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Global Aging Pressures: Impact of Fiscal Adjustment, Policy Cooperation, and Structural Reforms

Global Aging Pressures: Impact of Fiscal Adjustment, Policy Cooperation, and Structural Reforms by Manmohan S. Kumar
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Demographic pressures will materialize in many economies over the next few decades. We examine the macroeconomic impact of alternative fiscal adjustment and structural reform strategies to address these global aging pressures using the IMF's Global Fiscal Model (GFM). The results suggest substantial spillover effects of aging through international financial channels. To maintain sustainability, fiscal adjustment needs to be broad-based, while avoiding increases in direct taxes. There are substantial benefits from fiscal cooperation, while negative growth effects can be offset by complementary structural reforms in product and labor markets with the benefits accruing early and to all incomegroups.
International Monetary Fund; August 2007
58 pages; ISBN 9781451989328
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Title: Global Aging Pressures: Impact of Fiscal Adjustment, Policy Cooperation, and Structural Reforms
Author: Manmohan S. Kumar; Dennis P. J. Botman