Pension reform is a key policy challenge in Russia. This paper examines how pension spending could increase in Russia in the absence of reforms, quantifies the impact of some recent proposals, and suggests some alternatives that would ensure public pension benefits - relative to wages - not fall...

This paper quantitatively investigates how population aging trend affects fiscal space measured as unused revenue generating capacity by utilizing a standard neoclassical growth model. A calibration exercise for G-7 countries shows that France, Germany and Italy suffer greater revenue impact...

In Japan, intergenerational inequality in lifetime resources is substantial, with a heavier fiscal burden on the young than the old. Moreover, given the need for fiscal consolidation, the inequality is even worse than existing policy would suggest. However, this does not mean that fiscal...

The economic restructuring and expansion after the crisis reflected a combination of private sector initiative, solid macroeconomic management, including the shift from large deficits to significant surpluses of the general government, and structural reforms. High unemployment is one indication...

The 2005 Article IV Consultation for the United States reports that robust productivity growth and high corporate profits have contributed to a strong rebound in business investment and some acceleration in employment. The financial sector appears well positioned to provide continued support to...

This Selected Issues paper highlights that the authorities in the Republic of Korea recognize the pension policy challenges ahead, and a first wave of reforms has already been launched. Despite the reforms to date, much remains to be done. Without further reforms, the public pension systems in...

This 2004 Article IV Consultation highlights that Japan’s economic recovery continued in 2003 and into the first part of 2004. For 2003, GDP growth reached 2½ percent, double the mid-year consensus forecast, and continued at about 6 percent on an annualized basis in the first quarter...

This Selected Issues paper analyzes the macroeconomic impact of workers’ remittances on Moldova. The paper focuses on Moldova’s labor emigration since the late-1990s using survey data designed to shed light on the economic and social consequences of migration. The survey results...

The rapid aging of China's population over the next few decades makes it important for a new pension system with broad and adequate coverage to be put in place quickly. Pension reforms, first initiated in 1997, have become bogged down in difficulties over dealing with the "legacy costs"...