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Can Inheritances Alleviate the Fiscal Burden of an Aging Population?

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Author Info
Erik Lueth (International Monetary Fund)
Abstract

With pay as you go schemes in place, population aging will impose a heavy fiscal burden on young and future cohorts. However, these cohorts may also profit from larger inheritances as the number of heirs declines. The aim of this paper is to explore the compensating potential of private intergenerational transfers. A dynamic, computable general equilibrium model is employed allowing for a pay as you go scheme, various bequest motives, and an endogenous labor supply. The findings are twofold. First, the increase in future generations' inheritances is insufficient to make up for the demographic burden. Second, increasing the inheritance tax during the demographic transition may alleviate the fiscal burden of future generations by improving overall efficiency. Copyright 2003, International Monetary Fund

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Article provided by Palgrave Macmillan Journals in its journal IMF Staff Papers.

Volume (Year): 50 (2003)
Issue (Month): 2 ()
Pages: 2
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Handle: RePEc:pal:imfstp:v:50:y:2003:i:2:p:2

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Find related papers by JEL classification:
H55 - Public Economics - - National Government Expenditures and Related Policies - - - Social Security and Public Pensions
E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy
D58 - Microeconomics - - General Equilibrium and Disequilibrium - - - Computable and Other Applied General Equilibrium Models

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This page was last updated on 2009-12-26.

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