European Parliament Library

Global Aging Pressures :, Impact of Fiscal Adjustment, Policy Cooperation, and Structural Reforms, Manmohan Kumar, Dennis Botman

Demographic pressures will materialize in many economies over the next few decades. We examine the macroeconomic impact of alternative fiscal adjustment and structural reform strategies to address these global aging pressures using the IMF's Global Fiscal Model (GFM). The results suggest substantial spillover effects of aging through international financial channels. To maintain sustainability, fiscal adjustment needs to be broad-based, while avoiding increases in direct taxes. There are substantial benefits from fiscal cooperation, while negative growth effects can be offset by complementary structural reforms in product and labor markets with the benefits accruing early and to all incomegroups
Table Of Contents
CONTENTS; Introduction; I. Demographic Trends and Fiscal pressures; II. Key Features of the IMF's Global Fiscal Model; III. Calibrating The Model; Tables; 1. Key Macroeconomic and Fiscal Variables in the Initial Steady State 1/; 2. Germany: Fiscal Variables and Key Parameter Values; IV. Debt Dynamics And Fiscal Adjustment In Germany; A. Debt Dynamics: Population Aging in Germany and in Trading Partners; Figures; 1. Germany: Primary Expenditure; 2. Effects on German Debt Dynamics of Population Aging in Germany 1/; 3: The Effects of Alternative Aging Cost Projections on Debt Dynamics
Literary Form
non fiction
Description based upon print version of record
Physical Description
1 online resource (60 p.)
Specific Material Designation
Form Of Item

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