Over the coming decades, demographic developments will lead to a significant increase in public outlays on pensions and health care, relative to national income. This study extends earlier work by considering the adverse effects of taxation on the determinants of economic growth -- in particular, investment, productivity growth, and labor force participation. Available empirical evidence suggests that these adverse effects could well be sizable, and that conventional estimates of the adverse effects of population aging probably severely underestimate their impact on the public finances and economic performance. The paper uses stochastic simulations to examine the robustness of the results to changes in parameter values. It also provides quantitative simulations of various reform options, including mainly an increase in the effective retirement age and flanking labor market measures.
Over the coming decades, demographic developments will lead to a significant increase in public outlays on pensions and health care, relative to national income. This study extends earlier work by considering the adverse effects of taxation on the determinants of economic growth -- in particular, investment, productivity growth, and labor force participation. Available empirical evidence suggests that these adverse effects could well be sizable, and that conventional estimates of the adverse effects of population aging probably severely underestimate their impact on the public finances and economic performance. The paper uses stochastic simulations to examine the robustness of the results to changes in parameter values. It also provides quantitative simulations of various reform options, including mainly an increase in the effective retirement age and flanking labor market measures.
Né en 1992, Goyete Fabrice, passionné de littérature depuis l'enfance, commence à écrire son premier livre alors qu'il est étudiant. Auteur de plusieurs sites internet, il a écrit ce livre le 05 septembre 2011. Dans ce livre, il vous parlera de son enfance et de ses différents parcours professionnels, amoureux etc....Il vous parlera aussi des adolescents et de leurs parents, la souffrance des noirs en France ainsi que de la France et de la Côte d'Ivoire. Rien que la vraie vérité car tout ce que vous voyez à la télévision française n'est que mensonge. Pour les débutants de la drague, il ne vous a pas oublié, lisez attentivement son livre et appliquez ses conseils, vous vous en sortirez assez bien. Dans la vie, il ne faut jamais baisser les bras car le bonheur appartient à tous, mais il faut le chercher pour l'obtenir, il ne faut pas rester les bras croisés car ce n'est pas le bonheur qui viendra vers vous. Avec la participation de : Erlande OHIA, Stéphane LAGNEAU et Kevin BERTIN.
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