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Economic development --- Fiscal policy --- Tax policy --- Taxation --- Economic policy --- Finance, Public --- Development, Economic --- Economic growth --- Growth, Economic --- Economics --- Statics and dynamics (Social sciences) --- Development economics --- Resource curse --- Government policy --- Central America. --- Dominican Republic. --- Panama. --- Audiencia de Panam --- Audiencia de Panamá del Nuevo Reino de Tierra Firme --- Estado Federal de Panam --- Panama --- Real Audiencia de Panam --- Republic of Panama --- República de Panam --- Tierra Firme --- Dominika Kyōwakoku --- Dominikaaninen tasavalta --- Dominikanische Republik --- Dominikanska republiken --- Quisqueya --- República Dominicana --- Republiḳah ha-Dominiḳanit --- République dominicaine --- San Domingo --- Santo Domingo --- Mercado Común Centroamericano countries

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This paper estimates the fiscal costs of population aging in Latin America and provides policy recommendations on reforms needed to make these costs manageable. Although Latin American societies are still younger than most advanced economies, like other emerging markets the region is already in a process of population aging that is expected to accelerate in the remainder of the century. This will directly affect fiscal sustainability by putting pressure on public pension and health care systems in the region that are already more burdened than, for example, in emerging Asia, a region with a similar demographic structure. A stylized cross-country exercise, drawing on demographic projections from the United Nations and methodologies developed by the IMF to derive public spending projections, is used to quantify long-term fiscal gaps generated by population aging in 18 Latin American countries. Several aspects of current pensions and health care systems in Latin Amer-ica make the region’s long-term fiscal positions particularly vulnerable to population aging.

Population aging --- Old age --- Fiscal policy --- Economic aspects --- Later life (Human life cycle) --- Senescence --- Adulthood --- Age --- Longevity --- Older people --- Aging of population --- Aging population --- Aging society --- Demographic aging --- Graying (Demography) --- Greying (Demography) --- Age distribution (Demography) --- Aging --- Demography --- Economics of the Elderly --- Economics of the Handicapped --- Expenditure --- Expenditures, Public --- Health care spending --- Income economics --- Labor --- Labour --- National Government Expenditures and Health --- Non-labor Market Discrimination --- Nonwage Labor Costs and Benefits --- Pension spending --- Pensions --- Population & demography --- Population and demographics --- Private Pensions --- Public finance & taxation --- Public Finance --- Retirement Policies --- Retirement --- Social Security and Public Pensions --- Brazil