1.

Record Nr.

UNINA9910961751603321

Autore

Tokuoka Kiichi

Titolo

Intergenerational Implications of Fiscal Consolidation in Japan / / Kiichi Tokuoka

Pubbl/distr/stampa

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

ISBN

9781475535303

1475535309

9781475588439

1475588437

Edizione

[1st ed.]

Descrizione fisica

1 online resource (26 p.)

Collana

IMF Working Papers

Disciplina

332.1/52

Soggetti

Fiscal policy - Japan

Intergenerational relations - Economic aspects - Japan

Aging

Demography

Economics of the Elderly

Economics of the Handicapped

Environmental Taxes and Subsidies

Expenditure

Financial institutions

Financial instruments

Fiscal consolidation

Fiscal Policy

Fiscal policy

General Financial Markets: General (includes Measurement and Data)

Investment & securities

Investments: General

Labor

Macroeconomics

Non-labor Market Discrimination

Nonwage Labor Costs and Benefits

Pension spending

Pensions

Population & demography

Population aging

Population and demographics

Private Pensions

Public Finance



Redistributive Effects

Securities

Social Security and Public Pensions

Taxation and Subsidies: Externalities

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.