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Macroeconomic impact and public finance perspectives of the ageing society

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Chapter Summary

This chapter describes the relationship between social security and demographic change in the future and outlines the model developed by Kawase et al. The entire model consists of three sectors: the macroeconomic sector, the social insurance sector, and the general government sector. The chapter explains the simulation result of the model. In order to grasp fully the burden of the ageing population on the public sector, however, it is clear that one has to extend the analysis to include all three major social insurance programmes, namely, public pension, health insurance and long-term care insurance. In an economy with a declining population postponing the necessary tax increase will greatly add to the burden of future generations. It is therefore essential for us to form a consensus as quickly as possible on how to finance the inevitable increase in the cost of social security programmes.

Keywords: ageing population; demographic change; public finance perspective; social security



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