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Fiscal Accountability and Population Aging

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Fiscal Accountability and Population Aging

New Responses to New Challenges

9781800370463 Edward Elgar Publishing
Edited by Robert L. Clark, Professor of Economics and Professor of Management, Innovation and Entrepreneurship, North Carolina State University, US, YoungWook Lee, Fellow, Department of Public Finance and Social Policy, Korea Development Institute (KDI), South Korea and Andrew Mason, Professor Emeritus of Economics, University of Hawaii at Manoa and Adjunct Senior Fellow, East-West Center, Hawaii, US
Publication Date: April 2021 ISBN: 978 1 80037 046 3 Extent: c 264 pp
Focusing on the developing economic challenges confronting Korea and the US in response to the aging of their populations, this timely book examines how public policies are evolving in light of demographic changes, the impact of aging on governmental expenditures, and transitions in the labor force associated with aging.

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Critical Acclaim
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Focusing on the developing economic challenges confronting Korea and the US in response to the aging of their populations, this timely book examines how public policies are evolving in light of demographic changes, the impact of aging on governmental expenditures, and transitions in the labor force associated with aging.
 
International contributors comparatively analyze government approaches to population aging, illustrating the similar challenges faced across nations. Chapters draw attention to those particular issues that public policy plans must surmount, including funding pressures on retirement plans and the effects of an aging labor force on economic growth and productivity. They offer evidence on the scale of these challenges in Korea and the US and empirically evaluate how governments, employers, and individuals may respond to these issues in the years to come. Addressing fiscal sustainability and key social security programs, including the implications of the 2015 Korean pension reform and the economic difficulties entailed by the future of Medicare, this book investigates the implications of managing and sustaining welfare for an aging population.
 
This cutting-edge book will be ideal reading for economists focusing on public policy and welfare programs, benefiting from the comparative approach to fiscal accountability and sustainability. It will also appeal to practitioners and policymakers seeking insights into the consequences of an aging population and hoping to develop innovative methods and approaches to welfare.
Critical Acclaim
‘Population aging tends to increase government expenditures and reduce tax revenues, thus jeopardizing fiscal sustainability. Therefore, aging urgently strengthens the case for strengthening fiscal accountability, which is indispensable for fiscal sustainability. This comprehensive book by world-class experts is a must-read for all policymakers, researchers, and general readers interested in the link between demographic change and the health of public finances.’
– Donghyun Park, Asian Development Bank, Philippines
Contributors
Contributors include: A.G. Biggs, Y. Choi, R. Clark, D. Kim, K.-s. Kim, S.T. Kim, T. Lee, Y.W. Lee, A. Mason, M. Moon, W.-S. Moon, C.G. Park, L. Sheiner, S.J. Schieber
Contents
Contents:

Foreword by Jeong Pyo Choi ix

1 Introduction and overview 1
Robert Clark, YoungWook Lee and Andrew Mason

PART 1 FISCAL SUSTAINABILITY AND ACCOUNTABILITY
2 An evaluation of fiscal sustainability in Korea 13
SeongTae Kim
3 Implications of delaying US Social Security financing reform:
a look at the measurement, structural and generational issues 35
Sylvester J. Schieber

PART II IMPROVING FISCAL ACCOUNTABILITY
4 Enhancing accountability of Korea’s government funds system
through consolidated management of surplus money in
budget-type funds 73
Yongok Choi
5 The long-term impact of aging on the federal budget 93
Louise Sheiner
6 Improving fiscal accountability of tax expenditure: the case of
the Earned Income Tax Credit in Korea 118
YoungWook Lee

PART III FISCAL SOUNDNESS AND ACCOUNTABILITY
7 The future of public employee pensions in the United States 137
Andrew G. Biggs
8 Fiscal implications of the 2015 government employees pension
reform in Korea 155
Dohyung Kim, Taesuk Lee and Yongok Choi

PART IV FISCAL ACCOUNTABILITY SECTOR
9 Medicare financing and affordability 183
Marilyn Moon
10 SME financial policy in Korea: evaluation and
recommendations 198
Chang Gyun Park
11 Enhancing economic growth and productivity through efficient
public infrastructure management 224
Kang-soo Kim and Weh-Sol Moon

Index 239

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