| |
| |
| |
| The Rationale for Generational Accounting | |
| |
| |
| |
| Deficit Accounting and Generational Redistribution | |
| |
| |
| |
| Generational Redistribution and the Economy | |
| |
| |
| |
| An Overlapping Generations Model | |
| |
| |
| |
| The Fiscal Balance Rule | |
| |
| |
| |
| Net Taxes of Living Generations | |
| |
| |
| |
| Generational Accounts Deined | |
| |
| |
| |
| The Meaning of Net Taxes | |
| |
| |
| |
| The Projection of Taxes and Transfers | |
| |
| |
| |
| Accounting for Economic Growth | |
| |
| |
| |
| General Equilibrium Considerations | |
| |
| |
| |
| Breaking Down Generational Accounts | |
| |
| |
| |
| Ambiguities of Generational Accounts | |
| |
| |
| |
| The Intertemporal Public Budget | |
| |
| |
| |
| The Intertemporal Budget Constraint | |
| |
| |
| |
| Determinants of Government Wealth | |
| |
| |
| |
| The No-Ponzi Game Condition | |
| |
| |
| |
| The Mechanics of the Intertemporal Budget | |
| |
| |
| |
| Assessing Fiscal Imbalance | |
| |
| |
| |
| The Residual Approach | |
| |
| |
| |
| The Conventional Sustainability Index | |
| |
| |
| |
| Subgroup Accounts and Fiscal Sustainability | |
| |
| |
| |
| Sustainability and Generational Redistribution | |
| |
| |
| |
| Analytical Shortcomings of the Residual Approach | |
| |
| |
| |
| Ambiguous Policy Implications | |
| |
| |
| |
| Sensitivity to the Concept of Net Taxes | |
| |
| |
| |
| Fiscal Policy Indicators | |
| |
| |
| |
| The Sustainability Approach | |
| |
| |
| |
| The Sustainability Gap | |
| |
| |
| |
| A Set of Sustainability Indicators | |
| |
| |
| |
| The Intertemporal State of German Public Finances | |
| |
| |
| |
| Introduction | |
| |
| |
| |
| The Demographic and Fiscal Scenarios | |
| |
| |
| |
| Demographic Scenarios | |
| |
| |
| |
| Relative Tax and Government Spending Proiles | |
| |
| |
| |
| Aggregate Budget and Absolute Net Tax Payments | |
| |
| |
| |
| The Future Economic Environment | |
| |
| |
| |
| Generational Redistribution in Germany | |
| |
| |
| |
| Net Tax Burdens of Present Generations | |
| |
| |
| |
| Intertemporal Fiscal Imbalance | |
| |
| |
| |
| Sensitivity Analysis | |
| |
| |
| |
| Immigration Policy and Fiscal Sustainability | |
| |
| |
| |
| Immigration and Generational Accounting | |
| |
| |
| |
| Migration Scenarios and Parameter Estimates | |
| |
| |
| |
| The Fiscal Contribution of Immigrants | |
| |
| |
| |
| Generational Accounts by Resident Group | |
| |
| |
| |
| Immigrant Cohort Deicits | |
| |
| |
| |
| The Sustainability Impacts of Immigration Policies | |
| |
| |
| |
| Conclusion | |
| |
| |
| |
| Options for Social Security Reform | |
| |
| |
| |
| Social Security and Fiscal Sustainability in Germany | |
| |
| |
| |
| The Measurement of Generational Reform Burdens | |
| |
| |
| |
| The Generational Impacts of Pension Reform | |
| |
| |
| |
| Reforming the Pay-as-you-go Pension System | |
| |
| |
| |
| Proposals for Partially Funded Pension Systems | |
| |
| |
| |
| Conclusion | |
| |
| |
| |
| Whither Generational Accounting? | |
| |
| |
| |
| Appendix: Proofs | |
| |
| |
| |
| Separability of Generational Accounts | |
| |
| |
| |
| Invariance of the Relative Fiscal Imbalance | |
| |
| |
| |
| Normal Reaction of Future Generational Accounts | |
| |
| |
| |
| Appendix: The Demographic Model | |
| |
| |
| |
| Appendix: German Public Sector Budgets | |
| |
| |
| References | |