Characterizing the Expenditure Uncertainties of Industrial Countries in the 21st Century
A number of uncertainties about long-term expenditure commitments in industrial countries are examined: (i) the assumptions underlying the projections, (ii) the potential to further reduce non-age-related expenditures, (iii) the implicitly assumed absence of "shocks," and (iv) the potential for raising revenue. This paper concludes that (i) there is scope, but within narrow limits, to reduce non-age-related expenditures; (ii) fiscal policy frameworks tend to understate risks; and (iii) prevailing tax rates leave little room for increasing taxation in the countries facing the strongest aging pressures. In sum, governments will have to adopt a much more ambitious fiscal policy stance to cope with aging populations.
|Date of creation:||01 May 2005|
|Date of revision:|
|Contact details of provider:|| Postal: International Monetary Fund, Washington, DC USA|
Phone: (202) 623-7000
Fax: (202) 623-4661
Web page: http://www.imf.org/external/pubind.htm
More information through EDIRC
|Order Information:||Web: http://www.imf.org/external/pubs/pubs/ord_info.htm|
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.:
- Martin MÃ¼hleisen & KornÃ©lia KrajnyÃ¡k & Stephan Danninger & David Hauner & Bennett Sutton, 2005. "How Do Canadian Budget Forecasts Compare with Those of Other Industrial Countries?," IMF Working Papers 05/66, International Monetary Fund.
- David Hauner, 2005.
"Aging: Some Pleasant Fiscal Arithmetic,"
IMF Working Papers
05/71, International Monetary Fund.
- Tanzi,Vito & Schuknecht,Ludger, 2000.
"Public Spending in the 20th Century,"
Cambridge University Press, number 9780521662918, 1.
- repec:nsr:niesrd:250 is not listed on IDEAS
When requesting a correction, please mention this item's handle: RePEc:imf:imfwpa:05/91. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Jim Beardow)or (Hassan Zaidi)
If references are entirely missing, you can add them using this form.