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This paper proposes an approach to setting fiscal policy that factors in the longer-term budgetary pressures that countries face owing, in particular, to population aging and rising health care costs. The approach attempts to overcome the difficulties in evaluating economic trade-offs and social welfare over extended periods. Long-term fiscal projections from the "Intergenerational Report" published as part of the Australian budget in May 2002 are used in a simple model of the Australian economy to illustrate some of the longer-term trade-offs that need to be considered in framing budgets over the medium term. These illustrative simulations, in particular, point out the importance of smoothing fiscal adjustment over time and, hence, the need for careful planning. Smoothing fiscal adjustment, however, raises a new set of questions regarding burden sharing across generations and what costs should be shared.

Aging --- Population --- Medical care, Cost of. --- Cost of medical care --- Health care costs --- Health care expenditures --- Medical care --- Medical costs --- Medical expenses --- Medical service, Cost of --- Medicine --- Medical economics --- Medical savings accounts --- Economic aspects. --- Costs --- Macroeconomics --- Public Finance --- Demography --- Fiscal Policy --- Urban, Rural, and Regional Economics: Regional Migration --- Regional Labor Markets --- National Government Expenditures and Health --- Debt --- Debt Management --- Sovereign Debt --- Economics of the Elderly --- Economics of the Handicapped --- Non-labor Market Discrimination --- Public finance & taxation --- Population & demography --- Fiscal policy --- Public debt --- Health care spending --- Fiscal consolidation --- Expenditure --- Population and demographics --- Debts, Public --- Population aging --- Expenditures, Public --- Australia

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The rapid aging of China's population over the next few decades makes it important for a new pension system with broad and adequate coverage to be put in place quickly. Pension reforms, first initiated in 1997, have become bogged down in difficulties over dealing with the "legacy costs" associated with the relatively more generous benefits provided under the old system. This paper argues that a way forward is to separate the legacy problem from the problem of setting up a new pension system, and it suggests concrete proposals for setting up such a new system which would cover both urban and rural workers.

Labor --- Public Finance --- Demography --- Social Security and Public Pensions --- Nonwage Labor Costs and Benefits --- Private Pensions --- Economics of the Elderly --- Economics of the Handicapped --- Non-labor Market Discrimination --- Retirement --- Retirement Policies --- Wages, Compensation, and Labor Costs: General --- Pensions --- Labour --- income economics --- Population & demography --- Pension spending --- Aging --- Wages --- Expenditure --- Population and demographics --- Population aging --- China, People's Republic of --- Older people --- Old age pensions --- Income economics

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This paper presents a simple framework that illustrates the link between skill-based wage differentiation and human capital acquisition given skill-biased technical progress. The analysis points to the economic costs resulting from labor market and income redistribution policies that prevent the skill premium from playing its role in fostering human capital accumulation and the adoption of new technologies. The study compares key economic indicators among Canada, France, Germany, the United Kingdom, and the United States. Differences in wage differen-tiation and investment in new technologies among these countries could be related to policies affecting labor markets; such practices may reflect social choices.

Labor --- Inventions --- Econometric Modeling: General --- Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook: General --- Taxation, Subsidies, and Revenue: General --- Human Capital --- Skills --- Occupational Choice --- Labor Productivity --- Wage Level and Structure --- Wage Differentials --- Wages, Compensation, and Labor Costs: General --- Education: General --- Professional Labor Markets --- Occupational Licensing --- Innovation --- Research and Development --- Technological Change --- Intellectual Property Rights: General --- Labour --- income economics --- Education --- Inventions & inventors --- Wages --- Human capital --- Skilled labor --- Technological innovation --- Technology --- Labor market --- Technological innovations --- United States --- Income economics

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China encountered problems preserving economic stability while pursuing reforms aimed at increasing its economic flexibility and efficiency. This paper examines China's experience with market-oriented reforms since 1978, offering lessons for other centrally planned economies in the midst of transition to free markets.

Taxes --- Economic policy and planning (general) --- Money. Monetary policy --- China --- Fiscal policy --- Monetary policy --- Economic policy --- CN / China - Chine --- 331.31 --- 331.30 --- 331.33 --- 331.32 --- 338.26 <510> --- 338.24 <510> --- chine --- politique economique --- politique fiscale --- politique monetaire --- reforme economique --- -Fiscal policy --- -330.05 --- 338.951 --- Tax policy --- Taxation --- Finance, Public --- Monetary management --- Currency boards --- Money supply --- Economisch beleid. --- Economische toestand. --- Structureel beleid. Reglementering. Dereglementering. Ordnungspolitik. --- Structuur van de economie. --- Economische planning. Nationale plannen. Ontwikkelingsplannen. Meerjarenplannen. Plattelandsontwikkeling. Rural development. Kosten-batenanlyse--?<510> --- Instrumenten van de economische politiek. Economische orde. Economisch politieke maatregelen. Stabilisering. Stimuleringsmaatregelen. Regulering. Financiele steunmaatregelen--?<510> --- china --- economisch beleid --- fiscaal beleid --- monetair beleid --- economische hervorming --- Government policy --- -Working papers --- 338.24 <510> Instrumenten van de economische politiek. Economische orde. Economisch politieke maatregelen. Stabilisering. Stimuleringsmaatregelen. Regulering. Financiele steunmaatregelen--?<510> --- 338.26 <510> Economische planning. Nationale plannen. Ontwikkelingsplannen. Meerjarenplannen. Plattelandsontwikkeling. Rural development. Kosten-batenanlyse--?<510> --- Cina --- Kinë --- Cathay --- Chinese National Government --- Chung-kuo kuo min cheng fu --- Republic of China (1912-1949) --- Kuo min cheng fu (China : 1912-1949) --- Chung-hua min kuo (1912-1949) --- Kina (China) --- National Government (1912-1949) --- China (Republic : 1912-1949) --- People's Republic of China --- Chinese People's Republic --- Chung-hua jen min kung ho kuo --- Central People's Government of Communist China --- Chung yang jen min cheng fu --- Chung-hua chung yang jen min kung ho kuo --- Central Government of the People's Republic of China --- Zhonghua Renmin Gongheguo --- Zhong hua ren min gong he guo --- Kitaĭskai︠a︡ Narodnai︠a︡ Respublika --- Činská lidová republika --- RRT --- Republik Rakjat Tiongkok --- KNR --- Kytaĭsʹka Narodna Respublika --- Jumhūriyat al-Ṣīn al-Shaʻbīyah --- RRC --- Kitaĭ --- Kínai Népköztársaság --- Chūka Jinmin Kyōwakoku --- Erets Sin --- Sin --- Sāthāranarat Prachāchon Čhīn --- P.R. China --- PR China --- Chung-kuo --- Zhongguo --- Zhonghuaminguo (1912-1949) --- Zhong guo --- Chine --- République Populaire de Chine --- República Popular China --- Catay --- VR China --- VRChina --- 中國 --- 中国 --- 中华人民共和国 --- Jhongguó --- Bu̇gu̇de Nayiramdaxu Dundadu Arad Ulus --- Bu̇gu̇de Nayiramdaqu Dumdadu Arad Ulus --- Bu̇gd Naĭramdakh Dundad Ard Uls --- Khi︠a︡tad --- Kitad --- Dumdadu Ulus --- Dumdad Uls --- Думдад Улс --- Kitajska --- 330.05 --- Economische toestand --- Economisch beleid --- Structuur van de economie --- Structureel beleid. Reglementering. Dereglementering. Ordnungspolitik --- Working papers --- Fiscal policy - China --- Monetary policy - China --- China - Economic policy - 1976 --- -Monetary policy --- Foreign Exchange --- Inflation --- Macroeconomics --- Money and Monetary Policy --- Public Finance --- Exports and Imports --- Price Level --- Deflation --- Monetary Policy, Central Banking, and the Supply of Money and Credit: General --- Fiscal Policy --- National Government Expenditures and Related Policies: General --- Monetary economics --- Labour --- income economics --- Public finance & taxation --- Currency --- Foreign exchange --- Finance --- Expenditure --- Credit --- Prices --- Money --- Expenditures, Public --- China, People's Republic of --- Income economics

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What does the future hold for these giants that are two fastest-growing emerging markets and among the three largest economies in Asia? Their economic muscle is having increasingly far-reaching effects on the global economy. This must-read book draws together analysis and insight from high-level policymakers and advisors in both countries and shows how, for many years, the two countries have cooperated and learned from each other. In addition, the book describes what has (and what has not) worked in each country and offers some concrete suggestions about how each may achieve long-term sustainable development.

Banks and banking --- Securities industry --- Banques --- Valeurs mobilières --- Industrie --- China --- India --- Chine --- Inde --- Economic policy. --- Foreign economic relations --- Politique économique --- Relations économiques extérieures --- Banks and banking -- China -- Congresses. --- Banks and banking -- India -- Congresses. --- China -- Economic policy -- Congresses. --- China -- Foreign economic relations -- India -- Congresses. --- India -- Economic policy -- Congresses. --- India -- Foreign economic relations -- China -- Congresses. --- Securities industry -- China -- Congresses. --- Securities industry -- India -- Congresses. --- Economic History --- Business & Economics --- -Banks and banking --- -Securities industry --- -330.95 --- Financial services industry --- Agricultural banks --- Banking --- Banking industry --- Commercial banks --- Depository institutions --- Finance --- Financial institutions --- Money --- Economic policy --- -Foreign economic relations --- -Economic policy --- -Conferences - Meetings --- Valeurs mobilières --- Politique économique --- Relations économiques extérieures --- Cina --- Kinë --- Cathay --- Chinese National Government --- Chung-kuo kuo min cheng fu --- Republic of China (1912-1949) --- Kuo min cheng fu (China : 1912-1949) --- Chung-hua min kuo (1912-1949) --- Kina (China) --- National Government (1912-1949) --- China (Republic : 1912-1949) --- People's Republic of China --- Chinese People's Republic --- Chung-hua jen min kung ho kuo --- Central People's Government of Communist China --- Chung yang jen min cheng fu --- Chung-hua chung yang jen min kung ho kuo --- Central Government of the People's Republic of China --- Zhonghua Renmin Gongheguo --- Zhong hua ren min gong he guo --- Kitaĭskai︠a︡ Narodnai︠a︡ Respublika --- Činská lidová republika --- RRT --- Republik Rakjat Tiongkok --- KNR --- Kytaĭsʹka Narodna Respublika --- Jumhūriyat al-Ṣīn al-Shaʻbīyah --- RRC --- Kitaĭ --- Kínai Népköztársaság --- Chūka Jinmin Kyōwakoku --- Erets Sin --- Sin --- Sāthāranarat Prachāchon Čhīn --- P.R. China --- PR China --- Chung-kuo --- Zhongguo --- Zhonghuaminguo (1912-1949) --- Zhong guo --- République Populaire de Chine --- República Popular China --- Catay --- VR China --- VRChina --- 中國 --- Jhongguó --- Bu̇gu̇de Nayiramdaxu Dundadu Arad Ulus --- Bu̇gu̇de Nayiramdaqu Dumdadu Arad Ulus --- Bu̇gd Naĭramdakh Dundad Ard Uls --- Khi︠a︡tad --- Kitad --- Dumdadu Ulus --- Dumdad Uls --- Думдад Улс --- Kitajska --- Indland --- Ḣindiston Respublikasi --- Republic of India --- Bhārata --- Indii︠a︡ --- Indië --- Indien --- Sāthāranarat ʻIndīa --- Yin-tu --- Bharat --- Government of India --- 中国 --- 中华人民共和国 --- China (Republic : 1949- ) --- インド --- Indo --- E-books --- هند --- Индия --- PRC --- P.R.C. --- BNKhAU --- БНХАУ --- Banks and Banking --- Exports and Imports --- Finance: General --- Investments: General --- Macroeconomics --- Foreign Exchange --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- General Financial Markets: General (includes Measurement and Data) --- Current Account Adjustment --- Short-term Capital Movements --- Labor Economics: General --- Price Level --- Inflation --- Deflation --- International economics --- Investment & securities --- Currency --- Foreign exchange --- Securities markets --- Securities --- Exchange rate flexibility --- Financial markets --- Government securities --- Capital market --- Prices --- Financial instruments --- Balance of payments --- China, People's Republic of