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Policy Challenges of Population Aging in Ireland
Author:
Ms. Dora M Iakova
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and
Mr. Dennis P Botman
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Series:
IMF Working Papers
Volume/Issue:
Volume 2007: Issue 247
Language:
English
Publication Date:
01 Oct 2007
DOI:
https://doi.org/10.5089/9781451868104.001
ISBN:
9781451868104
ISSN:
1018-5941
Pages:
15
Keywords:
WP; spending; debt; GDP; rate; social security contribution rate
Legal-disclaimer:
IMF Working Papers describe research in progress by the author(s) and are published to elicit comments and to encourage debate. The views expressed in IMF Working Papers are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management.
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The projected rise in age-related government spending as a share of GDP in Ireland over the next forty years is among the highest in the euro area. In the absence of reforms, public debt will increase to unsustainable levels. This paper uses the IMF's Global Fiscal Model to compare the macroeconomic effects of different fiscal strategies to accommodate the rise in age-related spending. The simulations suggest that adopting a package of measures, including an increase in the retirement age, broadening the tax base, and raising indirect taxes, would be a more growth-friendly strategy than relying exclusively on raising the social security contribution rate.
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Cover IMF Working Papers
IMF Working Papers
ISSN:
1018-5941
Publisher:
International Monetary Fund