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Generational accounting in Korea

  • Auerbach, Alan J.
  • Chun, Young Jun

This paper reassesses the long-term fiscal position of Korea using Generational Accounting, modified to reflect the special features of the Korean fiscal situation, such as prospective changes in public pension benefit profiles and social welfare expenditures due to the maturing of public pensions, increasing demand for social welfare expenditures, and population aging. Our findings suggest that unless policy toward existing generations is substantially altered, future generations will face an excessively heavy fiscal burden. For reasonable growth and interest rate assumptions, the difference between 2000 newborns and those born after 2000 ranges from 60% to 120%. We also find that a substantial part of the fiscal burden on the future generations is explained by the long-run budgetary imbalance of public pensions and Medical Insurance.

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Article provided by Elsevier in its journal Journal of the Japanese and International Economies.

Volume (Year): 20 (2006)
Issue (Month): 2 (June)
Pages: 234-268

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Handle: RePEc:eee:jjieco:v:20:y:2006:i:2:p:234-268
Contact details of provider: Web page: http://www.elsevier.com/locate/inca/622903

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  1. Alan J. Auerbach & Jagadeesh Gokhale & Laurence J. Kotlikoff, 1991. "Social Security and Medicare Policy From the Perspective of Generational Accounting," NBER Working Papers 3915, National Bureau of Economic Research, Inc.
  2. Laurence J. Kotlikoff & Willi Leibfritz, 1998. "An International Comparison of Generational Accounts," NBER Working Papers 6447, National Bureau of Economic Research, Inc.
  3. Gerdtham, Ulf-G. & Sogaard, Jes & Andersson, Fredrik & Jonsson, Bengt, 1992. "An econometric analysis of health care expenditure: A cross-section study of the OECD countries," Journal of Health Economics, Elsevier, vol. 11(1), pages 63-84, May.
  4. Alan J. Auerbach & Jagadeesh Gokhale & Laurence J. Kotlikoff, 1991. "Generational accounting: a new approach for understanding the effects of fiscal policy on saving," Working Paper 9107, Federal Reserve Bank of Cleveland.
  5. 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.
  6. 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.
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