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Generational Equality in Iceland

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  • Ásta Herdís Hall
  • Sólveig Frída Jóhannsdóttir

Abstract

This paper presents generational accounts for Iceland over the period 1994–1998. A longer analysis period allows us to assess whether the economic boom during the latter part of the 1990s was more favourable to current- or future generations. We find that the restrictive government policy of the period moved the economy towards intergenerational equality. We also examine the generational impact of a resource tax for the exploitation of the Icelandic fishing grounds, using the revenue to cover the government’s unfunded pension liabilities. Finally, we employ Monte Carlo analysis to assess the sensitivity of the accounts to changes in the discount- and growth rate.

Suggested Citation

  • Ásta Herdís Hall & Sólveig Frída Jóhannsdóttir, 2002. "Generational Equality in Iceland," Nordic Journal of Political Economy, Nordic Journal of Political Economy, vol. 28, pages 27-42.
    • Handle: RePEc:noj:journl:v:28:y:2002:p:27-42
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    References listed on IDEAS

    as
    1. Banks, James & Disney, Richard & Smith, Zoe, 2000. "What Can We Learn from Generational Accounts for the United Kingdom?," Economic Journal, Royal Economic Society, vol. 110(467), pages 575-597, November.
    2. Boll, Stephan & Raffelhuschen, Bernd & Walliser, Jan, 1994. "Social Security and Intergenerational Redistribution: A Generational Accounting Perspective," Public Choice, Springer, vol. 81(1-2), pages 79-100, October.
    3. James Banks & Richard Disney & Zoe Oldfield, 1999. "What can we learn about pension reform from Generational Accounts for the UK?," IFS Working Papers W99/16, Institute for Fiscal Studies.
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    More about this item

    JEL classification:

    • C1 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods and Methodology: General
    • E6 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook
    • H6 - Public Economics - - National Budget, Deficit, and Debt

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