1.

Record Nr.

UNINA9910786482303321

Autore

Tokuoka Kiichi

Titolo

Intergenerational Implications of Fiscal Consolidation in Japan / / Kiichi Tokuoka

Pubbl/distr/stampa

Washington, D.C. : , : International Monetary Fund, , 2012

ISBN

1-4755-3530-9

1-4755-8843-7

Descrizione fisica

1 online resource (26 p.)

Collana

IMF Working Papers

Soggetti

Fiscal policy - Japan

Intergenerational relations - Economic aspects - Japan

Investments: General

Labor

Macroeconomics

Public Finance

Demography

Fiscal Policy

Taxation and Subsidies: Externalities

Redistributive Effects

Environmental Taxes and Subsidies

Social Security and Public Pensions

Nonwage Labor Costs and Benefits

Private Pensions

General Financial Markets: General (includes Measurement and Data)

Economics of the Elderly

Economics of the Handicapped

Non-labor Market Discrimination

Pensions

Investment & securities

Population & demography

Fiscal consolidation

Pension spending

Securities

Aging

Fiscal policy

Expenditure

Financial institutions

Population and demographics



Financial instruments

Population aging

Japan

Lingua di pubblicazione

Inglese

Formato

Materiale a stampa

Livello bibliografico

Monografia

Note generali

Description based upon print version of record.

Nota di bibliografia

Includes bibliographical references.

Nota di contenuto

Cover; Contents; I. Introduction; II. Simulation Analysis and Discussion; Figures; 1. Overview of Japan's Public Finances; 2. Intergenerational Resource Imbalance; 3. Macroeconomic Implications of Fiscal Consolidation; Tables; 1. Summary of Measures; 2. Two Options for Structural Fiscal Adjustment; 4. Resource Implications of Fiscal Adjustment; 5. Costs of Delaying Fiscal Adjustment; III. Other Issues; IV. Conclusions; Box; 1. Public Pension System in Japan; References; Appendix; I. Parameter Values and Key Simulation Assumptions

Sommario/riassunto

In Japan, intergenerational inequality in lifetime resources is substantial, with a heavier fiscal burden on the young than the old. Moreover, given the need for fiscal consolidation, the inequality is even worse than existing policy would suggest. However, this does not mean that fiscal consolidation would make the young worse off. Lack of fiscal consolidation would eventually increase interest rates, which would reduce output and hit young generations harder. Simulations using an overlapping generations model indicate that, from the perspective of intergenerational fairness, it would be desirable to include both social security spending reforms and revenue measures in a fiscal consolidation package. The simulations also show that delaying fiscal consolidation could be costly and worsen intergenerational resource inequality.