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Public Saving and Policy Coordination in Ageing Economies

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Author Info
Flodén, Martin

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Abstract

In the coming decades, the share of people in working age will fall significantly in most developed countries. According to optimal taxation theory, public debts should be reduced before the baby-boom generation retires. I find that if debts are instead maintained at the current levels, welfare may be reduced substantially in countries with a large public sector and/or a large demographic change. Furthermore, since the population ageing will be less dramatic in the United States than in Europe, capital will move from Europe to the United States. These capital movements will facilitate the US demographic transition but aggravate the transition in most European countries.

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Paper provided by C.E.P.R. Discussion Papers in its series CEPR Discussion Papers with number 3567.

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Date of creation: Oct 2002
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Handle: RePEc:cpr:ceprdp:3567

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Related research
Keywords: demographics; international capital flows; optimal taxation; public debt;

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Find related papers by JEL classification:
E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy
F21 - International Economics - - International Factor Movements and International Business - - - International Investment; Long-Term Capital Movements
H21 - Public Economics - - Taxation, Subsidies, and Revenue - - - Efficiency; Optimal Taxation
H60 - Public Economics - - National Budget, Deficit, and Debt - - - General
J18 - Labor and Demographic Economics - - Demographic Economics - - - Public Policy

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References listed on IDEAS
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  1. Flood, Lennart & MaCurdy, Thomas, 1992. "Work disincentive effects of taxes: An empirical analysis of Swedish men," Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 37(1), pages 239-277, December. [Downloadable!] (restricted)
  2. Altonji, Joseph G, 1986. "Intertemporal Substitution in Labor Supply: Evidence from Micro Data," Journal of Political Economy, University of Chicago Press, vol. 94(3), pages S176-S215, June. [Downloadable!] (restricted)
    Other versions:
  3. Douglas W. Elmendorf & Louise M. Sheiner, 2000. "Should America save for its old age? Population aging, national saving, and fiscal policy," Finance and Economics Discussion Series 2000-03, Board of Governors of the Federal Reserve System (U.S.). [Downloadable!]
  4. Douglas W. Elmendorf & Louise M. Sheiner, 2000. "Should America Save for Its Old Age? Fiscal Policy, Population Aging, and National Saving," Journal of Economic Perspectives, American Economic Association, vol. 14(3), pages 57-74, Summer. [Downloadable!] (restricted)
  5. V. V. Chari & Patrick J. Kehoe, 1999. "Optimal Fiscal and Monetary Policy," NBER Working Papers 6891, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  6. Cutler, D.M. & Poterba, J.M. & Sheiner, L.M. & Summers, L.H., 1990. "An Aging Society: Opportunity Or Challenge," Working papers 553, Massachusetts Institute of Technology (MIT), Department of Economics.
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  7. repec:fth:inadeb:412 is not listed on IDEAS
  8. Hansen, G D, 1993. "The Cyclical and Secular Behaviour of the Labour Input: Comparing Efficiency Units and Hours Worked," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 8(1), pages 71-80, Jan.-Marc. [Downloadable!] (restricted)
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  9. Andrew Atkeson & V.V. Chari & Patrick J. Kehoe, 1999. "Taxing capital income: a bad idea," Quarterly Review, Federal Reserve Bank of Minneapolis, issue Sum, pages 3-17. [Downloadable!]
  10. Giovanni L. Violante & Orazio P. Attanasio, 2000. "The Demographic Transition in Closed and Open Economies: A Tale of Two Regions," RES Working Papers 4194, Inter-American Development Bank, Research Department. [Downloadable!]
  11. Enrique G. Mendoza & Assaf Razin & Linda L. Tesar, 1995. "Effective Tax Rates in Macroeconomics: Cross-Country Estimates of Tax Rates on Factor Incomes and Consumption," NBER Working Papers 4864, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  12. repec:fth:harver:1490 is not listed on IDEAS
  13. Jonathan Gruber & David Wise, 2001. "An International Perspective on Policies for an Aging Society," NBER Working Papers 8103, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  14. Willem Adema, 1999. "Net Social Expenditure," OECD Labour Market and Social Policy Occasional Papers 39, OECD, Directorate for Employment, Labour and Social Affairs. [Downloadable!]
  15. Alan J. Auerbach & Laurence J. Kotlikoff & Robert P. Hagemann & Giuseppe Nicoletti, 1989. "The Economic Dynamics of an Ageing Population: The Case of Four OECD Countries," OECD Economics Department Working Papers 62, OECD, Economics Department. [Downloadable!]
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Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Andersen, Torben M, 2008. "Fiscal Sustainability and Demographics - Should We Save or Work More?," CEPR Discussion Papers 7044, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
  2. Johansson, Lars, 2006. "Fiscal Implications of Aids in South Africa," Research Papers in Economics 2006:11, Stockholm University, Department of Economics. [Downloadable!]
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