LEADER 05079oam 22011654 450 001 9910786480103321 005 20230801225353.0 010 $a1-4755-7203-4 010 $a1-4755-6875-4 035 $a(CKB)2670000000278815 035 $a(EBL)1606814 035 $a(SSID)ssj0000940834 035 $a(PQKBManifestationID)11598329 035 $a(PQKBTitleCode)TC0000940834 035 $a(PQKBWorkID)10956023 035 $a(PQKB)10405309 035 $a(MiAaPQ)EBC1606814 035 $a(Au-PeEL)EBL1606814 035 $a(CaPaEBR)ebr10627036 035 $a(OCoLC)796937130 035 $a(IMF)WPIEE2012164 035 $a(IMF)WPIEA2012164 035 $a(EXLCZ)992670000000278815 100 $a20020129d2012 uf 0 101 0 $aeng 135 $aur|n|---||||| 181 $ctxt 182 $cc 183 $acr 200 10$aQuantifying Impact of Aging Population on Fiscal Space /$fSeok Park 210 1$aWashington, D.C. :$cInternational Monetary Fund,$d2012. 215 $a1 online resource (26 p.) 225 1 $aIMF Working Papers 300 $aDescription based upon print version of record. 311 $a1-4755-1627-4 311 $a1-4755-0512-4 320 $aIncludes bibliographical references. 327 $aCover; 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 Bases 327 $a8. Tax Revenue Ratio, Hours Worked, and Output 9. Iso-Revenue Curve (CD Preference); 10. Decrease in Fiscal Space vs. Decrease in Labor Supply; References 330 3 $aThis paper quantitatively investigates how population aging trend affects fiscal space measured as unused revenue generating capacity by utilizing a standard neoclassical growth model. A calibration exercise for G-7 countries shows that France, Germany and Italy suffer greater revenue impact from a given reduction in hours worked due to their larger government expenditure. Corrective measures such as pension reform and flexible expenditure policy would be required in order to mitigate the impact of aging on fiscal space. 410 0$aIMF Working Papers; Working Paper ;$vNo. 2012/164 606 $aFinance, Public 606 $aPopulation policy 606 $aMacroeconomics$2imf 606 $aPublic Finance$2imf 606 $aTaxation$2imf 606 $aMacroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook: General$2imf 606 $aDemographic Trends, Macroeconomic Effects, and Forecasts$2imf 606 $aTaxation, Subsidies, and Revenue: General$2imf 606 $aFiscal Policy$2imf 606 $aPersonal Income and Other Nonbusiness Taxes and Subsidies$2imf 606 $aLabor Economics: General$2imf 606 $aNational Government Expenditures and Related Policies: General$2imf 606 $aPublic finance & taxation$2imf 606 $aWelfare & benefit systems$2imf 606 $aLabour$2imf 606 $aincome economics$2imf 606 $aRevenue administration$2imf 606 $aFiscal space$2imf 606 $aLabor taxes$2imf 606 $aLabor$2imf 606 $aExpenditure$2imf 606 $aRevenue$2imf 606 $aFiscal policy$2imf 606 $aIncome tax$2imf 606 $aLabor economics$2imf 606 $aExpenditures, Public$2imf 607 $aUnited States$2imf 615 0$aFinance, Public. 615 0$aPopulation policy. 615 7$aMacroeconomics 615 7$aPublic Finance 615 7$aTaxation 615 7$aMacroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook: General 615 7$aDemographic Trends, Macroeconomic Effects, and Forecasts 615 7$aTaxation, Subsidies, and Revenue: General 615 7$aFiscal Policy 615 7$aPersonal Income and Other Nonbusiness Taxes and Subsidies 615 7$aLabor Economics: General 615 7$aNational Government Expenditures and Related Policies: General 615 7$aPublic finance & taxation 615 7$aWelfare & benefit systems 615 7$aLabour 615 7$aincome economics 615 7$aRevenue administration 615 7$aFiscal space 615 7$aLabor taxes 615 7$aLabor 615 7$aExpenditure 615 7$aRevenue 615 7$aFiscal policy 615 7$aIncome tax 615 7$aLabor economics 615 7$aExpenditures, Public 700 $aPark$b Seok$01578618 801 0$bDcWaIMF 906 $aBOOK 912 $a9910786480103321 996 $aQuantifying Impact of Aging Population on Fiscal Space$93858188 997 $aUNINA