Impact of Ageing on the Public Finance (in Korean)

Hosin Song () and Joonyoung Hur ()
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Hosin Song: Department of Economics, Ewha Woman's University
Joonyoung Hur: Division of Economics, Hankuk University of Foreign Studies

No 2017-29, Working Papers from Economic Research Institute, Bank of Korea

Abstract: In this study, we analyze the impact of ageing on the public finance of Korea economy. Both government revenue and government expenditure are considered to take into account the effect of ageing. Specifically, Park (2012) and Hur and Lee (2017) are used to analyze the impact of ageing on the government revenue. It is found that Korea economy has some fiscal space in revenue side. For the analysis of the expenditure side, the probability choice model using aggregate data is used. As to the expenditure, it is empirically found that ageing has significant effect on the government expenditure through the ageing related expenditure such as social protection and health. The impact is expected to continue as long as ageing persists.

Keywords: Demographic shift; Tax revenue; Government spending; DSGE models; Probability choice models (search for similar items in EconPapers)
JEL-codes: E62 H20 H50 J11 (search for similar items in EconPapers)
Pages: 43 pages
Date: 2017-08-11
New Economics Papers: this item is included in nep-age and nep-mac
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Persistent link: https://EconPapers.repec.org/RePEc:bok:wpaper:1729

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