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SCOPUS 학술저널

Population Aging in Korea: Implications for Fiscal Sustainability

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Adverse demographics in Korea impinges on its growth potential and fiscal outlook. Accordingly, this study examines the current demographic situation and recent projections related to the impacts of population aging in Korea, particularly on the looming fiscal imbalance. The focal conclusion is that a two-way effect exists from population aging. First is the anticipated stress placed on government finances due to increasing welfare expenditure for the elderly. Second is sluggish economic growth and thus the inability to collect sufficient government revenues. The prospect of large and growing deficits is therefore immediate and potentially long lasting as governments will be faced with rising spending demands and sluggish tax revenues arising simultaneously from an aging population.

I. Introduction

II. Demographic Changes in Korea

III. Demographic Changes and Public Spending

IV. Fiscal Sustainability

V. Empirical Model of Aging-Macroeconomy Nexus

VI. Concluding Remarks

References

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