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ISBN: 1462388906 1455237116 1283565269 9786613877710 1455225029 Year: 2011 Publisher: Washington, D.C. : International Monetary Fund,
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This paper updates existing measures of the U.S. fiscal gap to include federal laws up to and including the mid-December 2010 federal fiscal stimulus. It then applies the methodology of generational accounting to establish how the burden of adjustment required to attain fiscal sustainability is shared across generations. We find that the U.S. fiscal and generational imbalances are large under plausible parametric assumptions, and, while not much affected by the financial crisis, they have not improved much by the passing of the Final Healthcare Legislation. We find that, under our baseline scenario, a full elimination of the fiscal and generational imbalances would require all taxes to go up and all transfers to be cut immediately and permanently by 35 percent. A delay in the adjustment makes it more costly.
Fiscal policy --- Generational accounting --- Taxation --- Tax policy --- Economic policy --- Finance, Public --- Generational accounts --- Econometric models. --- Law and legislation --- Government policy --- Accounting --- Banks and Banking --- Macroeconomics --- Public Finance --- Interest Rates: Determination, Term Structure, and Effects --- Fiscal Policy --- Personal Income and Other Nonbusiness Taxes and Subsidies --- Finance --- Public finance & taxation --- Real interest rates --- Fiscal stance --- Estate tax --- Discount rates --- Interest rates --- Inheritance and transfer tax --- Discount --- United States
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ISSN: 01721747 ISBN: 9783631602737 3631602731 3631749767 9783631749760 Year: 2011 Volume: 42 Publisher: Frankfurt am Main: Peter Lang,
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Due to the demographic development, public pension systems in the European Union organized on a pay-as-you-go (PAYG) principle will be forced to either raise contribution rates or taxes, shorten future replacement rates, or enforce a combination of both. In this regard, two important issues have to be addressed : the first issue refers to the question of measuring the public pension liabilities of private households until today. The extent of these liabilities has an impact on the saving bahaviour. The second issue refers to the consequences of the demographic development for future retirees and contributors and examines the sustainability of pension schemes by confronting the present value of future pension payments with the present value of future contributions
EEC / European Union - EU -Europese Unie - Union Européenne - UE --- 368.43 --- 336.024 --- 339.311.1 --- 311.94 --- Ouderdomsverzekering. Voorbarige dood. Weduwen en wezen. --- Sociale begroting, rekeningen en uitgaven. Gezondheid. --- Spaarneiging. --- Verdeling van de bevolking naar leeftijd. Veroudering van de bevolking. --- Pensions --- Pension trusts --- Employee pension trusts --- Pension funds --- Pension plans --- Compensation --- Retirement pensions --- Superannuation --- Verdeling van de bevolking naar leeftijd. Veroudering van de bevolking --- Sociale begroting, rekeningen en uitgaven. Gezondheid --- Spaarneiging --- Ouderdomsverzekering. Voorbarige dood. Weduwen en wezen --- Trusts and trustees --- Retirement income --- Annuities --- Social security individual investment accounts --- Vested benefits --- Political economy --- Welfare economics --- Economic systems & structures --- Finance & accounting --- cross country comparison --- demographic development --- European --- generational accounting --- Liabilities --- Measuring --- Pension --- Public --- Public pension systems --- Union --- Weddige
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