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Quantifying Impact of Aging Population on Fiscal Space

This paper quantitatively investigates how population aging trend affects fiscal space measured as unused revenue generating capacity by utilizing a standard neoclassical growth model. A calibration exercise for G-7 countries shows that France, Germany and Italy suffer greater revenue impact from a...

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Bibliographic Details
Main Author: Park, Seok
Format: eBook
Language:English
Published: Washington, D.C. International Monetary Fund 2012
Series:IMF Working Papers
Subjects:
Labor Taxes
Revenue Administration
Demographic Trends, Macroeconomic Effects, And Forecasts
Labour
Public Finance & Taxation
Fiscal Policy
Welfare & Benefit Systems
National Government Expenditures And Related Policies: General
Labor
Expenditure
Taxation, Subsidies, And Revenue: General
Labor Economics: General
Expenditures, Public
Macroeconomics
Macroeconomic Policy, Macroeconomic Aspects Of Public Finance, And General Outlook: General
Fiscal Space
Taxation
Personal Income And Other Nonbusiness Taxes And Subsidies
Public Finance
Income Economics
Revenue
Income Tax
Labor Economics
United States
Online Access:
Collection: International Monetary Fund - Collection details see MPG.ReNa
Description
Summary:This paper quantitatively investigates how population aging trend affects fiscal space measured as unused revenue generating capacity by utilizing a standard neoclassical growth model. A calibration exercise for G-7 countries shows that France, Germany and Italy suffer greater revenue impact from a given reduction in hours worked due to their larger government expenditure. Corrective measures such as pension reform and flexible expenditure policy would be required in order to mitigate the impact of aging on fiscal space
Physical Description:25 pages
ISBN:9781475505122

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