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Global Aging Pressures: Impact of Fiscal Adjustment, Policy Cooperation, and Structural Reforms

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Author Info
Dennis P. J. Botman
Manmohan S. Kumar
Abstract

Demographic pressures will materialize in many economies over the next few decades. We examine the macroeconomic impact of alternative fiscal adjustment and structural reform strategies to address these global aging pressures using the IMF's Global Fiscal Model (GFM). The results suggest substantial spillover effects of aging through international financial channels. To maintain sustainability, fiscal adjustment needs to be broad-based, while avoiding increases in direct taxes. There are substantial benefits from fiscal cooperation, while negative growth effects can be offset by complementary structural reforms in product and labor markets with the benefits accruing early and to all incomegroups.

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Paper provided by International Monetary Fund in its series IMF Working Papers with number 07/196.

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Length: 58 pages
Date of creation: 02 Aug 2007
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Handle: RePEc:imf:imfwpa:07/196

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Keywords: Fiscal policy Aging Economic models Working Paper Labor markets Direct taxation

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  25. Ford, Robert & Laxton, Douglas, 1999. "World Public Debt and Real Interest Rates," Oxford Review of Economic Policy, Oxford University Press, vol. 15(2), pages 77-94, Summer.
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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. Dennis P. J. Botman & Dora M. Iakova, 2007. "Policy Challenges of Population Aging in Ireland," IMF Working Papers 07/247, International Monetary Fund. [Downloadable!]
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