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There is widespread acceptance that much of the developed world
faces a potential pensions and welfare crisis as a result of
declining birth rates and an ageing population. However, there is
considerable uncertainty about the specifics of demographic
forecasting and this has significant implications for public
finances. Uncertain Demographics and Fiscal Sustainability
addresses the economic consequences of uncertainty and, with
particular reference to European economies, explores the impact of
demographic risks on public finances, including pension systems,
health care and old-age care expenditures. Covering a spectrum of
theoretical and empirical approaches, different types of
computational models are used to demonstrate not only the
magnitudes of the uncertainties involved but also how these can be
addressed through policy initiatives. The book is divided into four
parts covering demographic, measurement, policy and methodological
issues. Each part is followed by a discussion essay that draws out
key elements and identifies common themes.
Monetary union in Europe started in 1999. This book contains eleven
papers and three review essays, which analyse a spectrum of
empirical, theoretical, institutional and political aspects of the
design and impact of fiscal policy in EMU. The contributors are
some of the most experienced analysts in the field. Topics covered
include the need for and consequences of fiscal coordination,
constraints on national deficits and debt levels (the Stability
Pact), and the role of fiscal federalism and insurance. The
importance of coordinating fiscal and monetary policies is also
considered in depth. This book will be of value to anyone with an
interest in EMU and the development of European fiscal policy.
The need for pension reform is widely discussed against the
backdrop of falling fertility rates and rising longevity. These
developments challenge pension systems which in many countries
already encounter problems with pension adequacy and financial
sustainability. In the debate, reference is often made to Denmark
as a model for pension system reform. This book offers the first
coherent and in-depth description and analysis of the Danish
pension system and its structure and performance. As is well-known
to scholars and experts, there is a huge leap from considering
general characterisations of pension systems in terms of various
performance indicators to understand the structure of particular
pension systems. This book aims to introduce these aspects to an
international readership, explaining the structure and design of
the pension system and its performance, benefit structure,
regulation, critical reforms, and macroeconomic implications, as
well as investment policies in pension funds in general.
The outbreak of the financial crisis in 2008 has had significant
effects on economic activity, unemployment, and public finances for
all European countries. However, European economies do not form a
homogenous region, and any serious analysis of macroeconomic
imbalances in Europe must account for the fact that different
economic and political models and circumstances operate across the
continent. This book focuses on the Nordic countries (Denmark,
Finland, Iceland, Norway, and Sweden) which have a relatively good
record of undertaking fiscal and structural reforms after their own
financial and debt crises in the 1980s and 1990s. The Nordic
countries are small and open economies, well-known for their high
income levels, high employment rates, organized labour markets, a
relatively equal distribution of incomes, and large public sectors.
From this perspective, the book asks whether there are lessons that
might be learned from the Nordic economies. Is there a distinctive
Nordic model that could be usefully followed, by other small open
economies, in terms of fiscal and monetary policy design, labour
market policies and reforms, and financial and housing market
regulation? It is inappropriate to define the Nordic model in terms
of a common set of policies. Since the key characteristics,
including the overarching objectives and supporting institutions,
have strong historical foundations, copying and pasting them to
other countries is not easily done. Even though the Nordic
experiences are not directly transferable, they may add new
knowledge about the importance of institutional design, fiscal
consolidation, and structural reforms not only for macroeconomic
performance but also for how to preserve key objectives such as
social balance and equity.
There is widespread acceptance that much of the developed world
faces a potential pensions and welfare crisis as a result of
declining birth rates and an ageing population. However, there is
considerable uncertainty about the specifics of demographic
forecasting and this has significant implications for public
finances. Uncertain Demographics and Fiscal Sustainability
addresses the economic consequences of uncertainty and, with
particular reference to European economies, explores the impact of
demographic risks on public finances, including pension systems,
health care and old-age care expenditures. Covering a spectrum of
theoretical and empirical approaches, different types of
computational models are used to demonstrate not only the
magnitudes of the uncertainties involved but also how these can be
addressed through policy initiatives. The book is divided into four
parts covering demographic, measurement, policy and methodological
issues. Each part is followed by a discussion essay that draws out
key elements and identifies common themes.
Monetary union in Europe started in 1999. This book contains eleven
papers and three review essays, which analyse a spectrum of
empirical, theoretical, institutional and political aspects of the
design and impact of fiscal policy in EMU. The contributors are
some of the most experienced analysts in the field. Topics covered
include the need for and consequences of fiscal coordination,
constraints on national deficits and debt levels (the Stability
Pact), and the role of fiscal federalism and insurance. The
importance of coordinating fiscal and monetary policies is also
considered in depth. This book will be of value to anyone with an
interest in EMU and the development of European fiscal policy.
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