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Intergovernmental Fiscal Reform in China*

Intergovernmental Fiscal Reform in China* »

Source: Intergovernmental Fiscal Reform in China

Volume/Issue: 2018/88

Series: IMF Working Papers

Author(s): Philippe Wingender

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 13 April 2018

ISBN: 9781484351109

Keywords: Asia and Pacific, Social safety nets, Intergovernmental relations, subnational government finances, China, Social Security and Public Pensions, State and Local Taxation, Subsidies, and Revenue, State and Local Borrowing

China is the most decentralized country in the world in terms of expenditures shares, with subnational governments responsible for 85 percent of government spending. Limited revenue autonomy and insufficient interg...

Italy: Toward a Growth-Friendly Fiscal Reform1

Italy: Toward a Growth-Friendly Fiscal Reform1 »

Source: Italy: Toward a Growth-Friendly Fiscal Reform

Volume/Issue: 2018/59

Series: IMF Working Papers

Author(s): Michal Andrle , Shafik Hebous , Alvar Kangur , and Mehdi Raissi

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 16 March 2018

ISBN: 9781484347584

Keywords: Europe, Italy, Growth-friendly fiscal policy, public pensions, dynamic stochastic general equilibrium models, Forecasting and Simulation, Social Security and Public Pensions, Italy

Published in late 2017, the Italian medium-term fiscal plan aims to achieve structural balance by 2020, although concrete, high-quality measures to meet the target are yet to be specified. This paper seeks to contr...

Long-Run Biological Interest Rate for Pay-As-You-Go Pensions in Advanced and Developing Countries1

Long-Run Biological Interest Rate for Pay-As-You-Go Pensions in Advanced and Developing Countries1 »

Source: Long-Run Biological Interest Rate for Pay-As-You-Go Pensions in Advanced and Developing Countries

Volume/Issue: 2017/98

Series: IMF Working Papers

Author(s): Masahiro Nozaki

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 26 April 2017

ISBN: 9781475595826

Keywords: Pay-as-you-go pension, internal rate of return, pension reform, Social Security and Public Pensions, Demographic Trends and Forecasts, Social Security and Public Pensions, Demographic Trends and Forecasts

How much of an internal rate of return would a sustainable pay-as-you-go pension system offer current and future generations equally? The answer is the sum of the Long-Run Biological Interest Rates (LBIR), the real...

Migration and Pension1

Migration and Pension1 »

Source: Migration and Pension

Volume/Issue: 1998/165

Series: IMF Working Papers

Author(s): Efraim Sadka , and Assaf Razin

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 December 1998

ISBN: 9781451980011

Keywords: Low Skilled Migrants, Pay-As-You-Go Pension, Heterogenous Population, Overlapping Generations, migration, pension, pension system, pension benefit, retirement

Migrants, being relatively low earners, are net beneficiaries of the welfare state. However, this paper uses a dynamic model to show that because of migrants’ positive influence on the pension system, which...

National Insurance Scheme Reforms in the Caribbean

National Insurance Scheme Reforms in the Caribbean »

Source: National Insurance Scheme Reforms in the Caribbean

Volume/Issue: 2016/206

Series: IMF Working Papers

Author(s): Koffie Ben Nassar , Joel Chiedu Okwuokei , Mike Li , Timothy Robinson , and Saji Thomas

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 17 October 2016

ISBN: 9781475545432

Keywords: Jamaica, Insurance, Grenada, Haiti, Dominica, Dominican Republic, Barbados, Bahamas, The, Asia and Pacific, Aging

Weighed down by population aging, slow economic growth, and high unemployment, National Insurance Schemes in the Caribbean are projected to run substantial deficits and deplete their assets in the next decades, rai...

On Financing Retirement, Health, and Long-term Care in Japan*

On Financing Retirement, Health, and Long-term Care in Japan* »

Source: On Financing Retirement, Health, and Long-term Care in Japan

Volume/Issue: 2018/249

Series: IMF Working Papers

Author(s): Ellen McGrattan , Kazuaki Miyachi , and Adrian Peralta-Alva

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 28 November 2018

ISBN: 9781484384718

Keywords: Retirement, Government expenditures and health, Taxation, Aging, Asia and Pacific, Health care, Japan, Social Security and Public Pensions, Health Insurance, Public and Private

Japan faces the problem of how to finance retirement, health, and long-term care expenditures as the population ages. This paper analyzes the impact of policy options intended to address this problem by employing a...

Pension Privatization and Country Risk1

Pension Privatization and Country Risk1 »

Source: Pension Privatization and Country Risk

Volume/Issue: 2008/195

Series: IMF Working Papers

Author(s): Alfredo Cuevas , Maria Gonzalez , Arnoldo López-Marmolejo , and Davide Lombardo

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 August 2008

ISBN: 9781451870534

Keywords: Pension Reform, Transition Costs, pension, current account, current account balance,

This paper explores how privatizing a pension system can affect sovereign credit risk. For this purpose, it analyzes the importance that rating agencies give to implicit pension debt (IPD) in their assessments of s...

Pension Reform Options in Chile

Pension Reform Options in Chile »

Source: Pension Reform Options in Chile : Some Tradeoffs

Volume/Issue: 2017/53

Series: IMF Working Papers

Author(s): Marika Santoro

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 13 March 2017

ISBN: 9781475586206

Keywords: Pension reforms, Chile, Pensions, Private savings, Fiscal policy, Monetary policy, Indirect taxation, Macro-fiscal analysis, General equilibrium models, macroeconomic analysis

In this paper, we study the macroeconomic impact of pension reform options in Chile, using a dynamic general equilibrium model. The main reform proposal considers raising contributions (employer side) and vehicle a...

Reform Options for Mature Defined Benefit Pension Plans: The Case of the Netherlands

Reform Options for Mature Defined Benefit Pension Plans: The Case of the Netherlands »

Source: Reform Options for Mature Defined Benefit Pension Plans: The Case of the Netherlands

Volume/Issue: 2019/22

Series: IMF Working Papers

Author(s): Marc Gerard

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 25 January 2019

ISBN: 9781484395912

Keywords: pension funds, defined benefit plans, defined contribution plans, fully funded, pension mathematics, stress tests

The Netherlands has been operating fully funded, defined benefit second pillar pension schemes that have consistently ranked high worldwide for delivering high replacement rates while featuring strong solidarity am...

Self-insurance Against Natural Disasters: The Use of Pension Funds in Pacific Island Countries

Self-insurance Against Natural Disasters: The Use of Pension Funds in Pacific Island Countries »

Source: Self-insurance Against Natural Disasters: The Use of Pension Funds in Pacific Island Countries

Volume/Issue: 2018/155

Series: IMF Working Papers

Author(s): Si Guo , and Futoshi Narita

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 06 July 2018

ISBN: 9781484366837

Keywords: Fiji, Insurance, Asia and Pacific, Small states, Life-cycle model, Natural disasters, Pension, Social Security and Public Pensions

Pacific island countries are exposed to significant risks from natural disasters. As a disaster relief measure, Fiji allowed pre-retirement pension withdrawls in the wake of Cyclone Winston in 2016. Motivated by th...