Gerson, Philip R.; Mackenzie, G. A.; Heller, Peter S.; … - International Monetary Fund (IMF) - 2001
stance of fiscal policy. The reform's impact on the fiscal stance and national saving depends primarily on its effect on the … sum of explicit and implicit public debt and on the post-reform payroll tax and private system contribution rates. However …, the precise impact of reform also depends on such influences as the relationship between the rates of interest on implicit …