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Public Debt and Generational Balance in Austria Lueth, Erik; Raffelhueschen, Bernd

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Author Info

  • Keuschnigg, Christian

    (Institute of Public Finance, University of Saarland, Saarbruecken)

  • Keuschnigg, Mirela

    (Saarbr├╝cken)

  • Koman, Reinhard

    (Institute for Advanced Studies, Vienna)

Abstract

Based on Austria's fiscal stance in 1995, we compute the generational accounts for currently living as well as future generations. The results reveal the existence of an enormous intergenerational imbalance in favor of currently living generations. Total public sector liabilities may be more than five times as high as the officially recorded level of public debt. Without any action, future generations would face life-time net taxes that are about 65 percent higher than the tax burden of a current newborn. If the government could fully and permanently retain the expenditure cutting and revenue raising effects of the 1996 fiscal consolidation package and the 1997 pension reform, then it might be able to significantly reduce the intergenerational liabilities. However, enacting both the recent tax reform 2000 and the reform of the family support scheme would increase again the fiscal imbalance and intergenerational inequity of fiscal policy in Austria.

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File URL: http://www.ihs.ac.at/publications/eco/es-80.pdf
File Function: First version, 2000
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Bibliographic Info

Paper provided by Institute for Advanced Studies in its series Economics Series with number 80.

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Length: 30 pages
Date of creation: Mar 2000
Date of revision:
Handle: RePEc:ihs:ihsesp:80

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Related research

Keywords: Fiscal policy; Social security; Public debt; Generational accounting;

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References

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  1. Alan J. Auerbach & Jagadeesh Gokhale & Laurence J. Kotlikoff, 1994. "Generational Accounting: A Meaningful Way to Evaluate Fiscal Policy," Journal of Economic Perspectives, American Economic Association, vol. 8(1), pages 73-94, Winter.
  2. Robert Haveman, 1994. "Should Generational Accounts Replace Public Budgets and Deficits?," Journal of Economic Perspectives, American Economic Association, vol. 8(1), pages 95-111, Winter.
  3. Keuschnigg, Christian, 1994. "Dynamic tax incidence and intergenerationally neutral reform," European Economic Review, Elsevier, vol. 38(2), pages 343-366, February.
  4. Christian Keuschnigg, 1991. "Intergenerationally Neutral Taxation," Discussion Paper Serie A 305, University of Bonn, Germany.
  5. Alan J. Auerbach & Jagadeesh Gokhale & Laurence J. Kotlikoff, 1991. "Generational Accounts - A Meaningful Alternative to Deficit Accounting," NBER Working Papers 3589, National Bureau of Economic Research, Inc.
  6. Diamond, Peter, 1996. "Generational Accounts and Generational Balance: An Assessment," National Tax Journal, National Tax Association, vol. 49(4), pages 597-607, December.
  7. Manfred Koch & Christian Thimann, 1999. "From Generosity to Sustainability: The Austrian Pension System and Options for its Reform," Empirica, Springer, vol. 26(1), pages 21-38, March.
  8. Jagadeesh Gokhale & Bernd Raffelh├╝schen, 2000. "Population Aging and Fiscal Policy in Europe and the United States," CESifo Working Paper Series 237, CESifo Group Munich.
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