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Fiscal Implications of Population Ageing

Author

Listed:
  • Vladimír Bezdìk
  • Kamil Dybzcak
  • Aleš Kreidl

Abstract

The paper explores the long-term fiscal implications of population aging in the Czech Republic. The results, although bearing a significant margin of uncertainty due to the very long-term character of the projection exercise, do not impart encouraging fiscal outlooks for the Czech Republic. This is hardly surprising given that the Czech Republic is facing pronounced population ageing. Moreover, the fiscal position of the Czech Republic is presently very poor, in spite of its (still) low level of debt and debt interest payments. The Czech Republic?s high primary deficit will foster a rapid rise in debt irrespective of population ageing. Therefore, to cope with the expected fiscal pressures, it is necessary not only to overhaul the pension and health-care systems in the medium term, but also to immediately start an intensive strategy of consolidation aimed at significantly reducing the high primary deficit.

Suggested Citation

  • Vladimír Bezdìk & Kamil Dybzcak & Aleš Kreidl, 2003. "Fiscal Implications of Population Ageing," Czech Journal of Economics and Finance (Finance a uver), Charles University Prague, Faculty of Social Sciences, vol. 53(11-12), pages 562-591, December.
    • Handle: RePEc:fau:fauart:v:53:y:2003:i:11-12:p:562-591
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    More about this item

    Keywords

    ageing populations; fiscal policy; fiscal sustainability;
    All these keywords.

    JEL classification:

    • E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy; Modern Monetary Theory
    • H11 - Public Economics - - Structure and Scope of Government - - - Structure and Scope of Government
    • H5 - Public Economics - - National Government Expenditures and Related Policies
    • H6 - Public Economics - - National Budget, Deficit, and Debt
    • H81 - Public Economics - - Miscellaneous Issues - - - Governmental Loans; Loan Guarantees; Credits; Grants; Bailouts

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