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Impact of Ageing on the Public Finance (in Korean)

Author

Listed:
  • Hosin Song

    (Department of Economics, Ewha Woman's University)

  • Joonyoung Hur

    (Division of Economics, Hankuk University of Foreign Studies)

Abstract

In this study, we analyze the impact of ageing on the public finance of Korea economy. Both government revenue and government expenditure are considered to take into account the effect of ageing. Specifically, Park (2012) and Hur and Lee (2017) are used to analyze the impact of ageing on the government revenue. It is found that Korea economy has some fiscal space in revenue side. For the analysis of the expenditure side, the probability choice model using aggregate data is used. As to the expenditure, it is empirically found that ageing has significant effect on the government expenditure through the ageing related expenditure such as social protection and health. The impact is expected to continue as long as ageing persists.

Suggested Citation

  • Hosin Song & Joonyoung Hur, 2017. "Impact of Ageing on the Public Finance (in Korean)," Working Papers 2017-29, Economic Research Institute, Bank of Korea.
    • Handle: RePEc:bok:wpaper:1729
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    More about this item

    Keywords

    Demographic shift; Tax revenue; Government spending; DSGE models; Probability choice models;
    All these keywords.

    JEL classification:

    • J11 - Labor and Demographic Economics - - Demographic Economics - - - Demographic Trends, Macroeconomic Effects, and Forecasts
    • H20 - Public Economics - - Taxation, Subsidies, and Revenue - - - General
    • H50 - Public Economics - - National Government Expenditures and Related Policies - - - General
    • E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy; Modern Monetary Theory

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