05714oam 22013574 450 991096175160332120250426110738.09781475535303147553530997814755884391475588437(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)WPIEA2012197WPIEA2012197(EXLCZ)99267000000027881720020129d2012 uf 0engur|n|---|||||txtccrIntergenerational Implications of Fiscal Consolidation in Japan /Kiichi Tokuoka1st ed.Washington, D.C. :International Monetary Fund,2012.1 online resource (26 p.)IMF Working PapersDescription based upon print version of record.9781475522839 1475522835 9781475505474 1475505477 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 aspectsJapanAgingimfDemographyimfEconomics of the ElderlyimfEconomics of the HandicappedimfEnvironmental Taxes and SubsidiesimfExpenditureimfFinancial institutionsimfFinancial instrumentsimfFiscal consolidationimfFiscal PolicyimfFiscal policyimfGeneral Financial Markets: General (includes Measurement and Data)imfInvestment & securitiesimfInvestments: GeneralimfLaborimfMacroeconomicsimfNon-labor Market DiscriminationimfNonwage Labor Costs and BenefitsimfPension spendingimfPensionsimfPopulation & demographyimfPopulation agingimfPopulation and demographicsimfPrivate PensionsimfPublic FinanceimfRedistributive EffectsimfSecuritiesimfSocial Security and Public PensionsimfTaxation and Subsidies: ExternalitiesimfJapanimfFiscal policyIntergenerational relationsEconomic aspectsAgingDemographyEconomics of the ElderlyEconomics of the HandicappedEnvironmental Taxes and SubsidiesExpenditureFinancial institutionsFinancial instrumentsFiscal consolidationFiscal PolicyFiscal policyGeneral Financial Markets: General (includes Measurement and Data)Investment & securitiesInvestments: GeneralLaborMacroeconomicsNon-labor Market DiscriminationNonwage Labor Costs and BenefitsPension spendingPensionsPopulation & demographyPopulation agingPopulation and demographicsPrivate PensionsPublic FinanceRedistributive EffectsSecuritiesSocial Security and Public PensionsTaxation and Subsidies: Externalities332.1/52Tokuoka Kiichi1815653DcWaIMFBOOK9910961751603321Intergenerational Implications of Fiscal Consolidation in Japan4371530UNINA