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The Finnish Generational Accounting Revisited

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  • Reijo Vanne

Abstract

One of the special features of the Finnish economy has turned out to be a high real growth rate and employment volatility. Another special feature is that a large share of public wealth is invested in domestic and foreign financial markets. The consequences of these features for generational accounting are shown and discussed. The intergenerational balance has improved remarkably according to generational accounting results of the year 2000 compared to the results of the year 1995. The improvement is due to favourable macroeconomic development as well as ambitious fiscal policy. However, part of the improvement is based on the soared market values of assets and firm profits, and the paper raises the question how to handle this kind of variables in generational accounting.

Suggested Citation

  • Reijo Vanne, 2002. "The Finnish Generational Accounting Revisited," Nordic Journal of Political Economy, Nordic Journal of Political Economy, vol. 28, pages 13-25.
    • Handle: RePEc:noj:journl:v:28:y:2002:p:13-25
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    File URL: http://www.nopecjournal.org/NOPEC_2002_a02.pdf
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    References listed on IDEAS

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    1. Alan J. Auerbach & Jagadeesh Gokhale & Laurence J. Kotlikoff, 1991. "Generational Accounts: A Meaningful Alternative to Deficit Accounting," NBER Chapters, in: Tax Policy and the Economy, Volume 5, pages 55-110, National Bureau of Economic Research, Inc.
    2. Holger Bonin & Bernd Raffelhüschen & Jan Walliser, 2000. "Can Immigration Alleviate the Demographic Burden?," FinanzArchiv: Public Finance Analysis, Mohr Siebeck, Tübingen, vol. 57(1), pages 1-21, September.
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    Cited by:

    1. Alho, Juha M. & Vanne, Reijo, 2006. "On predictive distributions of public net liabilities," International Journal of Forecasting, Elsevier, vol. 22(4), pages 725-733.

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    More about this item

    JEL classification:

    • E6 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook
    • H6 - Public Economics - - National Budget, Deficit, and Debt
    • H82 - Public Economics - - Miscellaneous Issues - - - Governmental Property
    • J1 - Labor and Demographic Economics - - Demographic Economics

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