05079oam 22011654 450 991078648010332120230801225353.01-4755-7203-41-4755-6875-4(CKB)2670000000278815(EBL)1606814(SSID)ssj0000940834(PQKBManifestationID)11598329(PQKBTitleCode)TC0000940834(PQKBWorkID)10956023(PQKB)10405309(MiAaPQ)EBC1606814(Au-PeEL)EBL1606814(CaPaEBR)ebr10627036(OCoLC)796937130(IMF)WPIEE2012164(IMF)WPIEA2012164(EXLCZ)99267000000027881520020129d2012 uf 0engur|n|---|||||txtccrQuantifying Impact of Aging Population on Fiscal Space /Seok ParkWashington, D.C. :International Monetary Fund,2012.1 online resource (26 p.)IMF Working PapersDescription based upon print version of record.1-4755-1627-4 1-4755-0512-4 Includes bibliographical references.Cover; Contents; I. Introduction; II. Model; III. Calibration; IV. Results; V. Concluding Remarks; Tables; 1. Parameters for Labor/Leisure Choice; 2. Variables to be Calibrated for Country-Specific Data; 3. Parameters Common to Countries; Figures; 1. Hours Worked Per Person and Aging Trend; 2. Aging Trend and Changes in Parameters for Labor/Leisure Decision; 3. Labor Laffer Curve with CD Preference; 4. Labor Laffer Curve with CFE Preference; 5. Capital Laffer Curve with CD Preference; 6. Capital Laffer Curve with CFE Preference; 7. Tax Revenue Decomposition and Tax Bases8. Tax Revenue Ratio, Hours Worked, and Output 9. Iso-Revenue Curve (CD Preference); 10. Decrease in Fiscal Space vs. Decrease in Labor Supply; ReferencesThis 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.IMF Working Papers; Working Paper ;No. 2012/164Finance, PublicPopulation policyMacroeconomicsimfPublic FinanceimfTaxationimfMacroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook: GeneralimfDemographic Trends, Macroeconomic Effects, and ForecastsimfTaxation, Subsidies, and Revenue: GeneralimfFiscal PolicyimfPersonal Income and Other Nonbusiness Taxes and SubsidiesimfLabor Economics: GeneralimfNational Government Expenditures and Related Policies: GeneralimfPublic finance & taxationimfWelfare & benefit systemsimfLabourimfincome economicsimfRevenue administrationimfFiscal spaceimfLabor taxesimfLaborimfExpenditureimfRevenueimfFiscal policyimfIncome taximfLabor economicsimfExpenditures, PublicimfUnited StatesimfFinance, Public.Population policy.MacroeconomicsPublic FinanceTaxationMacroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook: GeneralDemographic Trends, Macroeconomic Effects, and ForecastsTaxation, Subsidies, and Revenue: GeneralFiscal PolicyPersonal Income and Other Nonbusiness Taxes and SubsidiesLabor Economics: GeneralNational Government Expenditures and Related Policies: GeneralPublic finance & taxationWelfare & benefit systemsLabourincome economicsRevenue administrationFiscal spaceLabor taxesLaborExpenditureRevenueFiscal policyIncome taxLabor economicsExpenditures, PublicPark Seok1578618DcWaIMFBOOK9910786480103321Quantifying Impact of Aging Population on Fiscal Space3858188UNINA