05123oam 22011894 450 991080817950332120200520144314.01-4755-7203-41-4755-6875-4(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 Park1st ed.Washington, 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 policyDemographic Trends, Macroeconomic Effects, and ForecastsimfExpenditureimfExpenditures, PublicimfFiscal PolicyimfFiscal policyimfFiscal spaceimfIncome economicsimfIncome taximfLabor economicsimfLabor Economics: GeneralimfLabor taxesimfLaborimfLabourimfMacroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook: GeneralimfMacroeconomicsimfNational Government Expenditures and Related Policies: GeneralimfPersonal Income and Other Nonbusiness Taxes and SubsidiesimfPublic finance & taxationimfPublic FinanceimfRevenue administrationimfRevenueimfTaxationimfTaxation, Subsidies, and Revenue: GeneralimfWelfare & benefit systemsimfUnited StatesimfFinance, Public.Population policy.Demographic Trends, Macroeconomic Effects, and ForecastsExpenditureExpenditures, PublicFiscal PolicyFiscal policyFiscal spaceIncome economicsIncome taxLabor economicsLabor Economics: GeneralLabor taxesLaborLabourMacroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook: GeneralMacroeconomicsNational Government Expenditures and Related Policies: GeneralPersonal Income and Other Nonbusiness Taxes and SubsidiesPublic finance & taxationPublic FinanceRevenue administrationRevenueTaxationTaxation, Subsidies, and Revenue: GeneralWelfare & benefit systems332.152Park Seok1772037DcWaIMFBOOK9910808179503321Quantifying Impact of Aging Population on Fiscal Space4270510UNINA