05530oam 22012734 450 991078648230332120230801225348.01-4755-3530-91-4755-8843-7(CKB)2670000000278817(EBL)1606907(SSID)ssj0000940785(PQKBManifestationID)11499075(PQKBTitleCode)TC0000940785(PQKBWorkID)10963534(PQKB)10859937(MiAaPQ)EBC1606907(Au-PeEL)EBL1606907(CaPaEBR)ebr10627038(OCoLC)803657507(IMF)WPIEE2012197(IMF)WPIEA2012197(EXLCZ)99267000000027881720020129d2012 uf 0engur|n|---|||||txtccrIntergenerational Implications of Fiscal Consolidation in Japan /Kiichi TokuokaWashington, D.C. :International Monetary Fund,2012.1 online resource (26 p.)IMF Working PapersDescription based upon print version of record.1-4755-2283-5 1-4755-0547-7 Includes bibliographical references.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 AssumptionsIn 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.IMF Working Papers; Working Paper ;No. 2012/197Fiscal policyJapanIntergenerational relationsEconomic aspectsJapanInvestments: GeneralimfLaborimfMacroeconomicsimfPublic FinanceimfDemographyimfFiscal PolicyimfTaxation and Subsidies: ExternalitiesimfRedistributive EffectsimfEnvironmental Taxes and SubsidiesimfSocial Security and Public PensionsimfNonwage Labor Costs and BenefitsimfPrivate PensionsimfGeneral Financial Markets: General (includes Measurement and Data)imfEconomics of the ElderlyimfEconomics of the HandicappedimfNon-labor Market DiscriminationimfPensionsimfInvestment & securitiesimfPopulation & demographyimfFiscal consolidationimfPension spendingimfSecuritiesimfAgingimfFiscal policyimfExpenditureimfFinancial institutionsimfPopulation and demographicsimfFinancial instrumentsimfPopulation agingimfJapanimfFiscal policyIntergenerational relationsEconomic aspectsInvestments: GeneralLaborMacroeconomicsPublic FinanceDemographyFiscal PolicyTaxation and Subsidies: ExternalitiesRedistributive EffectsEnvironmental Taxes and SubsidiesSocial Security and Public PensionsNonwage Labor Costs and BenefitsPrivate PensionsGeneral Financial Markets: General (includes Measurement and Data)Economics of the ElderlyEconomics of the HandicappedNon-labor Market DiscriminationPensionsInvestment & securitiesPopulation & demographyFiscal consolidationPension spendingSecuritiesAgingFiscal policyExpenditureFinancial institutionsPopulation and demographicsFinancial instrumentsPopulation agingTokuoka Kiichi1476613DcWaIMFBOOK9910786482303321Intergenerational Implications of Fiscal Consolidation in Japan3858210UNINA