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The Impact of Demographic Change on Social Security Financing

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  • William A. Halter

    (International Monetary Fund)

  • Richard Hemming

    (International Monetary Fund)

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    Abstract

    The relationship between prospective demographic changes and social security tax rates over the long term is examined for four countries--the Federal Republic of Germany, Japan, the United Kingdom, and the United States. Through use of a simple projection model it is shown that, without significant reform, social security programs as constituted in 1980 would have implied substantial increases in social security tax rates by the year 2025 in all four countries. The model is then used to explore how a range of policy options would affect the evolution of tax rates. Recent policy measures taken in each of the countries can be summarized in terms of the model, and it is shown that these measures lead to markedly lower tax rates than with unreformed programs, although the tax rate in Germany will remain high.

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    Bibliographic Info

    Article provided by Palgrave Macmillan in its journal Staff Papers - International Monetary Fund.

    Volume (Year): 34 (1987)
    Issue (Month): 3 (September)
    Pages: 471-502

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    Handle: RePEc:pal:imfstp:v:34:y:1987:i:3:p:471-502

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    Cited by:
    1. Zakir Husain & Mousumi Dutta & Nidhi Chowdhary, 2014. "Is Health Wealth? Results of a Panel Data Analysis," Social Indicators Research, Springer, vol. 117(1), pages 121-143, May.
    2. Kenc, Turalay & Sayan, Serdar, 2001. "Demographic shock transmission from large to small countries: An overlapping generations CGE analysis," Journal of Policy Modeling, Elsevier, vol. 23(6), pages 677-702, August.
    3. Sayan, Serdar & Kiraci, Arzdar, 2001. "Parametric pension reform with higher retirement ages: A computational investigation of alternatives for a pay-as-you-go-based pension system," Journal of Economic Dynamics and Control, Elsevier, vol. 25(6-7), pages 951-966, June.
    4. Jorge Soares, . "Altruism and Self-interest in a Political Economy of Public Education," Working Papers 130, IGIER (Innocenzo Gasparini Institute for Economic Research), Bocconi University.
    5. Dalen, H.P. van, 1996. "Pitfalls in the economic analysis of aging," Open Access publications from Tilburg University urn:nbn:nl:ui:12-3107374, Tilburg University.
    6. Grech, Aaron George, 1999. "Funded pension schemes: Economic effects and policy implications," MPRA Paper 33615, University Library of Munich, Germany.
    7. Dutta, Mousumi & Husain, Zakir & Chowdhary, Nidhi, 2012. "Is health wealth? Results of a panel data analysis," MPRA Paper 39953, University Library of Munich, Germany.

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