Data on Intergenerational Reallocations in Chile: an update Jorge Bravo Economic Commission for Latin America and the Caribbean (ECLAC) 2 nd Meeting of.

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Presentation transcript:

Data on Intergenerational Reallocations in Chile: an update Jorge Bravo Economic Commission for Latin America and the Caribbean (ECLAC) 2 nd Meeting of the Working Group on Macroeconomic Aspects of Intergenerational Transfers Berkeley, California, 14 & 15 January, 2005

Project on Intergenerational Transfers Data sources for CHILE * Several of these appear in Titelman, D. (2000) “Reformas al sistema de salud en Chile: Desafíos pendientes” CEPAL Serie Financiamiento del Desarrollo No. 105, Santiago, Chile. **Marcel and Arenas de Mesa (1991) “Reformas a la seguridad Social en Chile”, Monografía No. 5. Banco Interamericano de Desarrollo *** Arenas de Mesa, A. “Cobertura previsional en Chile” CEPAL Serie Financiamiento del Desarrollo No. 105, Santiago, Chile. Review by January, 2004

Data on Income by source: a first approximation from the CASEN survey Labor income (Y l ) earnings from main and secondary jobs, including bonuses and in-kind payments Income from Capital and credit (Y K ) rental income from real estate, equipment, profits, capital gains, interest, private pensions Income from transfers (Y T ) a) public: Educational and other subsidies, unemployment compensation, maternal subsidies, social assistance pensions (disability, old-age); b) private: donations received, child support

Data on taxes by type: an ad-hoc approximation There’s no single/comprehensive source for tax data (no survey collects it at all) The internal revenue service (SII) has detailed data of the central government treasury proceeds only (direct, indirect, and “territorial” taxes) The SII does not compile data on social security contributions, nor on taxes levied by municipalities (e.g., car circulation fees)

Data on taxes by type: an ad-hoc approximation Problem: about 70% of total taxes are indirect (AVT, specific taxes), but these the SII (of course) does not register in the name of final payer/consumer  no age profile Possible solution: use age profile of overall and specific consumption (from the household budget survey) and match it to AVT and specific tax totals (from the SII).

Major items by component of accounts Lifecycle “flows” account/deficit Aggregate lifecycle deficit Capital reallocations (rK –I K ) Credit reallocations (rM –I M ) less clear Net public transfers (  g + -  g  ) Net private transfers (  f + -  f  ) less clear

Major items by component of accounts Wealth “stocks” account Capital stock (K) Property and credit stock (M) less clear Net public transfers PV(  g + -  g  ) Net private transfers PV(  f + -  f  ) less clear

Complementarity with on-going lines of work Linkage with ECLAC substantive document on “Social Protection”, centered on policy issues, due by mid-2005 Some relevant policy questions to be addressed: labor market problems including unemployment, current health and future pension reform, social protection policies centered on the family Possible complementation with other projects, e.g., small component of ECLAC-Government of France cooperation program