuestos de 2019.
Technical Report
Full-text available
El déficit contributivo anual de la Seguridad Social sube en términos absolutos, hasta 19.563 millones de euros, pero baja con relación al PIB, hasta el 1,62%. Llegaría a casi 21.000 millones de euros si se incluyera gastos devengados y no imputados.
Chapter
Full-text available
Abstract Despite the progress made, the gender gap in the labour market and in the Social Security System continues to be a pending issue of improvements for all the Spanish society. The objective of this paper is to analyse the part-time work situation in Spain and the gender gap that this may imply for pensions, as well as the regulatory changes...
Technical Report
Full-text available
El Índice de Revalorización de las Pensiones (IRP) adelantado para el año 2019 se estima en un -2,38% tras la ejecución presupuestaria del tercer trimestre de 2018.
Technical Report
Full-text available
El Indicador E10 de equilibrio financiero del sistema de pensiones español a 10 años se sitúa en 2018 en el 5,51%, empeorando respecto al 5,28% de 2017.
Technical Report
Full-text available
El déficit anual de la Seguridad Social por operaciones no financieras mejora en el tercer trimestre de 2018 hasta el 1,52% del PIB desde el 1,54% anterior, pero el déficit contributivo empeora, llegando a casi 20.000 millones, lo que supone el 1,65% del PIB.
Technical Report
Full-text available
El déficit anual de la Seguridad Social por operaciones no financieras se sitúa en el 1,55% del PIB tras el segundo trimestre de 2018.
Technical Report
Full-text available
El Índice de Revalorización de las Pensiones (IRP) adelantado para el año 2019 se estima en un-2,42% tras la ejecución presupuestaria del segundo trimestre de 2018.
Technical Report
Full-text available
El Índice de Revalorización de las Pensiones (IRP) para el año 2018 se estima en un-2,58% tras la ejecución presupuestaria provisional de 2017 y los presupuestos definitivos de 2018. La aprobación del Índice de Revalorización de las Pensiones (IRP) en la Ley 23/2013 supuso un cambio significativo al modificar totalmente el sistema de revalorización...
Chapter
Full-text available
The change in the economic and sociodemographic context, framed by a continuous increase in longevity, the consequences of the economic crisis as well as the lack of adequate adjustments of the Social Security retirement pension systems everywhere, entail risks for workers and for the Social Security itself. Against the background of the change in...
Article
Full-text available
To measure the adequacy of pension systems in the world, one of the most commonly used indicators is the Replacement Rate. Our work is based on the statement that this indicator is imperfect itself to measure adequacy because it does not collect the multiple dimensions that it involves while being a static measurement. Consequently and based on the...
Technical Report
Full-text available
El Índice de Revalorización de las Pensiones (IRP) para el año 2018 se estima en un -3,02% tras la ejecución presupuestaria provisional de 2017 y el proyecto de presupuestos de 2018
Technical Report
Full-text available
Autores: Grupo de Investigación en Pensiones y Protección Social: E. Devesa, M. Devesa, I. Domínguez, B. Encinas, R. Meneu. http://www.uv.es/pensiones/ 1. ¿Qué establecen los presupuestos del Estado sobre el gasto en pensiones? El Proyecto de Presupuestos Generales del Estado para 2018 ha dado lugar a un salto cualitativo importante respecto tanto...
Technical Report
Full-text available
El déficit contributivo anual sube en términos absolutos, hasta 19.515 millones de euros, pero baja en relación al PIB, hasta -1,68%. El 26 de marzo de 2018 se publicó en la página web de la Seguridad el resumen de ejecución presupuestaria del agregado del Sistema de la Seguridad Social a diciembre de 2017. Aunque los datos son provisionales, la li...
Chapter
Full-text available
The change in economic and sociodemographic reality, characterized by a continuous increase in longevity, the consequences of the economic crisis as well as the lack of adequate adjustments of the Social Security retirement pension systems everywhere, entail risks for workers and the Social Security itself. Many reforms of public pension systems ha...
Technical Report
Full-text available
De continuar con el actual crecimiento del número de afiliados, dentro de dos años se podría llegar a unos 20 millones, ¿pero será este valor suficiente para obtener el equilibrio del sistema? Parece difícil porque, según las proyecciones, el horizonte para alcanzar el equilibrio se encuentra alrededor de 2033. El primer ejercicio que vamos a reali...
Article
Full-text available
The aim of this article is to analyze the financial solvency of PAYG pension systems in Spain and Mexico, incorporating labor market behavior for each case. The methodology employed is based on the Internal Rate of Return and the Cost of Unitary Pension, which allow us to observe the financial actuary imbalance between contributions and future bene...
Technical Report
Full-text available
El objetivo es comparar tres estrategias de revalorización de las pensiones: la regla actual (IRP con límites), el IRP sin la aplicación de los límites y una tercera donde la revalorización fuera igual al IPC. Para valorar los efectos económicos de las tres reglas se asumirán las hipótesis del Ministerio sobre las variables que determinan el crecim...
Article
en The main objective of this article is to determine, based on internal data, replacement rates for a defined benefit pension system, with two aims: the adequacy of pensions – measured in terms of the expenditure of retirees – and the sustainability of the system. For this purpose two instruments are used: the internal rate of return, and techniqu...
Conference Paper
Full-text available
This theoretical paper seeks to develop the general concept of intergenerational fairness at the macro and micro scale which could be a background for further empirical analyses in this field, including especially some quantitative studies. First, the micro-scale and macro-scale definitions of generation are explained, and the concept of intergener...
Article
The Spanish pension system has been recently reformed as a response to the demographic challenge and with the objective of ensuring the sustainability of the pension system in the long-term. The overall reforms include changes in the majority of the system parameters, a new indexation rule and a sustainability factor that links life expectancy and...
Article
This paper analyzes and compares pension reforms in Spain and Portugal. For the Spanish case, reflections on the sufficiency of the reforms of the contributory retirement pension system are shown, based on the measures adopted by Law 27/2011 on Updating, Adapting and Modernizing Social Security and by Law 23/ 2013, which incorporates and regulates...
Article
Full-text available
For decades the system of pension indexation applied in Spain, based on the CPI, has been focused on maintaining the purchasing power of pensions regardless of, except for occasional freezes, its impact on the financial sustainability of Social Security. The Social Security reform adopted in 2013 (Law 23/2013) introduces a new system that involves...
Article
La jubilacion es uno de los retos a los que se enfrentan los ciudadanos y, naturalmente, tambien los trabajadores autonomos. Las peculiaridades del regimen especial de la Seguridad Social al que estan adscritos, como es escoger anualmente su base de cotizacion, permite que los autonomos puedan disenar una estrategia que mejore notablemente su pensi...
Article
Full-text available
The main objective of this work is to determine the bases for obtaining fiscal financial profitability, both theoretical and applied, for the three most important modalities of Inverse Mortgages. To do so, the inverse mortgage is considered as a broader and complex part of an actuarial- financial long-term pension savings operation. It is thought t...
Article
Full-text available
Este trabajo plantea una nueva fórmula de cálculo de la pensión inicial actuando tanto sobre la base reguladora como, fundamentalmente, sobre el porcentaje aplicado a dicha base o tasa de sustitución. Dicha fórmula contiene dos partes diferenciadas, una que asegura el objetivo de equidad entre individuos, evitando distorsiones en el cálculo de la p...
Article
Full-text available
This paper establishes a new formula to compute the first old-age pension, modifying both the way of computing the average life-time earnings and, especially, the accrual rate applied to this average or replacement ratio. This formula contains two different parts, one to guarantee the inter-individual fairness objective, avoiding distortions in com...
Article
This paper has two objectives. First, to describe the structure of the immigrant population that contribute to the Public Pension System in Spain. This analyse will be carried out taking account the Continuous Sample of Working Histories (MCVL) and considers variables like: country of origin, age, sex, age at which they began to pay Social Security...
Article
El objetivo de este trabajo es doble. Por un lado, describir la estructura de la población inmigrante que cotiza al sistema público de pensiones español, según la información recogida en la Muestra Continua de Vidas Laborales (MCVL) en términos de país de procedencia, edad actual, sexo, edad de entrada en el sistema, días cotizados y bases de cotiz...
Article
L'objectif de ce travail est double: d'un côté, montrer le déséquilibre actuariel du système de pensions espagnol dans sa configuration actuelle; de l'autre, mesurer le risque économique associé auquel le retraité serait exposé si l'on décidait d'appliquer dix formules de calcul de la pension de vieillesse basées sur des comptes fictifs. On utilise...
Article
El objetivo de este trabajo es doble: por un lado, mostrar el desequilibrio actuarial del sistema de pensiones español de acuerdo con su configuración actual; por otro, medir cuál es el riesgo económico agregado al que estaría expuesto el pensionista si se decidiesen aplicar diez fórmulas de cálculo de la pensión de jubilación basadas en cuentas no...
Article
Diese Arbeit verfolgt ein doppeltes Ziel: Einerseits das versicherungsmathematische Ungleichgewicht des spanischen Rentensystems in seiner derzeitigen Gestalt aufzuzeigen; andererseits zu messen, welchem wirtschaftlichen Gesamtrisiko die Rentner ausgesetzt wären, wenn die Altersrenten auf der Basis von fiktiven Konten ermittelt würden. Das Modell a...
Presentation
Full-text available
Presentation in Valencia, Departamento de Economía Financiera y Actuarial. Aim of thus presentation: To demonstrate the actuarial imbalance of the Spanish pension system in its current configuration. To measure the aggregate economic risk to which the pensioner would be exposed if it were decided to apply ten formulae for the calculation of the ret...
Technical Report
Full-text available
Investigación financiada mediante subvención recibida de acuerdo con lo previsto en la Orden TAS/1051/2005, de 12 de abril (subvenciones para el Fomento de la Investigación de la Protección Social –FIPROS-) La Seguridad Social no se identifica con el contenido y/o conclusiones de esta investigación, cuya total responsabilidad corresponde a sus auto...
Chapter
Full-text available
COUNTRIES over the last few years has been such that, as Valdés-Prieto (2002) points out, the problems of pension reform have begun to dominate economic policy. The main reforms proposed and applied can be summarized as parametric reforms of the pay-as-you-go (PAYG) system, changes to other (mainly capitalization) systems, and systems combining fun...
Article
This article aims to quantify the "aggregate subjective economic" risk to which beneficiaries would be exposed if a retirement pension system based on notional account philosophy were introduced. We use scenario generation techniques to make projections of the factors that determine the real expected internal rate of return (IRR) and the expected r...
Article
Fair valuation is becoming a major concern for actuaries, especially in the perspective of IAS norms. One of the key aspects in this context is the simultaneous analysis of assets and liabilities in any sound actuarial valuation. The aim of this paper is to illustrate these concepts, by comparing three common ways of giving bonus in life insurance...
Article
Given falling birth rates, ageing baby boomers approaching retirement age as well as a pension crisis in most advanced economies, understanding the characteristics of the labour supply function of the elderly have taken on a new significance. Even in developing countries, with labour surplus economies, this is a major issue as these poor countries...
Article
Full-text available
La gestión de carteras de vida de las compañías de seguros o de un fondo de pensiones debe tener en cuenta la evolución temporal de sus obligaciones y activos, a través del análisis de una serie de variables: factores y rendimientos. El comportamiento de estos es analizado, en este trabajo, estadísticamente y se modeliza mediante un vector de corre...
Article
En España, tras la Orden Ministerial de 23 de diciembre de 1998 se ha regulado la gestión de activos y pasivos para las carteras de vida. Esta normativa propone dos métodos para llevar a cabo la coordinación entre los activos y pasivos: la armonizacion del flujo de caja y la inmunización por duraciones. En este trabajo, se realiza un análisis de am...
Article
Full-text available
The management of a Life Insurance Company or a Pension Fund must take into account the temporal evolution of its assets and its liabilities. The variables we work here are the factors and returns representing assets and liabilities; as illustration purpose, numerical data have been taken from the Spanish Market. The past performance of these varia...
Article
Full-text available
The management of a Pension Fund must take into account the temporal evolution of both its assets and its liabilities. The variables we work with here are returns and factors representing assets and liabilities. The past performance of these variables is analysed statistically and we deduce a vector Eror Correction Model (VECM) to model their behab...

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Projects

Projects (3)
Project
A significant change in the age structure of population, including the proportion between pensioners and people at working age motivates to ask a substantial question, how the welfare is divided between generations and what are the main causes or determinants of such a division. Moreover, are we able to search for better solutions in the field of intergenerational fair division of the welfare, or to identify some tools of socio-economic policy that stimulate it? A broadly understood research problem studied in this project is the intergenerational relation in the socio-economic sense and its determinants in the era of ageing and declining populations in European countries. Referring to the macroeconomic definition, a pension system is a tool for dividing the current GDP between the working generation and the generation of pensioners (see: Góra 2003, Barr and Diamond 2006). This division of GDP between generations of workers and pensioners is actually very convergent with the division between remuneration of production factors (the work of economically active generation) and consumption of the population of pensioners. This model is worth developing through adding the third generation of children and youth. The part of GDP spent on this generation is in fact an investment in human capital through a process of education. Additionally, the generation of workers accumulates its wealth for retirement period to smooth its consumption, whereas the generation of pensioners consumes accumulated wealth to finance its consumption. This affects the GDP growth, and as a result, the GDP that will be divided between generations in the future. Therefore, the mentioned intergenerational fairness refers mainly to the fair division of current GDP and, in economic view, means the intergenerational proportion of income distribution. If the state did not intervene in this distribution and a pension system were appropriately individualized (e.g. through individual pension accounts), the part of GDP consumed by the generation of pensioners (providing that pension assets are invested or pension entitlements/rights are acquired only in a given country) would be a derivate of contributions paid to the system during working life, adjusted by a rate of return (on financial markets, or GDP growth). However, the state usually intervenes in income distribution that is reflected by both intragenerational as well as intergenerational redistribution. In view of the research problem formulated above, undertaking and conducting studies on this subject requires realization of the following research objectives: - A theoretical objective: to define an intergenerational fairness as the multidimensional phenomenon (category) in the socio-economic terms and to identify and characterize its dimensions. - A methodological objective: to develop the concept of the measurement and evaluation of the dimensions of intergenerational fairness in socio-economic terms. - An empirical objective: to compare selected dimensions of intergenerational fairness in socio-economic terms across different welfare state regimes. The realization of objectives formulated above allows us to answer the following research questions: 1) How does the change in the age structure of population in the European countries impact the proportion of welfare distribution between generations? 2) How do the relations between state and free market or between social policy and market economy impact different dimensions of intergenerational fairness? 3) What is the model of socio-economic policy that supports intergenerational fairness?
Project
To analyze the impact of the transfer of death and survivors benefits to the Spanish non-contributory system. To study its impact on the index of revaluation of pensions and on the purchasing power of pensioners.