Characterizing the Expenditure Uncertainties of Industrial Countries in the 21st Century [electronic resource] Heller, Peter S..
- Washington, D.C. : International Monetary Fund, 2005.
- IMF eLibrary
IMF Working Papers; Working Paper No. 05/91.
IMF Working Papers; Working Paper No. 05/91
- Government document
1 online resource (34 p.)
- Local subjects:
Central government expenditure.
Central government expenditures.
Classification of expenditures.
Fiscal affairs department.
Fiscal policy adjustments.
Fiscal policy framework.
Fiscal policy frameworks.
Fiscal sustainability analysis.
General government expenditure.
Impact of public spending.
Level of expenditures.
Medium-term fiscal projections.
Primary balance ratio.
Public sector wage bill.
- 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.
- Description based on print version record.
- Hauner, David.
Heller, Peter S.
- Other format:
- Print Version:
- Publisher Number:
- Access Restriction:
- Restricted for use by site license.
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