Resumen de Integrated results for GA and NTA for Spain: Some implications for the sustainabilitiy of the welfare state

Concepció Patxot Cardoner, Elisenda Rentería Pérez, Miguel Romero, Guadalupe Souto Nieves

• The aim of this paper is twofold. First, the first estimates for Spanish National Transfers Accounts (NTA) are presented. The excess of total consumption on labour income –the life cycle deficit– and the way it is financed through age reallocations via market, public, or private transfers, is obtained. These estimates are then used to estimate the first demographic dividend. Second, this technique and Generational Accounting (GA) are combined to give a more complete picture of the effects of ageing on the economy. In particular, GA sustainability indicators are extended to include age reallocations which occur through family and market.