Generational accounting: Quo vadis?
AbstractThis paper focuses on the problems involved in developing cross-country comparisons of the intergenerational stance of fiscal policy. Of course, these comparisons are nowadays based on the method of generational accounting and in particular most of them rely on comparing the total size of intertemporal public liabilities (IPLs). I first utilize the machinery of generational accounting in order to calculate the composition of the countries` IPLs, that is the sum of explicit and implicit liabilities embedded in the respective fiscal policies for several European countries and the United States. The findings suggest that the ranking in a cross-country comparison is very sensitive to a) the legal settings concerning social transfer adjustment over time, b) the degree to which unreliable or time-inconsistent reforms are taken into account, c) the respective countries` business cycle status in the base-year. The second aim of this paper is to outline recent and future applications of generational accounting. --
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Bibliographic InfoPaper provided by Institut für Finanzwissenschaft, Albert-Ludwigs-Universität Freiburg in its series Discussion Papers with number 95.
Date of creation: 2001
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Find related papers by JEL classification:
- E6 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook
- H6 - Public Economics - - National Budget, Deficit, and Debt
- J1 - Labor and Demographic Economics - - Demographic Economics
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- Auerbach, Alan J & Gokhale, Jagadeesh & Kotlikoff, Laurence J, 1992.
" Generational Accounting: A New Approach to Understanding the Effects of Fiscal Policy on Saving,"
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- Kotlikoff, L.J. & Raffelhuschen, B., 1999.
"Generational Accounting around the Globe,"
Norway; Department of Economics, University of Bergen
195, Department of Economics, University of Bergen.
- 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.
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