| Description |
1 online resource (25 pages) : illustrations |
| Series |
IMF working paper ; WP/08/27 |
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IMF working paper ; WP/08/27.
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| Contents |
I. Introduction; II. Demographic Change and Associated Expenditure Pressues; Figures; 1. Demographic Developments in Korea and the G-7 Countries, 1950-2050; III. Applying the Global Fiscal Model to Korea; IV. GFM Simulation Results; 2. Baseline Scenario; 3. Pension Reform; 4. Pension Reform and Higher Tax Revenues; 5. Pension Reform and Lower Expenditures; 6. Pension Reform and a Policy Mix; V. Policy Options for Achieving the Required Adjustment; VI. Conclusion; Appendix: Calibrating the GFM for Korea; Appendix Tables |
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A.1. Korea: Key Macroeconomic Variables in the Initial Steady StateA. 2. Korea: Behavioral Assumptions and Key Parameters in the Initial Steady State; References |
| Summary |
Korea is on the verge of an unprecedented demographic shift. In coming decades, rapid aging will transform it from one of the youngest populations in the OECD to among the oldest in record time. In turn, this shift will put tremendous pressure on the pension system and health and long-term care expenditures. This paper evaluates the impact of population aging on the long-term fiscal position in Korea, and assesses potential policy responses using the IMF's Global Fiscal Model. The paper finds that the key to maintaining a sound long-run fiscal position is to act early and with a range of policy tools, including pension reform, tax base broadening (and, if necessary, rate hikes), improved tax administration and some expenditure reallocation |
| Bibliography |
Includes bibliographical references (pages 23-25) |
| Notes |
Master and use copy. Digital master created according to Benchmark for Faithful Digital Reproductions of Monographs and Serials, Version 1. Digital Library Federation, December 2002. http://purl.oclc.org/DLF/benchrepro0212 MiAaHDL |
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digitized 2010 HathiTrust Digital Library committed to preserve pda MiAaHDL |
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Print version record |
| Subject |
Fiscal policy -- Korea (South)
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Population aging -- Economic aspects -- Korea (South)
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Economic history
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Economic policy
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Fiscal policy
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| SUBJECT |
Korea (South) -- Economic policy.
http://id.loc.gov/authorities/subjects/sh85073060
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Korea (South) -- Economic conditions.
http://id.loc.gov/authorities/subjects/sh85073057
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| Subject |
Korea (South)
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| Form |
Electronic book
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| Author |
Skaarup, Michael, author.
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Syed, Murtaza, 1975- author.
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International Monetary Fund. Asia and Pacific Department.
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| ISBN |
128351253X |
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9781283512534 |
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