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Public pensions in the national accounts and public finance targets

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  • OKSANEN, HEIKKI
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    Abstract

    Preparations are underway to revise national accounting to implement actuarial recording of pension liabilities for corporations and government as an employer. This paper extends this to unfunded public pensions with the help of implicit tax in pension contributions. The clearest advantages of the revision appear in situations where pension liabilities are shifted from the corporate sector to government, and where part of the public pension system is privatized. The proposed revision raises public debt and deficit to new orders of magnitude. The paper provides a framework for setting the debt and deficit targets under both current and proposed definitions.

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    File URL: http://journals.cambridge.org/abstract_S1474747205002076
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    Bibliographic Info

    Article provided by Cambridge University Press in its journal Journal of Pension Economics and Finance.

    Volume (Year): 4 (2005)
    Issue (Month): 03 (November)
    Pages: 291-312

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    Handle: RePEc:cup:jpenef:v:4:y:2005:i:03:p:291-312_00

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    Cited by:
    1. Roel Beetsma & Heikki Oksanen, 2008. "Pensions under Ageing Populations and the EU Stability and Growth Pact ," CESifo Economic Studies, CESifo, vol. 54(4), pages 563-592, December.
    2. Roel Beetsma & Heikki Oksanen, 2007. "Pension Systems, Ageing and the Stability and Growth Pact," CESifo Working Paper Series 2141, CESifo Group Munich.
    3. Altiok, Hasan U. & Jenkins, Glenn P., 2013. "The fiscal burden of the legacy of the civil service pension systems in northern Cyprus," Journal of Pension Economics and Finance, Cambridge University Press, vol. 12(01), pages 92-110, January.
    4. Heikki Oksanen, 2005. "Actuarial Neutrality across Generations Applied to Public Pensions under Population Ageing: Effects on Government Finances and National Saving," CESifo Working Paper Series 1501, CESifo Group Munich.
    5. Heikki Oksanen, 2009. "Setting targets for government budgets in the pursuit of intergenerational equity," European Economy - Economic Papers 358, Directorate General Economic and Monetary Affairs (DG ECFIN), European Commission.

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